Uniphar reports strong year as revenue and profit rise

Acquisitions continue to play key role in strategic growth of healthcare services firm

Healthcare services business Uniphar said it delivered a strong performance in 2021, as revenue and profit rose.

The group said revenue was 6.5 per cent higher year on year, at more than €1.9 billion for the 12 months ended December 31st, 2021. Pre-tax profit rose 31.5 per cent on the previous year, at €50.4 million. Gross profit was €274.5 million, up more than 26 per cent overall, and 8.5 per cent organic growth.

Growth of almost 30 per cent was recorded in earnings before interest, tax, depreciation and amortisation (Ebitda) as the impact of acquisitions in 2020 pushed it to €86.5 million.

The company said it saw strong performance across all its divisions with supply chain and retail outperforming medium-term guidance.


Total dividend for the year of €4.4 million translates into €0.016 per ordinary share, a 5 per cent increase year-on-year, including a €1.5 million interim, or €0.005 per ordinary share, dividend paid in October and a final dividend of €2.9 million, or €0.011 per ordinary share, which is subject to approval at the AGM.

Uniphar, which was listed in Dublin and London in a €139 million flotation in 2020, focuses on the delivery of medical information to patients, healthcare practitioners and others.

It acquired Ireland’s largest family-owned pharmacy chain Hickey’s in 2020 in a deal said to be worth up to €60 million.

Acquisitions continued to play a part in the company's strategy, with five announced in 2021. The acquisition of the Navi Group is subject to approval by competition regulators.

“We will continue to apply a disciplined approach to capital deployment both organically and through M&A where such investment accelerates our strategic plans and delivers a Return on Capital Employed within or above our targeted range of 12-15 per cent within three years,” said Ger Rabbette, Uniphar Group chief executive.

“We are confident of delivering on expectations throughout 2022 and beyond and remain firmly on track to achieve our strategic objective of doubling 2018 pro forma Ebitda within five years of IPO.”

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist