Shares of Chesire-based veterinary drugs giant Dechra Pharmaceuticals rose about 4% on Tuesday after it published an update on trading and outlook for the current financial year saying it expects full year revenue to be ahead of current consensus expectations.

“In our interim release on 22 February 2021, we reported on our strong performance for the first seven months of the current financial year,” said Dechra.

“The group has continued to benefit from strong market fundamentals as well as lower Underlying Selling, General and Administration (SG&A) costs as a result of COVID-19.

“This, coupled with the completion of the UK pre-Brexit inventory unwind and further easing of lockdown restrictions, means the board is increasingly confident that this strong performance will continue for the rest of this financial year.

“Consequently, the group now expects full year revenue to be ahead of current consensus expectations, with trading likely to be distributed more evenly than previously guided between the first and second halves of the financial year.

“The group plans to provide further details on its financial results for the year ending 30 June 2021 in a pre-close trading statement, expected to be issued on 12 July 2021.”