United Drug says profit will be 'in line' with 2008

Medicines distributor United Drug expects profits before exceptional costs this year to be “at least in line” with 2008.

In a trading update the Dublin-based company said some parts of the business were experiencing challenging trading conditions while others were “very buoyant”.

It said the prediction of a full-year profit excluded currency fluctuations and it noted that sterling was 19 per cent lower against the euro over the first six months of its financial year to March 31st.

The company, which gets about 45 percent of its earnings from the UK.

“United Drug remains positive about the fundamentals of its core markets and its position within those markets despite the current challenging economic environment,” the company said in statement this morning.

At 9am United Drug shares were marginally higher at €1.56 giving it a market value of € 367 million. The stock has lost 56 per cent of its value over the last 12 months.