Company of the Month February 2022: Uniphar reports revenue rise

Uniphar reported a rise in revenue and profits in 2021 as the international company continued expansion. The healthcare services business — which strives to help patients access medicine across Europe — said that last year was a strong year for the firm which continues to expand. It is our Company of the Month February 2022, in association with KPMG.

Revenue was 6.5% higher year-on-year in 2021 and Uniphar said profits stood at €1.9 billion.  Chief Executive, Ger Rabbette, remarked that the company is “confident” they can continue their upwards trend in 2022.

Coming from “small beginnings” according to the company’s website, Uniphar continues to grow 55 years after its inception. The healthcare services business has expanded from a group of Irish community pharmacists to an international company with upwards of 2,600 employees. They reported profits of €1.9 billion in 2021 with a 6.5% revenue increase from 2020 while delivering to 160 countries.

The Irish company reported year-on-year growth in a number of key sectors. Pre-tax profit increased by 31.5% compared with 2020 for a total of €50.4 million. Gross profit increase by of 26%  and totaled €274.5 million as the pharma-medical company also enjoyed 8.5% organic growth last year.

Acquisitions 

Acquisitions remain a key element in the company’s growth strategy. Uniphar announced five in 2021 to follow up 2020’s acquisition of Hickey’s, Ireland’s largest family-owned pharmacy chain in a deal estimated at €60 million. Their acquisition of Navi Group in 2021 is subject to approval by competition regulators.

“We will continue to apply a disciplined approach to capital deployment both organically and through M&A where such investment accelerates our strategic plans and delivers a Return on Capital Employed within or above our targeted range of 12-15 per cent within three years,” said Ger Rabbette, Uniphar Group chief executive.

“We are confident of delivering on expectations throughout 2022 and beyond and remain firmly on track to achieve our strategic objective of doubling 2018 pro forma Ebitda within five years of IPO.”