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> Business

13 August 2008

United Drug up 2% after Q3 earnings

By Niamh Hennessy
UNITED Drug rose to its highest level in six weeks yesterday after saying it expects to deliver another period of double-digit profit and earnings growth for the year to the end of September.

The third-quarter earnings met the board’s expectations resulting in United Drug increasing as much as 4.5% in early-morning trading before closing up 2%.

United Drug increased 7c to €3.66, giving the Dublin-based company a market value of €847.8 million.

The acquisition of sales and marketing companies Universal Conference and Incentive Travel Limited and Business Edge Solutions & Training Limited made a positive contribution to United Group’s profit, the company said yesterday.

The $99m (€66.3m) acquisition of Sharp, United Drug’s biggest purchase, received regulatory approval in the US and the deal has been closed, it said.

Davy analyst, Jack Gorman said United Drug’s earnings update leaves the stockbroking firm confident that the group can deliver to expectation in what has been a challenging year as regards regulatory and forex developments.

“Q3 performance was well ahead of last year’s levels and in line with the group’s expectations. This has been achieved despite significant sterling weakness year-on-year,” he said.

United Drug will issue a trading update for the year to September 30, 2008 on Friday, October 3, 2008. Full-year results will be issued on November 19.

NCB stockbrokers said 2008 and 2009 EPS forecasts are for 25.84c and 29.07c, which represents EPS growth of 12.2% and 12.5% respectively.

Last month United Drug announced it had bought the US contract packaging business, Sharp — realising some analysts’ long-held beliefs that it was close to making a significant-sized acquisition this year.

The Dublin-headquartered drug wholesaler and pharmaceutical services company has been growing by acquisition across all of its business divisions in the last year — mainly in the Irish, British and mainland European markets.

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