Revenue and profits increase at UDG Healthcare
Irish company UDG Healthcare, which is listed on the FTSE-250, has reported revenue of $675m for the six months to 31 March.
In constant currency the performance is an 11pc increase year-on-year.
During the six month period the company reported profit before tax of $1.7m, a 16pc increase year-on-year, according to its interim report.
Diluted earnings per share increased by 21pc, again on a constant currency basis.
The performance was driven by acquisitions and “favourable tax changes.”
Operating profit at the company’s Ashfield's unit increased by 18pc on a constant currency basis, driven by the benefit of acquisitions completed in its financial year 2017.
While the company’s Sharp's unit reported operating profit that was 2pc behind the prior period, with a good second quarter trading performance failing to fully offset a weak first quarter.
The company had net debt of $46.6m at 31 March 2018 (0.28 times net debt to earnings before interest, taxation, depreciation, and amortisation), which it said provides "significant capacity" to execute strategic acquisitions.
"The first half of 2018 was another period of strong growth for the group, primarily driven by acquisitions and favourable tax changes, with adjusted diluted EPS increasing by 24pc or 21pc on a constant currency basis,” Brendan McAtamney, CEO of UDG, said.
"We remain confident that our strong market positions and the growing trend in the healthcare industry to outsource specialist activities on an international basis, leaves UDG well positioned for growth in FY18 and beyond."
Looking forwards, and the company reiterated its guidance for financial year 2018 constant currency adjusted diluted EPS growth of between 18pc and 21pc over last year's EPS.