Chesire-based veterinary drugs giant Dechra Pharmaceuticals Plc said on Monday it changed the ownership of all its UK marketing authorisations to a new unit in the Netherlands as it prepares for a potential hard Brexit.

Lostock Gralam, Northwich-based Dechra has also transferred all the analytical testing methods for products manufactured at its Skipton site to a new laboratory in Zagreb, Croatia and to its existing laboratory at Bladel in the Netherlands.

The news came as Dechra reported revenue growth of 17.5% to £481.8 million, a 27% increase in full-year underlying operating profit to £127.4 million and a 24% hike in its full-year dividend to 31.6 pence. 

Dechra said recent acquisitions are performing ahead of expectations.

“The group has delivered another strong performance throughout the financial year,” said Dechra CEO Ian Page.

“We have continued to outperform in almost all markets in which we operate and strategically it has also been an excellent year.”

On Brexit, Page said: “In preparation for a potential hard Brexit, we have changed the ownership of all UK marketing authorisations to a newly established subsidiary in the Netherlands.

“We have also transferred all the analytical testing methods for products manufactured at our Skipton site to a new laboratory in Zagreb, Croatia, and to our existing laboratory at our Bladel manufacturing site; this will allow us to perform batch release within the EU in the likely event that there will be no mutual recognition of quality standards.

“We have increased inventory in the supply chain to mitigate the potential delays at ports.

“We do not expect any material effect from the potential import or export tariffs.”