Cheshire veterinary drugs giant Dechra Pharmaceuticals reported revenue growth of 5.5% to £761.5 million for the year ended June 30, 2023, and said underlying operating profit fell 10.8% to £165.1 million.

On June 2, Swedish private equity firm EQT and the Abu Dhabi Investment Authority (ADIA) agreed a deal to buy Dechra for £4.46 billion in a major take-private transaction.

The acquisition is expected to complete in late 2023 or early 2024 following shareholder approval in July.

Dechra CEO Ian Page said: “It is with mixed feelings that I complete this, the last of my reports as the chief executive officer of a listed company.

“Since the Initial Public Offering in 2000 and my appointment as chief executive officer in 2001, being a listed company has served Dechra well due to the help and support demonstrated by our shareholders throughout this period.

“I am very grateful for the personal support and guidance provided to me by many stakeholders, not least shareholders, and would like to thank everyone who has contributed to Dechra’s success over this time.

“Despite a challenging period, we ended the last financial year strongly and have started the new one on a secure footing.

“I look forward to the challenges ahead as a private company and remain confident in our people, strategy and future prospects.”