United Drug publishes 2009 financial results

United Drug has posted the details of its finances for the year ended September 30th 2009.

The company revealed that revenue growth was two per cent greater than expected and was five per cent ahead on a constant currency basis.

Its tight management of working capital helped to achieve a “strong” cash flow performance, it added, and contributed to a fall in net debt of over 46 million euros (41 million pounds) during the second half of the financial year.

The 2009 period also saw United Drug launch its joint homecare initiative in the UK with Medco Health Solutions.

United Drug’s chief executive officer Liam Fitzgerald stated that its cost-reduction plans have “allowed us to better align our business with the needs of our customers and to streamline our cost base”.

In November 2008, United Drug announced the acquisition of The Specials Laboratory for 20.1 million pounds in a deal Mr Fitzgerald said had “delighted” the firm.