Management at Dechra Pharmaceuticals (DPH) cited a “resilient” full-year performance, notwithstanding Covid-19 disruption in recent months. That sentiment was borne out by the veterinary healthcare group’s preliminary figures, with operating profits climbing by a third. This, together with a cash conversion ratio of 99.4 per cent, underpinned an 8.5 per cent dividend hike – serving up a reminder of Dechra’s defensive qualities.
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