United Drug says first-half profit to decline

Healthcare services group United Drug has it expects a decline in first-half profits due to the decline in sterling and “challenging” market conditions.

The company said it was working to achieve a full-year profit “at least in line with the prior year” when it reported a pretax profit of €58.5 million in the year to the end of September, a rise of 4.98 per cent on the previous year.

“There is currently a lack of visibility on revenues in various parts of the business, however, the group is working to achieve a profit for the year at least in line with the prior year, on a constant currency basis,” the company said in statement this morning ahead of its agm.

United Drug, the largest drug wholesaler in Ireland, said it is looking for opportunities to expand its business either organically or through acquisition.

It said the curtailment of hospital spending on medical equipment continues to impact on revenues in its medical and scientific business.

The company’s agm takes place at the Conrad Hotel in Dublin today.