Healthcare company Uniphar has reported higher profits and revenues for the year to the end of December and said it expects continued organic gross profit growth across all divisions for 2023.
Uniphar's revenues for 2022 rose by 6.6% on a reported basis to €2.071 billion from €1.943 billion the previous year.
Its profits before tax and exceptionals grew by 14.8% to €57.9m from €50.4m in 2021.
The company has declared a total dividend for the year of €4.8m (€0.017 per ordinary share), which marked an increase of 5% on an annual basis.
It said it saw strong organic gross profit growth across all its divisions, with an outperformance in Supply Chain & Retail delivering 4.1%, Commercial & Clinical delivering 7.1% and Product Access delivering 7%.
During the year it completed the integration of acquisitions made in 2021 including CoRRect Medical, BESTMSLs Group, E4H and Devonshire Healthcare Services.
These companies are delivering in line with expectations, it added.
The group announced four value accretive acquisitions during 2022. Three completed during the year, and the fourth, McCauley Pharmacy Group, completed at the end of January this year.
Ger Rabbette, Uniphar Group's chief executive, said the company performed strongly during 2022, making further progress against its financial and strategic objectives.
"Strong organic profit growth across all divisions contributed to 13.4% growth in EBITDA, 13.2% growth in adjusted EPS and a 17.3% ROCE. We also made key investments that will ensure continued, robust growth into 2023 and beyond," the CEO said.
"Uniphar is an ambitious organisation, and we are confident of delivering on expectations throughout 2023 and beyond. We remain firmly on track to achieve our strategic objective of doubling 2018 proforma EBITDA within 5 years of IPO," he added.
In December, the competition regulator blocked a proposed takeover by Uniphar of pharmacy solutions business Navi Group.
The Competition and Consumer Protection Commission (CCPC) said the planned acquisition would substantially lessen competition in markets for such services here.
Uniphar said it plans to continue to work closely with Navi Group, despite the CCPC's decision.
In a note on the company's results, Davy Stockbrokers said that Uniphar has reported strong growth in 2022 at both top line and earnings level, driven by organic growth and acquisitions.
"The gross margin and EBITDA margin expanded despite cost inflation. The company's geographic presence has significantly broadened, and strong cash conversion has reduced year-end leverage," Davy added.
Shares in the company were lower in Dublin trade today.
