United Drug reports H1 profits increase
United Drug has reported adjusted pre-tax profits of €35m for the six months to end March, a 7% increase on the same period last year.
In an interim management statement issued this morning, the company said revenues for the period were flat at €894.2m but earnings per share were up 8%.
The company reported "excellent" performance in its UK pre-wholesale business following recent contract wins, and a significant improvement in performance in its medical and scientific business both in the UK and Ireland.
An interim dividend of 2.48 cent per share has been declared, an increase of 3% on the 2011 interim dividend.
"The first half of 2012 has seen us advance our international healthcare services offering and return to good growth in profits and earnings while continuing to invest in our physical and IT infrastructure and management talent," CEO Liam FitzGerald said.
"During the period, our businesses outside of Ireland have made significant progress in all of our outsourcing activities and these businesses now account for over 70% of our profits with our US businesses contributing 25% of profits in the period.
"Operating profit for the period is 7% ahead of 2011 and the Group has again produced a good cash flow performance.”
The company said it expects adjusted diluted earnings per share for the year to September 30 to be between 4% and 8% ahead of last year.
