Citywest business Uniphar increase profits in first half of year to €51.1m

IRISH healthcare services business Uniphar reported an increase in profits in the first half of the year.

Earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose to €51.1m.

This reflected a 13.8 per cent increase from the same period last year.

With its head office located in Citywest Business Park, Uniphar reported growth across all divisions, with the supply chain and retail segment recording 7.7 per cent organic growth in the period.

Uniphar said that it has now achieved its target of doubling 2018 pro forma Ebitda which was announced at the company’s IPO (initial public offering) in July 2019.

Gross profit margin rose to 15.2 per cent in the first half of 2023, up from 14.7 per cent last year. This followed a focus on higher margin activities, the company said.

The board declared an interim dividend of €0.0064 per ordinary share, up 5 per cent from the same time last year.

It added that the acquisition of the McCauley Pharmacy Group, which was completed in January, had improved its retail pharmacy footprint and service offering.

The deal, which was first announced in September last year, added 34 retail outlets to Uniphar’s Irish footprint.

Last month, the group completed the acquisition of certain assets from digital strategy consultancy business Pivot Digital.

Uniphar also unveiled a new divisional structure. The medtech business unit of the commercial and clinical division will now become a standalone division.

The pharma business unit wi be combined with the product access division to create Uniphar Pharma, while the supply chain and retail division will remain unchanged.

“Just over four years post-IPO, I am pleased to announce that we have already achieved our IPO target of doubling EBITDA within five years,” chief executive Ger Rabbette said.

“We are now focused on creating a strong foundation for our next phase of growth, re-organising our divisions to reflect our strategic ambitions and accelerating our progress in our target markets.”

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