Pay packet of Uniphar chief executive topped €1.1m last year

Ger Rabbette, chief executive of healthcare and drug distribution group Uniphar, earned a total remuneration package of more than €1.1 million last year, the company's annual report shows.

Details of individual director pay at the company were revealed in the annual report for the first time on Friday after the company went public last year, floating in Dublin and London on July 17th.

The report shows Mr Rabbette was paid a base salary of €440,000, which was doubled by way of his annual bonus. His pension allowance came to €161,000, while other benefits totalled €77,000.

Uniphar chief financial officer Tim Dolphin earned a base salary of €300,000, which was also doubled by way of an annual bonus, while his pension allowance was €106,000, and other benefits came to €91,000. His total package was worth €797,000.

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The third executive director at the company, chief commercial officer Padraic Dempsey, earned a total package of €716,000. He received the same salary and bonus as Mr Dolphin, while his pension allowance totalled €56,000 and his other benefits came to €60,000.

Some 80 per cent of executive bonus is linked to company performance, and specifically in achieving what the report called “challenging” earnings before tax and free cash flow targets. The remaining 20 per cent is linked to personal performance targets established by the remuneration committee.

In terms of non-executive directors, the highest paid in 2109 is Maurice Pratt who earns fees of €123,000. The other 11 non-executive directors are paid salaries between €17,000 and €60,000.

Uniphar, which has reported a spike in demand due to the Covid-19 outbreak, last month reported a 55 per cent jump in pre-tax profits for 2019. The medical supplies group said profits before tax rose to €31.7 million last year as against €20.5 million in 2018.

Earnings

Revenues jumped by 17.4 per cent to €1.66 billion from €1.4 billion, while earnings before interest, taxation, depreciation and amortisation came to €48 million, up 49 per cent on the €32.2 million recorded a year earlier.

Uniphar last year reported that the total proceeds from its initial public offering (IPO) amounted to €139 million, which was €11 million off its maximum target as equity markets succumbed to volatility.

The company raised an initial €135 million by selling shares at €1.15 each before floating in Dublin and London. The company also stood to raise a further €15 million through the placing of so-called over-allotment shares within 30 days of the deal.