UDG Healthcare ups director pay levels to €7.6m

Combined directors’ pay at UDG Healthcare rose by just under 2% last year, the group’s latest annual report shows.

The Dublin-headquartered international diversified healthcare services group — formerly United Drug — paid its board, comprising four executive directors and seven non-executives, just under €7.65m in total remuneration for the 12 months to the end of September.

This figure was up by 1.7% on the €7.52m paid out in the preceding year.

Part of that payment included monies to Liam FitzGerald, who stepped down as chief executive last February but continued in an executive role until the end of March.

He was paid just over €2m for the year, which included a €50,000 per month salary – between March and late September – for consultant services.

Current UDG chief executive Brendan McAtamney saw his basic salary jump from €440,000 to €550,000 and his total remuneration package increase from €904,000 to just under €1.9m; on the back of him being elevated from the post of chief operating officer in February.

The last couple of months have been busy for UDG.

In October it started putting the money raised from last year’s sale of its legacy Irish drug distribution businesses to work by acquiring international auditing firm STEM Marketing for a total consideration of €94.2m.

Last month the group reported a strong set of annual results, showing a 3% rise in revenues to €943.1m, and 8% rise in operating profit to €104.2m and an 8% increase in earnings per share to 28.61c.