‘Good start’ to 2024 positions Uniphar for growth across divisions, says chairman

Uniphar, the Dublin-listed healthcare services group, is “well positioned” to deliver on its goal of achieving organic gross profit growth across its division this year, its chairman has said, after a “good start” to 2024.

In a statement issued in advance of its annual general meeting on Thursday, chairman Maurice Pratt said performance in the first four months had been in line with the group’s expectations.

The group – which reorganised into medtech, pharmaceutical and retail division in the past 12 months – is looking to carry the momentum of last year into 2023 after reporting a 27.1 per cent jump in gross profit over 2022, with 5.6 per cent of that attributed to organic expansion.

“The group achieved a significant milestone of doubling 2018 pro forma EBITDA (earnings before interest, tax deductibles and adjustments) ahead of the time frame committed to at the time of IPO (initial public offering,” Mr Pratt said. “We also announced a new ambitious target of growing group EBITDA to €200 million over the medium-term. This will be achieved through a combination of strong organic growth complemented with acquisitions that meet our disciplined strategic and financial criteria.”

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However, he said merger and acquisition activity remains “a key component” of Uniphar’s strategy after completing deals for McCauley Pharmacy Group and consultancy business Pivot Digital in 2023.

“I am pleased to report a good start to 2024, with performance in the first four months in line with the board’s expectations” Mr Pratt said. “Uniphar remains well positioned to deliver organic gross profit growth across each division in line with previous guidance and to deliver expectations for the full year.”

Shares in Uniphar dropped by close to 1 per cent in early trading on the Euronext Dublin Stock Exchange on Thursday morning.

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