Uniphar reports strong set of 2024 numbers
By Josh White
Date: Tuesday 25 Feb 2025
(Sharecast News) - Uniphar reported a strong 2024 on Tuesday, recording an 8.5% increase in revenue to €2.77bn and a 9.6% rise in gross profit to €427.6m.
The AIM-traded firm said adjusted earnings per share grew 12% to 20.5 euro cents, supported by EBITDA of €123.5m, up 6.4% on the year.
Operating profit saw a more pronounced increase of 21.1% to €82m, reflecting improved margins and operational efficiencies across the business.
Return on capital employed stood at 15.2%, while leverage remained stable at 1.47x with net bank debt of €147.7m.
All three divisions contributed to the group's growth, with Uniphar Pharma achieving 17.8% gross profit growth, of which 17.6% was organic, driven by strong demand in its on demand business and the addition of 17 new expanded access programmes.
Uniphar Medtech recorded a 9.1% rise in gross profit, with organic growth across all regions supported by new partnerships and expanded specialities, while Uniphar Supply Chain and Retail recorded a 5.5% increase in gross profit, with volume growth of 7%, outpacing the underlying market.
The company said it was maintaining its momentum towards its 2028 target of €200m in EBITDA, with at least 80% of that growth expected to come organically.
It said it had continued to invest in strategic infrastructure, including a new distribution facility in Ireland set to double capacity by 2026.
Free cash flow conversion stood at 105.5%, benefiting from temporary working capital timing advantages in the Pharma division.
Uniphar announced a 5% increase in its total dividend to €5.2m, with a final dividend of €3.4m subject to shareholder approval.
Additionally, the company launched a €35m share buyback programme, supported by the recent disposal of Inspired Health and confidence in its long-term growth prospects.
Mergers and acquisitions remained a strategic priority, with the company maintaining an active pipeline of opportunities.
The company also highlighted progress in its sustainability agenda, with its Science-Based Targets initiative (SBTi) goals validated in 2024, including a commitment to reducing scope one and two emissions by at least 50% by 2030.
External ESG ratings remained strong, with MSCI maintaining an 'AAA' rating and Sustainalytics placing Uniphar in the first percentile of the healthcare industry for risk assessment.
"2024 was an outstanding year for Uniphar with all our divisions contributing to strong organic gross profit growth of 8.2%," said group chief executive officer Ger Rabbette.
"The results demonstrate the impact of our strategy on our ability to grow at pace organically.
"We are progressing well towards our target of delivering €200m EBITDA by 2028 and are confident that over 80% of that growth can now be delivered organically."
At 1024 GMT, shares in Uniphar were up 1.99% at 205p.
Reporting by Josh White for Sharecast.com.
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