United Drug share price falls

United Drug reported a strong set of full year results this morning but saw its share price dip 3c to €2.35 on the Irish Stock Exchange.

The company announced a 16% rise in turnover to €1.13bn for the year ended September 30, 2003.

Having established a dominant market position in drug wholesale and distribution in Ireland, United Drug is now looking to increase revenue in these sectors with add-on services.

O this effect, the company commenced a contract packaging operation for multinational companies in FY03.

Another pharmaceutical company on the up was Galen where a 30c increase saw the Coleraine-based firm break the €11 barrier and finish on €11.09.

Greencore closed down 2c at €3.18 after reporting a full year earnings rise of 7% led by growth in its chilled foods division.

Analysts believe this strong level of growth highlights the quality of Greencore's operations and the work done by it since the Hazlewood acquisition in the UK.

Debt fell from €563m to €430m, of which €33m was due to weaker sterling and the balance due to strong cash flows and better working capital management.

Ryanair continued recent gains up 2c to €6.57 while Paddy Power fell back 15c to €6.70 as profit takers became evident.

Donegal was the biggest loser today after a 23c fall saw it close at €3.22.