Uniphar sees profit and earnings growth despite Covid challenge

Healthcare services group says it achieved profit growth in excess of 6 per cent


Healthcare services group Uniphar said both profit and earnings for last year were ahead of expectations.

Publishing its full-year results for 2020, it said it achieved profit growth in excess of 6 per cent driven by strong performances in the group ’s two international divisions - product access, and commercial and clinical.

Uniphar, which listed in Dublin and London in a €139 million flotation last July, focuses on the delivery of medical information to patients, healthcare practitioners and payors.

It acquired Ireland’s largest family-owned pharmacy chain, Hickey’s, last year in an acquisition estimated to be worth up to €60 million.

The company said the acquisition of Hickey’s increases Uniphar’s market leading symbol group offering to 335 pharmacy members.

It also acquired US-based healthcare communications company Diligent Health Solutions for up to $27 million (€23.1 million) increasing its footprint in North America.

It said it was well positioned to deliver organic growth across all divisions in 2021, with the additional benefit of the full year impact of acquisitions completed in 2020.

It also it believes the current wave of Covid-19, and the resulting disruption, will not have the same financial impact as that of 2020.

“Our trading update reflects a strong performance for 2020 and I’m very proud of what our team have achieved, and in particular the great resilience and unstinting commitment demonstrated by them throughout this unprecedented and challenging period,” Ger Rabbette, Uniphar chief executive said.

“Progress in the last 12 months has been significant despite the challenging backdrop,” he said.

By Eoin Burke-Kennedy for www.irishtimes.com

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