UDG Healthcare issues upbeat trading update

Tuesday 04 February 2014 17.14
UDG Healthcare's CEO Liam FitzGerald
UDG Healthcare's CEO Liam FitzGerald

UDG Healthcare, the international healthcare services company, has reported a "satisfactory" performance for the last three months of 2013.

In an interim management statement, the company said group revenues for the three months of the end of December are ahead of the same time last year.

But as it had previously cautioned, profits for the quarter are below the previous year's levels, mainly due to the costs of its private debt placing and once-off divisional re-branding costs.

UDG said that based on the underlying trading performance so far this year and the outlook for the rest of its fiscal year, it expects adjusted diluted earnings per share for the year to September to be between 2-5% ahead of the previous year.

It also said it expects to see another good cash flow performance this year, with these weighted towards the second half of the year due to timing issues.

"When combined with modest debt levels relative to earnings and significant financing facilities, this leaves the group well positioned to support its future growth objectives both organically and through acquisition," the company added.