Healthcare management company United Drug says that trading across the group has been good in the first quarter of its financial year with profits well ahead of the the same time the previous year.
In an interim management statement this morning, the company said that the areas of its business that performed below expectations last year are now back trading in line with budget.
However, it said that the new agreement on medicine prices, which saw prices of off-patent brands cut by 40% from February 1, will affect revenues on its Irish wholesale business this year.
Today's statement says that the group has had a successful first quarter and the trading outlook for most parts of the business is encouraging.
'After taking account of the new agreement on medicine prices in the Republic of Ireland and the investment in the current year in the UK homecare joint venture the group expects profit before tax for the year to September 2010 to be broadly in line with the prior year, on a constant currency basis,' the statement added.
