Revenue and profit rose at healthcare services company Uniphar last year, with strong performance and growth across its divisions.
In its results for the period ended December 31st, 2022, the company said revenue rose 6.6 per cent to more than €2 billion, while gross profit was almost 12 per cent higher at €306.7 million.
Earnings before interest, tax, depreciation and amortisation (ebitda) were up 13.4 per cent to €98 million as the company’s strong organic performance combined with the benefit of acquisitions. Adjusted earnings per share growth was more than 13 per cent for the year.
“The group performed strongly throughout 2022, making further progress against our financial and strategic objectives,” said Uniphar’s group chief executive Ger Rabbette. “We also made key investments that will ensure continued, robust growth into 2023 and beyond.”
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Uniphar announced four acquisitions last year, including market research company Inspired Health, BModesto and Orspec, investing a total of €185 million for the period. It also received approval from competition regulators for the acquisition of the Sam McCauley chain of pharmacies.
In December 2022, however, the Competition and Consumer Protection Commission (CCPC) blocked Uniphar’s proposed acquisition of NaviCorp, a pharmacy solutions business, on the grounds that it would “substantially lessen competition in markets for services in the State”.
Mr Rabbette said: “We will continue to apply a disciplined approach to capital deployment both organically and through M&A where such investment accelerates our strategic plans and delivers a return on capital employed within or above our targeted range of 12-15 per cent within three years.”
Total dividend for the year was €4.8 million, a 5 per cent rise on the prior year. The final dividend of €3.1 million must be approved at the upcoming annual general meeting.
Looking ahead to the current year, Uniphar is predicting continued organic gross profit growth across its divisions.
Mr Rabbette said the company was “confident” it would deliver on expectations for 2023, and was on track to double 2018 ebitda within five years of its IPO.
