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Pin to quick picksUDG Healthcare Share News (UDG)

Share Price Information for UDG Healthcare (UDG)

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Share Price: 1,019.00
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UDG Healthcare Appoints New Chair, Guides For Annual Profit Drop

Wed, 5th Aug 2020 10:54

(Alliance News) - UDG Healthcare PLC said Wednesday it expects to report a decline in earnings for its current financial year, as parts of its operations have been affected by the ongoing Covid-19 pandemic.

Also, the Dublin-based healthcare services provider announced the appointment of Non-Executive Director Shane Cooke as chair with effect from October 1.

He will be replacing Peter Gray, who is stepping down at the end of September after eight years since 2012.

Cooke's most recent executive role was as president of mental health-focused biopharmaceutical company Alkermes Inc for seven years from 2011 to 2018.

"Following a robust and thorough selection process led by our senior independent director, Myles Lee, I am delighted to be handing over to Shane in October. His breadth of experience, particularly in the US healthcare market, will be a great asset in guiding the board of UDG as it continues to chart its strategic course," said Gray said.

In addition, the group has appointed Ryan Quigley as chief operating officer with effect on September 14.

For the third quarter to the end of June, UDG said pretax profit was below the same period the prior year. Its Ashfield business made a much weaker performance, as in-field activities were the most impacted by Covid-19.

However, the Sharp unit traded very strongly, with growth achieved in all parts of the business through strong demand, improving mix effect and operational improvements.

Although UDG's profit for the third quarter alone was down year-on-year, for the nine-month period pretax profit was higher, due to contributions from acquisitions made in 2019, and underlying growth.

Looking ahead, UDG has reinstated its financial guidance for the year ending September 30, and is expecting to report adjusted diluted earnings per share between 43 US cents and 45 US cents.

This reflects a 7.1% to 11% drop from 48.44 US cents the year before.

UDG will publish its annual results on November 24.

Shares in UDG Healthcare were up 5.8% at 748.62 pence on Wednesday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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