Shares of Chesire-based veterinary drugs giant Dechra Pharmaceuticals Plc fell almost 9% on Thursday after it issued a trading update for the half year to December 31, 2019, that said “the balance of trading will be more second half weighted than is typical for Dechra.”
Dechra said in its statement: “The board is pleased to confirm that the outlook for the full year is in line with management expectations, however the balance of trading will be more second half weighted than is typical for Dechra.
“As outlined in our preliminary results announcement in September and at the time of the annual general meeting, trading was adversely affected by supply problems, predominantly in the first quarter.
“Significant progress has been made and the supply issues have been largely mitigated.”
Dechra shares fell almost 9% to around £28.06 to give the firm a current stock market value of roughly £3 billion.
Dechra CEO Ian Page said: “Overall, our progress in the first half has been satisfactory and demand for our products remains strong.
“Trading in Europe was good while North American growth, as expected was constrained but should now resume as we return to normal supply chain inventory levels.
“Our recent acquisitions are integrating well, and we were pleased to reach agreement to acquire Osurnia.
“We therefore remain confident in our prospects for the second half and for the year as a whole.”