Dechra’s results are customarily solid, despite a strong currency headwind in the first half. Underlying operating profit growth was a strong +24%, giving some indication of the true performance of the business. The highlight was again North America, where growing critical mass is generating continued strong revenue growth. We prudently leave this year’s EPS forecast unchanged, but upgrade FY17 & 18 by 4% and see scope for further outperformance over time. Dechra is a core mid cap holding in the ....
