United prepares takeovers fund

HEALTHCARE services group United Drug is eyeing up acquisition opportunities in the US and could “comfortably” spend as much as €150 million per annum on takeovers over the next few years.

The Dublin-based drug wholesale and multi-disciplined healthcare services group yesterday reported pre-tax profits of €32.7m for the six months to the end of March, 4% ahead of the corresponding period last year. Operating profit was up 6% at €37m, earnings per share were up 2% at 10.90c and group revenue rose 5% to €893.6m.

The group saw a strong contribution from its US-based packaging business, while its homecare joint venture in Britain has also seen growth. Overall, the internationalisation of the company has led to more than 65% of total operating profits being generated outside of Ireland.