Chesire-based international veterinary drugs giant Dechra Pharmaceuticals said on Monday its revenue grew 21% to £608 million in the year ended June 30, 2021, and its reported operating profit soared 63% to £84 million.

The Northwich firm said its full year dividend increased by 18.1% to 40.50p per share.

Dechra CEO Ian Page said: “We have benefited from above average market growth in the majority of our key CAP (companion animal products) markets.

“The reasons for this market growth are not yet fully defined.

“In the UK there have been reports of an increased number of dogs; however, recent information from the United States indicates that veterinary practice visits by pet owners have marginally declined.

“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 …

“As we start the new financial year trading remains strong with the momentum and market penetration seen in the second half of the prior financial year continuing.

“We have made significant operational improvements by strengthening our infrastructure and by investment in our greatest resource, our people.

“Although COVID-19 related travel restrictions have limited acquisition activity, we have still been able to identify and progress numerous strategic opportunities to strengthen our product portfolio and development pipeline.

“We therefore remain confident in our ability to successfully execute our strategy and in our future prospects.”

Dechra said that after five years chairing the group, Tony Rice has indicated he will step down “to devote more time to his family and his other business and charitable activities.”

“We will commence the search for his replacement; at this time no specific date has been set for his departure,” said Dechra.

“He will continue as chairman of the group until a successor has been appointed.”