Dublin-based UDG Healthcare Group has said both revenue and profit rose for the three months to June, when compared with the same quarter in 2016.
The group said growth was driven by a combination of underlying growth and the benefit of acquisitions, moderated by a foreign exchange headwind on the translation of non-US profits.
UDG said trading at its Ashfield division benefited from the October 2016 acquisition of STEM, which continued to perform well during the quarter.
Last month the group announced the acquisitions of Vynamic – a US-based healthcare consultancy firm – and Cambridge BioMarketing – a US-based healthcare communications business – in addition to receiving competition authority approval for the acquisition of Sellxpert – a German contract sales outsourcing business.
UDG said Sharp traded in line with the same quarter last year, however a one-year delay in the enforcement of new US legislation requiring the mandatory serialisation of prescription medicines has slowed the pace of take-up of its serialisation services.
Sharp Europe continued to improve during the quarter, driven by increased activity levels from new and existing clients.
UDG said its strong balance sheet leaves it "well positioned to continue executing strategic acquisition opportunities to complement its existing growth platforms and generate good returns".
It added: "Based on the Group’s recent acquisitions of Vynamic and Cambridge BioMarketing, the Group is increasing its guidance for constant currency adjusted diluted earnings per share (EPS) for the year to 30 September 2017 from a range of 15% to 18% previously, to be between 17% and 19% ahead of last year (FY16 continuing Group EPS of US$ 31.8c [Euro: 28.6c])."