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United Drug profits up 11pc on buys

Wednesday, November 14 10:25:40

Pre-tax profits at Dublin listed United Drug rose 11pc to E59m for its full year to the end of September last as revenues from a string of acquisitions boosted the group's bottom line.

Revenue at the company was up 5pc to E1.83 billion, the results show.

said that it had further internationalised its business and that the US now accounts for 27pc of operating profit.

In total over 70pc of profit is now generated outside of Ireland and the company has seen a significant expansion of service offering and geographic footprint with the completion of five acquisitions in the second half of the year. The acquisition of Pharmexx establishes United Drug as one of the leading global contract sales outsourcing providers, it said.

United Drug said it saw very strong performance in its US packaging business, including the addition of a clinical trials packaging offering through the acquisition of Bilcare Global Clinical Services, now Sharp Clinical Services.

"United Drug is now a truly international provider of services to global life sciences companies. We offer efficient outsourcing solutions for healthcare producers, providers and patients across 22 countries. During 2012 we have significantly expanded our service offering and geographic footprint, delivered double-digit earnings growth and very strong operating cash flow. Over 70pc of operating profits were generated outside Ireland with 27pc now coming from the US market. The five international acquisitions completed in the second half of the year position the business well for future growth," said Chief Executive Officer, Liam FitzGerald.

He pointed out that group revenues for the year of E1.83 billion were 5pc higher than in 2011.

"Margins again increased during the year, as we grew our international services business, and operating profit for the year of E84 million was 10pc ahead of the previous year."