Wednesday 28 September 2016

UDG boss Fitzgerald steps down from €2.5m-a-year role

Published 03/02/2016 | 02:30

UDG Healthcare chief executive Liam FitzGerald
UDG Healthcare chief executive Liam FitzGerald

UDG Healthcare has posted a strong start to its financial year.

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In a statement released to shareholders yesterday, the healthcare services provider said trading in the first three months of its financial year was "well ahead" of the same period last year. UDG also announced the Liam Fitzgerald stepped down yesterday. "Further to our CEO transition announcement on 18 September 2015, the group announces that the handover has been brought forward and that Liam FitzGerald will now step down as CEO and Brendan McAtamney will take over as CEO. Mr Fitzgerald will continue as a non-executive director as planned until September 2016 and will continue to support the transition of CEO responsibilities and our strategic development efforts on a consulting basis," the firm said in a statement yesterday.

Mr Fitzgerald's remuneration rose to €2.51m in 2015 from €2.37m in 2014.

The Dublin-based firm also revealed that operating profits in its Ashfield Commercial and Medical Services arm was also ahead of the same period in the previous year.

Momentum in UDG's US Sharp packaging business continued to gain pace as the firm looks to realign the business for future profitability.

In its trading update UDG anticipated good growth in its earnings per share.

"Based on the underlying trading performance to date, we expect constant currency adjusted diluted earnings per share (EPS) for the continuing Group for the year to 30 September 2016 to be between 6pc and 8pc ahead of last year's continuing Group EPS of 27.4c."

In the trading update the firm says that it expects to continue its dividend growth. over the course of the full financial year.

Irish Independent

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