Saturday 21 September 2019

UDG Healthcare reports 14pc increase in profits

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Ellie Donnelly

Ellie Donnelly

Dublin-based UDG Heathcare has reported adjusted operating profit growth of 14pc to $147.5m (€130m) for the 12 months to 30 September.

Net revenue at the Irish drug sector services business grew 10pc to $1.1bn, (€969m) according to preliminary results from the group.

The company, which is headed up by CEO Brendan McAtamney, proposed 21pc increase in final dividend to $11.75 per share, yielding a full year dividend increase of 20pc to $16.00 per share.

The group had net debt of $60.8m at 30 September 2018.

During the period UDG, which has completed a string of acquisitions in the United States in recent years, completed the acquisitions of Create NYC and SmartAnalyst in July for a combined consideration of up to $82.4m.

It also completed the disposal of Aquilant in August, concluding the group's exit from its supply chain businesses

Commenting on the performance, Mr McAtamney said the results reflect "the continued execution of our strategy and another year of continued strong growth for the group."

"Our two global platforms, Ashfield and Sharp, continued to drive earnings as we leveraged our leading market positions and sector expertise," he added.

Looking forward McAtameny said he expects continued progress, both organically and through further strategic acquisitions.

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