Europe's largest drugs distributor Gehe said today pre-tax profit rose 22 per cent in the first six months of 2002 to €157.3 million.
Sales rose 11.3 per cent to €9.1 billion in the first half of its business year on the back of strong growth in the wholesale and retail businesses and boosted by acquisitions made over the last year, the Stuttgart-based company said.
Gehe bought the Unicare chain of 29 pharmacies in Ireland in June for an estimated €145 million. The group also owns the second-largest pharmaceutical wholesaler in the State, Cahill May Roberts.
In the past 18 months, it also acquired 17 outlets owned by the Crowley's and Ryan's pharmacy chains.
Gehe said it expected 2002 pre-tax profit to grow by at least the same rate as last year, when earnings climbed 14.3 per cent, and forecast sales growth of 8-10 per cent despite a slight weakening in the pharmaceutical market.
The company's cash flow increased by 22.2 per cent to €160.7 million at the half-year mark.