Uniphar announces a 31% increase in pre-tax profits for 2021

Healthcare services group Uniphar reported increased revenue and profit for 2021, with all of its divisions reporting gross profit growth in line with or above its forecast.

Revenue for the year to the end of December increased by 6.5% to 1.943 billion euros against 1.824 billion euros in 2020.

Its pre-tax income – excluding exceptional items – increased by 31.5% to €50.4 million compared to €38.36 million in 2020.

It delivered strong organic gross margin growth across all of its business divisions, with its Supply Chain & Retail division growing 5.8%, its Commercial & Clinical division growing 7.9% and Product Access growing 19.9%. .

Uniphar said that during the year it continued to supply medicines, medical devices and related services to the healthcare sector in an evolving Covid-19 landscape.

During the year, the group announced five “strategic and accretive acquisitions”, with the acquisition of the Navi group subject to the approval of the Competition and Consumer Protection Commission.

Ger Rabbette, Uniphar Group Chief Executive, said the group delivered strong performance throughout 2021, with EBITDA growth of 29.6%.

“We were delighted to announce five earnings-enhancing acquisitions during the period, with M&A activity occurring in each of our divisions,” he said.

“Three acquisitions were finalized in Commercial & Clinical; CoRRect Medical is accelerating our entry into the German market, while BESTMSLs Group and E4H are expanding our service offering and strengthening our differentiated omnichannel approach to go-to-market,” said the CEO.

“In the area of ​​product access, Devonshire Healthcare Services will enable us to expand our unlicensed medicines business in the MENA region and ultimately help us to establish expanded access programs at scale. world,” he said.

“The acquisition of Navi Group, which is subject to CCPC approval, will provide unique technology platforms that we can leverage across our Supply Chain & Retail division to deliver an even stronger offering to our valued customers of independent community pharmacies,” he added. .

Rabbette said the company will continue to apply a disciplined approach to deploying capital, both organically and through mergers and acquisitions, where such investment accelerates its strategic plans and provides return on capital employed. in or above its target range of 12% to 15% within three years.

“We are confident to meet expectations throughout 2022 and beyond and remain firmly on track to achieve our strategic objective of doubling 2018 proforma EBITDA within five years of IPO,” said he added.

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