Business Irish

Tuesday 23 January 2018

UDG raises guidance as profits hit €53.6m

UDG's Sharp division provides outsourced packaging services for drug companies
UDG's Sharp division provides outsourced packaging services for drug companies
John Mulligan

John Mulligan

UDG Healthcare has raised its full-year profit forecasts after adjusted operating profits in the first half of its financial year jumped 19pc to €53.6m. The figure was significantly ahead of analyst expectations.

The Irish firm, which generates about 70pc of its profits between the United States and the UK, said its revenue rose 4pc on a constant currency basis to €1.1bn in the period.

Its performance was helped by favourable currency tailwinds, with the dollar and sterling having appreciated considerably against the euro over the past year. But the underlying performance was still robust.

UDG said that it's raising its guidance for constant currency, diluted earnings per share growth for the year to the end of September, from a range of 5pc to 8pc to a higher range of between 7pc and 9pc.

The group's Ashfield and Sharp divisions delivered performances during the first half.

Ashfield is involved in a range of activities including outsourced sales teams, event management, and providing training and nurse educators to the healthcare and pharma sector.

Revenues at the division rose 35pc to €293m in the first-half, with operating profit 55pc higher at €26m.

At Sharp, which provides outsourced packaging services for drug companies, operating profit was up 57pc at €11.8m.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business