Pre-tax profit at UDG rises in third quarter

Healthcare services company UDG Healthcare said pre-tax profit in the third quarter was ahead of the same quarter a year earlier

The company said the increase in the three months ended June 30th 2019 was down to underlying growth and acquisitions.

Its healthcare advisory and communications division Ashfield saw its profit "significantly ahead" of the same quarter last year, with Ashfield Communications & Advisory performing strongly and Ashfield Commercial & Clinical operating profit behind the prior in line with expectations.

Contract clinical, manufacturing, packaging and technology services division Sharp saw its revenues rise compared to the same quarter last year. UDG said this was driven by increasing demand for the packaging of serialised biotech and speciality products. However, operating profit in the quarter fell as the increased demand in the US commercial business incurred extra costs, hitting margins.

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The division is expected to deliver double-digit revenue growth and mid-single digit underlying operating profit growth for the year.

Group constant currency profit before tax for the nine months to June 30th 2019 was ahead of the prior year, UDG said.

Looking ahead to the full year, the group reiterated its full year guidance for between 5 per cent and 7 per cent growth in adjusted diluted earnings per share on a constant currency basis.