Uniphar achieves organic gross profit growth of 11%

PHARMACY supplies group Uniphar said it achieved organic gross profit growth of 11 per cent in the six months to June 30.

The growth was driven by continued “outperformance” in its Commercial & Clinical division, which was complemented by “strong performances” in its Product Access and Supply Chain & Retail divisions, according to a brief trading update.

The global company, who have it’s Irish headquarters in Citywest, said looking forward, it “remains confident” in delivering on current year expectations.

The group’s medium term organic growth targets at a divisional level remain unchanged.

In its Commercial & Clinical arm, Uniphar is targeting mid-single digit organic growth in gross profit in the medium-term.

Uniphar is targeting double digit organic growth in gross profit in its Product Access division in financial year 2021.

In the Supply Chain & Retail arm, the group is targeting low single digit organic growth in gross profit in 2021.

Ger Rabbette, Uniphar CEO said: “Our trading update reflects a strong start to the year with the group delivering double-digit organic gross profit growth. I am pleased to report that all our divisions are performing well, with the outperformance in Commercial & Clinical representing a particularly strong result.

“The integration of our domestic and US acquisitions completed last year continues and is in line with our strategic plans.”

Looking forward, Mr Rabbette said the company remains confident “and are on track to achieve our strategic objective of doubling earnings before interest, taxation, depreciation and amortisation within five years of IPO”.

Earlier this month Uniphar completed the acquisition of CoRRect Medical GmbH, a Germany-headquartered company that specialise in the commercialisation and distribution of medical device products in the interventional cardiology sector across Germany and Switzerland.

Uniphar expects to publish its interim results for the six months ended June 30 on September 1.