Uniphar grows first-half earnings, while working capital lifts debt

Uniphar ($UPR) reported first-half revenue of approximately €1.59 billion, up 7.2%, with EBITDA increasing 6.2% to €61.1 million. Organic gross-profit growth reached 6.9%, while adjusted earnings per share rose 11.2% to 10.9 euro cents. The healthcare-services and distribution group increased its interim dividend by 4.2% to €0.0074 per share and maintained its earnings-per-share expectations for the year.

The balance sheet moved in the opposite direction: net bank debt rose to €275.7 million from €171.1 million at the previous year-end, and leverage increased to 2.4 times from 1.6 times. Management primarily attributed the increase to the expected reversal of favorable working-capital timing. It expects faster EBITDA growth in the second half. The update confirms the existing annual earnings outlook rather than announcing a new upgrade.

Sources:

• Uniphar — interim results, RNS