United Drug, which looks after supply chain, sales and packaging for the healthcare sector, has reported results for the six months to the end of March. Its revenue for the six months rose by 5% to €894m, while operating profits were up by 6% to €37m.
The company reported a pre-tax profit of €32.7m - 4% ahead of 2010.
The company said that the continued challenging regulatory climate has had an impact on revenues in some of its Irish businesses, but its businesses outside Ireland now account for 65% of profits.
'United Drug has made considerable progress during the period to further internationalise the business as we develop our range of outsourced healthcare services,' said United Drug chief executive Liam FitzGerald.
The company's US businesses accounted for over 20% of operating profit in the first six months.
'This has been particularly important in the period as these increased contributions have more than offset the impact that the continued challenging regulatory climate has on revenues in some of our Irish businesses,' said Mr FitzGerald.
An interim dividend of 2.41 cent per share has been declared for the six month period, an increase of 3% on the 2010 interim dividend.
United Drug also announced today plans for a limited share buy-back programme of up to 5 million shares.
The company's sales, marketing and medical division saw revenues rise by 28% in the period to €100m. This was helped by the acquisition of two businesses in the last 12 months, InforMed and World Events Group.
United Drug's packaging business performed particularly well in the US and revenue for the division rose 15% to €68m.
The company also strengthened its position as market leader in providing services to retail pharmacy in the Republic of Ireland and Northern Ireland. In the Republic, market share gains in this sector have allowed United to maintain revenue in line with last year in a market that has fallen in value by over 5%.
