Pre-tax profits at UniPhar, the wholesale pharmaceutical group, rose by 40.3 per cent to £2.85 million last year on the back of a 32.7 per cent increase in sales to £155.6 million. The results reflected growth in market share, the group said in a statement.

Its outgoing chairman, Mr John Holly, said the further growth was forecast this year, but warned that consolidation in the industry was putting pressure on margins. Mr Denis O'Connell has been appointed chairman to replace Mr Holly, who remains director.

UniPhar's after-tax profit rose by 39.9 per cent to £1.99 million from £1.43 million and earnings per share last year were 34.7p, up from 25p. The profit figures excluded exceptional items and goodwill amortisation.