HEALTHCARE SERVICES group United Drug has reported pretax profit of €58.5 million in the year to the end of September, a rise of 4.98 per cent on the previous year, writes COLM KEENA, Public Affairs Correspondent.
Profits were held back by the weakness of sterling and a weaker economic backdrop but were in line with analysts' expectations.
Its share price ended the day on the Dublin stock exchange down 8.74 per cent, at €2.40. The shares were selling at €4 in January.
The group said its adjusted profits were a more appropriate measure of its performance. Adjusted profit before tax was €70.5 million, 13 per cent ahead of the 2007 figure. On a constant currency basis, the percentage increase in pretax profits was 20 per cent.
The group said the highlights of the year included double-digit profit, earnings and dividend growth; continued expansion of the group into higher margin activities and a 10 per cent growth in dividend per share.
United said that each of its four operating divisions - supply chain services, medical and scientific, contract sales/marketing services and pharma wholesale - grew during the year. "We have made significant progress during the year with market share gains and an extension of our service offering, both by activity and geography, combined with good revenue and profit growth," said chief executive Liam FitzGerald.
"We have also produced another strong cash flow performance and are well positioned to exploit further opportunities in the growth markets in which we operate, even in a more difficult economic environment."
