UDG Healthcare has reported higher revenues and pre-tax profits for the year to the end of September as it predicted continued progress for 2019.
The Dublin-headquartered but London-listed firm said its revenues for the year rose by 8% to $1.315 billion while its pre-tax profits increased by 17% to $138.8m.
The company provides outsourced sales and marketing, drug distribution and packaging services.
UDG said that net revenues at its biggest business, Ashfield, rose by 17% to $735.9m while operating profits jumped by 21% to $36.3m
It said the division delivered a "robust financial performance", on the back of acquisitions and good underlying momentum in the communications and advisory business, which was partly offset by challenges in the commercial and clinical business.
But it said the outlook for the division over the medium term remains positive as it diversifies its services offering and adds complementary capabilities to meet its client base's needs.
UDG's second largest business, Sharp Packaging Services, also posted operating profit and revenue growth in the 12 month period driven by strength in the US.
The division's total operating profits were up 11% to $45.8m while its total revenue was up 3% to $311.1m.
"Based on the current activity levels and the strong pipeline of new business, Sharp remains well positioned to deliver double-digit underlying operating profit growth over the medium term," the company stated.
UDG Healthcare's CEO Brendan McAtamney said that today's 2018 results reflect the continued execution of the company's strategy and another year of continued strong growth for the group.
"Our two global platforms, Ashfield and Sharp, continued to drive earnings as we leveraged our leading market positions and sector expertise," he said.
The CEO said that looking ahead to 2019, UDG expects continued progress, both organically and through further strategic acquisitions.
