Pharmacy owner Celesio has reported a 13.1 per cent rise in pretax profits for the first nine months of the year.
Formerly known as Gehe, the German group - which owns pharmacy firms Cahill May Roberts and Unicare - said favourable demographics coupled with tighter cost controls drove profits across its European operations.
Celssio's chairman and chief executive Fritz Oesterle stressed that the healthcare market is growing more quickly than the general economy of the European states.
"The average age of the population is rising and the demand for medical provision grows as age advances. Therefore, the pharmaceutical market and also Celesio grows alongside it," he added.