United Drug seeks more acquisitions

HEALTHCARE services group United Drug has said it will continue to seek acquisition opportunities in order to grow its business, after seeing a “satisfactory” performance over the course of the last four months.

The Dublin-headquartered drug wholesale and diversified healthcare services group ends its financial year at the end of September. In May, it reported a 5% year-on-year rise in first half pre-tax profits to €31.5 million.

Yesterday, via its latest interim management statement, the group said that profits for the nine months up to the end of June were “in line with last year” and cash flows continue to be strong.

“The group continues to explore opportunities to expand its business — both organically and through a number of acquisition options — and has a strong balance sheet to support its growth objectives,” management added in the update.

It also stated that pre-tax profits for the full year should be “broadly in line” with the previous year, when adjusted profits of €66.9m were reported.

Since United’s half year results, the group’s wholesale businesses in the Republic and the North have added to their market shares and its contract sales/marketing services and packaging/speciality divisions are continuing to trade strongly.

With regard to the British-based home pharmacy care joint venture agreement with US company, Medco Health Solutions, management said that the early indicators for the business remain positive, despite reiterating that the venture will incur significant start-up costs in its first year of existence.

“The offering has been well received by both the NHS and pharmaceutical manufacturers and the business has already won two important contracts with major multinational pharmaceutical manufacturers,” yesterday’s statement said.


Lifestyle

Wesley O’ Regan is the General Manager of Popscene in Voodoo Rooms, Cork city. Popscene opened last November and is Cork’s only themed bar that is dedicated to celebrating the best of the 80s and 90s. https://www.facebook.com/PopsceneCork/You've Been Served: Wesley O'Regan, Popscene

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