United Drug profits flat in 2010

United Drug profits flat in 2010

United Drug has said its group profits for the nine months to the end of June are in line with last year, although the company faces a number of challenges.

The group's wholesale businesses across Ireland made market share gains during the period, although revenue declined due to a further reduction in the price of off-patent medicines, which led to a fall in the value of the full-line wholesale market.

In the North, United Drug increased revenues during the period despite a price reduction introduced in January this year.

The group's medical and scientific division is "still experiencing very difficult market conditions" as spending in hospitals remains slow both in the UK and Ireland, with major investment decisions continuing to be deferred.

In a trading statement today, the company said: "Based on trading for the year to date and the outlook for the remainder of the year, the group continues to expect profit before tax for the year...to be broadly in line with the prior year, on a constant currency basis.

United Drug will issue full-year results in November.

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