Healthcare services group Uniphar said the business performed in line with its expectations for 2022 at both a gross profit and EBITDA level.
In a trading update for the year to the end of December, Uniphar said this represented a strong performance, leveraging its scale, leading market positions and diverse platforms to mitigate continued macro-economic uncertainty and inflationary pressure.
It also said it showed the continued resilience and potential of the business.
Uniphar said its organic gross profit growth for the year was in excess of 5%, driven by organic growth across each division and an outperformance in Supply Chain & Retail.
It said it continues to maintain a strong liquidity position, with lower than projected net debt at the end of the year.
The deal to buy McCauley's Pharmacy Group, originally announced in September, was cleared by the Competition and Consumer Protection Commission (CCPC) earlier this month, subject to a number of legally binding commitments.
But its proposed acquisition of pharmacy supply group Navi was blocked by the Competition and Consumer Protection Commission in December.
It said in today's trading update that M&A will continue to play an important role in its growth strategy.
"The group continues to have a disciplined approach to capital allocation while managing an active pipeline of acquisition opportunities to further enhance the group’s growth potential," it added.
Ger Rabbette, Uniphar Group's chief executive, said the company remains confident and on track to achieve its strategic objective of doubling EBITDA within five years of its IPO.
"Today's trading update reflects a strong performance by the Group in 2022, with organic gross profit growth in excess of 5%. Our teams and our people have once again performed exceptionally well, delivering for our customers in what has been another uncertain and, at times, challenging period," the CEO said.
He also said the company continued to invest in its diversified service offering both organically and through M&A, announcing four acquisitions during the year.
In Commercial & Clinical it bought Inspired Health, a market research company, which Ger Rabbette said added another vital component to its high value commercialisation offering and further increasing its scale in the world's largest healthcare market.
"In Product Access, the acquisition of BModesto and Orspec expands our reach in continental Europe and the APAC region and further accelerates our growth towards market leadership in the provision of Unlicensed Medicines and the delivery of Expanded Access Programs globally," he said.
"In Supply Chain & Retail, the acquisition of McCauley further improves our leading position in the Irish retail pharmacy market," he added.
