United Drug earnings grow for 20th straight year

UNITED Drug capped 20 years of successive earnings growth yesterday with a 16% rise in full-year profits to almost €50 million.

The company said its four divisions all had a good year with profits ahead in all areas as turnover rose 6% to €1.32 billion in the year to end September.

Chief executive Liam FitzGerald said turnover growth was slower than the increase in profits because of a cut in prices at its North-based wholesale drug distribution business, which supplies pharmacies across Ireland.