Celesio, the owner of the Unicare pharmacy chain, has signalled plans to open more pharmacies in the Republic over the near term.
In a report accompanying third-quarter results issued yesterday, Celesio said it had "not yet reached the optimum size for a pharmacy chain in Ireland".
The company went on to say it would make expansion in the Republic and two other EU countries "the focus of its attention".
Yesterday's results show that Celesio has 56 pharmacies, from which it derived revenues of €81.5 million over the first nine months of the year.
This marked a 1.1 per cent fall on the same period of 2004, a slightly sharper sales decline than in the first half of the year.
Celesio, a German company with operations across Europe, does not break out profit or loss figures for its subsidiaries.
Paul O'Hanlon, managing director of Unicare, declined yesterday to put a figure on the number of pharmacies the firm would like to open. He said, however, that the firm would like to achieve "a good geographical spread". Unicare's operations focus mostly on Dublin and Limerick at present.
"We obviously want more and we are looking to grow. It's a case of what's right for the marketplace," said Mr O'Hanlon.
By the end of the year, Unicare will have opened seven new pharmacies in a 14-month period. Mr O'Hanlon said the firm has an "open mind" on whether to buy up existing pharmacies or to open greenfield operations.
He attributed the 1.1 per cent fall in sales to the sale of two pharmacies earlier in the year.
A further breakdown of the Irish revenues shows that growth was, over the same period, slower at Celesio's wholesale operation in the Republic, Cahill May Roberts.
The figures show that sales were 6.7 per cent higher over the first nine months of this year when compared to the same months of 2004.
The firm recorded sales growth of 8.8 per cent in the first quarter, and 7.9 per cent in the first half.
Celesio did not expand on reasons for the declining growth but Cahill May Roberts managing director, Gary Collins, pointed out that the figures did not include wholesale hospital business or wholesale sales to Unicare pharmacies.
"We're happy with the growth we have had this year - we have taken over as number one in distribution," Mr Collins said.
Cahill May Roberts's biggest rival in the Republic is United Drug, the Irish-listed company. United Drug will produce results tomorrow week.
The Celesio group as a whole posted a 13.1 per cent rise in pretax profits over the first nine months, lower than commentators had expected. The company also said growth would slow.
