Total Revenue


2016: £247.6m

CER: +28.3%
AER: +45.1%

Total Revenue Highlights

Underlying Operating Profit


2016: £52.9m

CER: +36.9%
AER: +53.7%

Underlying Operating Profit Highlights

Underlying Diluted Earnings Per Share


2016: 42.65p

CER: +35.1%
AER: +50.8%

Underlying Diluted EPS Highlights

Dividend Per Share


2016: 18.46p

CER: +16.1%
AER: +16.1%

Dividend per Share Highlights

Reported Operating Profit


2016: £19.5m

CER: +42.6%
AER: +70.3%

Reported Operating Profit Highlights

Reported Diluted Earnings Per Share


2016: 13.90p

CER: +69.1%
AER: +100.9%

Diluted Earnings Per Share Highlights

CER is defined as Constant Exchange Rate against prior year, whilst £ is at reported, Actual Exchange Rate (AER). A reconciliation of underlying to reported measures can be found in the Financial Review.

Financial Performance

  • Strong revenue growth of 28.3% at constant exchange rates (CER).
  • Solid revenue growth in Companion Animal Products (CAP), Food producing Animal Products (FAP), and Equine.
  • 36.9% growth at CER in underlying operating profit.
  • Strong operational leverage and full year synergies from acquisitions lifts EBIT margin 140 bps to 22.6%.
  • Consistently strong cash conversion of 115.9%, driving Net Debt/underlying EBITDA leverage down from 2.0 to 1.4 times.
  • Underlying diluted EPS growth of 35.1%; increase in full year dividend to 21.44 pence.

Strategic Progress

  • Core portfolio growth solid in EU, excellent in NA; major therapeutic sectors continue to grow.
  • Strong performance from prior year acquisitions.
  • Apex (Australia) completed and integrated, and 33.0% share of Medical Ethics Pty Ltd acquired.
  • New geographic territories performing well; new Dechra Veterinary Products International team to create greater focus.
  • Significant pipeline delivery with two new FAP EU registrations and numerous international approvals.
  • Exploring several new pipeline opportunities.