Former CRH boss joins UDG Healthcare

Former CRH chief executive Myles Lee has joined the board of UDG Healthcare in a non-executive capacity.

Mr Lee — who left the building materials giant in 2013 after six years as chief executive — joins the UDG board in early April.

UDG — formerly United Drug — yesterday said it made a good start to its current financial year, with acquisitions helping to boost operating profits for the first quarter, the three months to the end of December, “well ahead” of the same period last year.

Trading in the core Ashfield contract sales division was well up year-on-year, with Sharp — UDG’s US-based packaging business —moderately ahead in operating profit terms. Sharp is currently viewed as the group’s main growth driver.

Shares in the diversified healthcare services group jumped around 2% yesterday as it said it expects to see 13%-16% earnings per share growth for its current financial year.

In its latest trading update, UDG said it remains in a net cash position, which it added leaves it “well-positioned to continue its corporate development activities”.

However, UDG which now reports in dollars said it will likely face a foreign exchange headwind on the translation of its sterling profits this year.

Goodbody Stockbrokers said it would be upwardly adjusting its 2017 earnings per share forecast for UDG (the around 13% growth).

“Post [yesterday’s] update we reiterate our positive stance and we continue to believe in the organic and acquisitive opportunities which exist in the near and medium term,” said Goodbody’s David O’Brien.


More in this Section

US rate fears crash party

No surprise if airlines collapse as winter sets in

Little drama and little joy from today’s budget


Breaking Stories

Starbucks scales backs European presence but consolidates in London

Leo Varadkar: Cut Brexit deal now or risk economic damage

Finance director challenges Cork employer who says she is 'deemed to have resigned'

Paris seeks to attract London's City workers with new English school after Brexit

Breaking Stories

David Beckham admits marriage is ‘hard work’: Is it normal for long-term relationships to be tough?

On World Menopause Day: 5 myths you really need to stop believing

Photography awards capture life at its wildest

This is how to stay healthy as a new parent – according to The Body Coach

More From The Irish Examiner