United Drug profits up 11%
Pharmaceutical and healthcare services group United Drug has reported adjusted pre-tax profits of €75.8 million for the year to the end of September.
This is an 11 per cent increase when compared to last year.
Group revenues for the year of €1.83 billion were 5 per cent higher than in 2011. Operating profit for the year of €84 million was 10 per cent ahead of the previous year.
The company reported "good underlying trading" in the sales, marketing and medical division with the expansion of its service offering during the year through bolt-on acquisitions.
The company has significantly expanded its service offering and geographic footprint in 2012, delivering double-digit earnings growth and very strong operating cash flow, chief executive officer Liam FitzGerald said.
"Over 70 per cent of operating profits were generated outside Ireland with 27 per cent now coming from the US market. The five international acquisitions completed in the second half of the year position the business well for future growth."
The company proposed a 5 per cent increase in final dividend, to 6.56 cent per share, giving a total dividend for the year of 9.04 cent per share.
In a note, Davy Stockbrokers said the results were modestly ahead of expectations, reflecting a year of excellent underlying trading.