United Drug H1 profits up 5%

United Drug this morning said its pre-tax profits for the first half of the year were up 5% to €31.5.

Revenue for the six months to March 31 is €853m, in line with revenue in the same period in 2009, the company said.

Fully diluted earnings per share, also before amortisation and the exceptional item is slightly ahead of 2009 at 10.68 cent per share. An interim dividend of 2.34 cent per share has been declared, an increase of 5% on the 2009 interim dividend.

"These results have been achieved despite the strengthening in the value of euro relative to sterling and the US dollar when compared with the same period in the prior year," the company said.

"The strength in the euro has reduced the translated value of sterling and dollar denominated profits by €750,000. On a constant currency basis operating profits in the period are 2% ahead of 2009 and pre-tax profits are 7% ahead for the same period."