Uniphar, the Dublin-listed healthcare services group, is “well positioned” to deliver on its goal of achieving organic gross profit growth across its division this year, its chairman has said, after a “good start” to 2024.
In a statement issued in advance of its annual general meeting on Thursday, chairman Maurice Pratt said performance in the first four months had been in line with the group’s expectations.
The group – which reorganised into medtech, pharmaceutical and retail division in the past 12 months – is looking to carry the momentum of last year into 2023 after reporting a 27.1 per cent jump in gross profit over 2022, with 5.6 per cent of that attributed to organic expansion.
“The group achieved a significant milestone of doubling 2018 pro forma EBITDA (earnings before interest, tax deductibles and adjustments) ahead of the time frame committed to at the time of IPO (initial public offering,” Mr Pratt said. “We also announced a new ambitious target of growing group EBITDA to €200 million over the medium-term. This will be achieved through a combination of strong organic growth complemented with acquisitions that meet our disciplined strategic and financial criteria.”
Yes, the US has higher income per capita than Europe, but what is the real measure of a wealthy nation?
Your work questions answered: Can bonuses be deducted pro-rata during a maternity leave?
China the key for tech’s raw materials whether Trump likes it or not
Belfast-based watchmaker Nomadic moves with the times to reinvent retail experience
However, he said merger and acquisition activity remains “a key component” of Uniphar’s strategy after completing deals for McCauley Pharmacy Group and consultancy business Pivot Digital in 2023.
“I am pleased to report a good start to 2024, with performance in the first four months in line with the board’s expectations” Mr Pratt said. “Uniphar remains well positioned to deliver organic gross profit growth across each division in line with previous guidance and to deliver expectations for the full year.”
Shares in Uniphar dropped by close to 1 per cent in early trading on the Euronext Dublin Stock Exchange on Thursday morning.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
