United Drug profits up 13%

United Drug has today issued its annual report for the year ended September 30, 2008.

Pre-tax profits at the pharmaceutical before intangible amortisation increased by 13% to €70.5m and earnings per share by 12% to 25.70 cent.

The weakening of the sterling exchange rate against the euro during the year had a €4m impact on the translation of these profits when compared with the same period last year, according to the company.

The board has proposing a final dividend of 5.77c per share. Together with the interim dividend of 2.23 cent per share, this represents an increase of 10% over the previous year.

Company chairman Ronnie Kells said he remains upbeat despite challenging economic conditions.

“The current economic turmoil has had a serious impact in most countries but despite this we remain positive about the fundamentals in our core healthcare markets,” he said.

“These markets are underpinned by resilient growth drivers, particularly the demand for healthcare services and long-term demographic trends. Against this background United Drug is well positioned to make progress in the current year and beyond.”