United Drug posts strong first half profits

Source: Healthcare Digital

Date :07/05/2008 09:19:56

The Irish healthcare services company United Drug yesterday reported a period of double digit profit, earnings and dividend growth for the first half of 2008.

The company posted a thirteen percent rise in first half earnings and predicted strong profit growth in 2008, despite the weakening in the value of sterling relative to the euro during the period.

Revenue for the period increased nine percent to €845.1 million.

Opportunities

Chief Executive Officer, Liam FitzGerald, said, “United Drug has made an excellent start to 2008 with strong growth across all parts of the business. Operating profits in the period have increased by 20 percent (23 percent on a constant currency basis) when compared with the first half of 2007.”

Adjusted earnings per share (EPS) for the six months to the end of March rose to 12.13 euro cents from 10.73 a year earlier.

The firm is expecting strong trading to continue as they expand into higher margin activities. Mr. FitzGerald explains, “Each division has a number of opportunities to strengthen its position in the growth markets in which it operates. We also see further opportunities to expand the range of services we provide, both organically and through acquisition.”

May 7, 2008