Uniphar trading in line with expectations and maintains guidance

Healthcare group accounts for over a fifth of the retail pharmacy market in the Republic

Irish-listed healthcare group Uniphar said it had traded in line with expectations during the first four months of the year, and was confident "of delivering organic gross profit growth" for the full year.

The company, which accounts for over a fifth of the retail pharmacy market in the Republic, is holding an annual general meeting in Dublin today (Thursday).

"Once again Uniphar colleagues worldwide have shown remarkable resilience and commitment, delivering for our clients and our shareholders while navigating the various challenges that Covid-19 presented," chairman Maurice Pratt will tell the AGM.

Uniphar defied the Covid-19 pandemic to deliver 8.5 per cent growth in profit in 2021. At the same time, earnings, as measured by EBITDA (earnings before interest, taxes, depreciation, and amortisation), increased to €86.5 million.

Mr Pratt will tell the AGM the group ended the year with strong liquidity and a modest leverage position.

Uniphar recently won the Company of the Year award at the fourth Irish Times Business Awards.

The company’s strong performance in recent years has been driven by acquisition, which has become a feature of the business since it floated on the stock market in 2019.

Among its recent deals, Uniphar last year announced the purchase of New York-headquartered BestMSLs Group, which provides outsourced medical affairs services, in a transaction reported to be worth €30.2 million. It is seen as increasing Uniphar’s presence in the strategically important US market.

That followed Uniphar’s entry into Europe’s largest medtech market with the purchase of German group CoRRect Medical in mid-July in a deal said to be worth about €25 million.

Eoin Burke-Kennedy

Eoin Burke-Kennedy

Eoin Burke-Kennedy is Economics Correspondent of The Irish Times

Ciarán Hancock

Ciarán Hancock

Ciarán Hancock is Business Editor of The Irish Times

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