Introduction

Developing

the Business through Investment in our Pipeline

The development of our product pipeline is critical to our future organic growth. Our spend has more than doubled in the last five years with an increase of almost 39% in the last financial year, taking our total spend to £8 million.

Research and Development Spend

up 38.8%

at £8.0m

(2012: £5.7m)

Focusing

on our Veterinary Pharmaceuticals Product Strategy

In July 2013 we announced the disposal of our Services Segment namely National Veterinary Services, Dechra Laboratory Services and Dechra Specialist Laboratory Services. This completes our evolution and transformation from a low margin UK centric services company to an international specialist veterinary pharmaceuticals business.

Underlying Operating Profit split by Services and Pharmaceuticals Segments since 2005*

£ million

*Excludes corporate and other unallocated costs