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Dechra Pharmaceuticals

April 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares burst through the £2 mark after Dechra revealed strong results for the six months ended 31 December. Underlying pretax profit increased 24% to £4.6m from a 12% jump in sales to £103m, while earnings rose 22% to 6.3p. Dechra's larger services division, a wholesale distributor of pharmaceuticals and pet products, grew revenues by a creditable 12%. This was thanks to both gains in its market share to 42.5% and also a buoyant animal healthcare market still clawing back business lost because of the BSE era. However, the key to significant share price growth is Dechra's smaller Pharmaceuticals division, which supplies own-branded and licensed branded veterinary products and grew sales ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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