Dechra has issued a strong trading update this morning, following the completion of the strategic acquisition of Croatian poultry vaccines maker Genera on Wednesday. As previously guided, this is expected to be earnings neutral in the first two years. Having downgraded by 3-4% for FX after the prelims in September, we remain prudently towards the bottom end of consensus. We continue to see medium term upside to forecasts as new products from the pipeline launch and gain traction. Core holding.
