Financial Highlights

Total Revenue


2015: £203.5m

CER*: Up 21.7%

£: Up 21.7%

Underlying Operating Profit


2015: £44.4m

CER*: Up 20.9%

£: Up 19.1%

Underlying Diluted Earnings per Share


2015: 39.90p

CER*: Up 8.9%

Dividend per Share


2015: 16.94p

CER*: Up 9.0%

£: Up 9.0%

Reported Operating Profit


2015: £26.0m

CER*: Down (17.3%)

£: Down (25.0%)

Diluted Reported Earnings per Share


2015: 21.99p

CER*: Down (28.9%)

£: Down (36.8%)

* 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.

† Non-underlying items comprise amortisation and impairment of acquired intangibles, acquisition expenses, fair value of uplift of inventory acquired through business combinations, rationalisation costs, loss on extinguishment of debt and reversal of fair value and other movements on deferred and contingent consideration.

Operational Highlights

Strong financial performance:

  • Revenue growth in our existing EU Pharmaceuticals Segment was 5.7% (at CER) driven by solid performance in Companion Animal Products (CAP) and return to growth of Food producing Animal Products (FAP).
  • Continued excellent performance in our existing NA Pharmaceuticals Segment, with revenue increased by 37.9% (at CER); all core therapeutic sectors performing well.
  • Consolidated revenue increased by 21.7% (at CER).
  • Cash generation of 106.8% allowed us to absorb the costs associated with the acquisitions whilst maintaining a prudent cash position.

Strategic progress made:

  • Three value added acquisitions completed.
  • Product development pipeline continues to deliver results: recently launched products Osphos® and Zycortal® gaining good market penetration.
  • Geographical expansion enhancing revenue growth with good performance in Poland and Canada and new-start up in Austria.