Uniphar profit and revenue rises as business continues growth

Profit at healthcare services business Uniphar rose last year as the company completed strategic acquisitions and capitalised on growth opportunities in the market. Revenue also increased over the year, gaining more than 23 per cent to €2.6 billion.

Gross profit rose 27.1 per cent over 2023, with 5.6 per cent of that organic. The organic growth was across its divisions, Uniphar said.

Its strong performance in both organic growth and acquisitions fed into a near 18 per cent growth in earnings before interest, tax, depreciation and amortisation, which rose to €116 million, up from €98.6 million a year earlier.

The group completed the acquisition of the McCauley Pharmacy Group in January last year, boosting its retail pharmacy footprint. In August it closed the acquisition of assets from digital strategy consulting business Pivot Digital.

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Adjusted earnings per share were 18.3 cents for the year, down 0.3 cents as financing costs hit.

The year also saw Uniphar alter its divisional structure, with the medtech business of the commercial and clinical unit becoming a stand-alone division of Uniphar Supply Chain & Retail, and the pharm business from the same unit combined with product Access to create Uniphar Pharma.

The group had net bank debt of €149.9 million at the end of 2023.

The year also saw Uniphar alter its divisional structure, with the medtech business of the commercial and clinical unit becoming a stand-alone division of Uniphar Supply Chain & Retail, and the pharm business from the same unit combined with product access to create Uniphar Pharma.

“The group performed strongly throughout 2023, making further progress against our financial and strategic objectives,” said chief executive Ger Rabbette. “Following early delivery on our IPO targets, we have created a new divisional structure to capitalise on our attractive growth opportunities, and are now focused on reaching our ambitious new target of €200 million EBITDA over the medium-term”

Looking ahead to 2024, Uniphar said it expects continued organic gross profit growth across all divisions.

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