(Alliance News) - FTSE 250-listed UDG Healthcare PLC on Tuesday said it expects high-single-digit earnings growth in its recently started financial year amid a strong first quarter.
In addition, the clinical services provider said it has appointed Liz Shanahan as a non-executive director from the start of February. Until 2014, she was global head of Healthcare & Lifesciences at the NYSE-listed management consultancy FTI Consulting Inc.
UDG Healthcare said Shane Cooke will replace Chris Brinsmead as chair of the Risk, Investment & Financing Committee upon completion of the company's annual general meeting, which will be held later on Tuesday.
Turning to operations, UDG Healthcare said it has made a "good" start to the financial year, which will end in September, with constant currency pretax profit for the first quarter "well ahead" of the prior year.
As a result, the company said it now expects constant currency adjusted diluted earnings per share for the financial year to be between 7% and 9% above last year's EPS of 47.3 US cents.
By division, UDG Healthcare said both Ashfield and Sharp performed ahead of the prior year in the first quarter.
The Communications & Advisory unit performed "strongly", thanks to the acquisitions completed in 2019.
Meanwhile, the Commercial & Clinical division traded in line with expectations in the first quarter amid restructuring.
Looking ahead, the company said its "strong" balance sheet allows it to make further strategic acquisitions as those opportunities arise.
UDG Healthcare intends to publish its interim results on May 19, it said.
The stock was trading 0.2% lower in London on Tuesday at 791.50 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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