Dechra Pharmaceuticals PLC (LSE:DPH) (LSE:DPH) said the new financial year has started well with good momentum continuing.
The vet products developer said that it is still not sure why it did so well during the pandemic, as in the UK there have been reports of an increased number of dogs but in the US visits to the vet have declined.
READ: Dechra Pharmaceuticals says trading still stronger than expected
“What is clear is that people have been spending more time with their pets and have therefore been more cognitive of their welfare, and with disposable income being higher than normal due to lockdown, expenditure per pet has increased,” it noted.
Chair Tony Rice also announced plans to leave the company to devote more time to his family, his other business and charitable activities.
He will continue in his role until a successor is found.
COVID-19 related travel restrictions have limited acquisition activity, but the recent additions of Mirataz and Osurnia have been performing strongly.
The FTSE 250 firm hiked its total dividend by 18.1% to 40.50p per share after proposing a final dividend of 29.39p.
In the year to 30 June, revenue climbed 21% to £608mln, with underlying earnings (EBITDA) up 27% to £177mln.