United Drug forecasts profit growth in the past quarter

Group revenues and profits for the three months to December 31st will be ahead of the same period last year at United Drug, the company has forecast.

In an interim management statement issued on Tuesday, the healthcare provider reported that trading across the group had been "strong" over the quarter, with much of the growth it experienced coming from international operations with the businesses outside of Ireland contributing to in excess of 70% of group profits.

During the fiscal year, the group announced five acquisitions. Four of the five businesses acquired have now been fully integrated.

Final competition clearance for the fifth - the acquisition of Pharmexx - was received in November and has since been completed.

Since then, the group reported that it had been implementing a detailed integration plan to standardise processes and procedures in the acquired business.

Based on its trading performance for the year to date, United Drug reported that it expected constant currency adjusted diluted earnings per share for the year to September 30th, before non-recurring costs associated with acquisition activity and restructuring, to be betweebn 5.0% and 8.0% ahead of last year.

United Drug shares were up 1.35% to 284.80p at 08:49 on Tuesday.

MF