Staffordshire firm Dechra Pharmaceuticals has revealed a four per cent rise in half year revenue after benefiting from going on the acquisition trail.
The company said a strong performance from its Dechra Veterinary Products business in the EU and US helped it to post sales of £192.2 million in the first half of 2010, compared to £184.8 million in the same period last year.
However, the company saw pre-tax profits dip from £9.7 million in the first half of last year to £9 million.
The firm completed two acquisitions during the period – US firm DermaPet, for $64 milllion, and Genitrix, for $6.4 million.
However, in a statement the firm conceded conditions remained tough.
It said: “The overall economic environment will continue to pose some challenges in the short to medium term.
“However, we remain confident in our strategy. The group is well placed to continue to deliver a solid performance through the current conditions and will continue to provide growth in shareholder value.
Net borrowings at December 31 increased to £49.6 million, compared to £6.7 million at June 30, and £18.5 million at the end of 2009 due to the £33 million cash paid for the two acquisitions completed in this period.