Saturday 21 September 2019

Profit at UDG Healthcare 'well ahead' of last year

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Ellie Donnelly

Ellie Donnelly

Dublin-based UDG Heathcare has said its profit before tax for the three months to 30 June is “well ahead” of last year.

The improved performance is being driven by underlying growth and the benefit of acquisitions, according to a trading update from the group.

The update did not provide financial data.

Operating profit in its Ashfield division, which focuses on the provision of communications, advisory and clinical services, was “significantly ahead” of the same quarter last year.

However, its contract pharmaceutical packaging unit Sharp reported a decline in operating profit in the quarter compared to the prior year, as additional inputs associated with accelerated demand ramp up in the United States commercial business, negatively impacted margins.

The company said that with extra resources now in place and the strength of its pipeline, Sharp is “well positioned” to return to normalised operating profit growth in financial year 2020.

UDG reiterated its full year guidance for constant currency adjusted diluted earnings per share (EPS) growth, for the year to 30 September 2019 to be between 5pc and 7pc ahead of last year's EPS.

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