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(Alliance News) - Uniphar PLC said Monday its performance in the year to date is ahead of internal expectations, and it continues to see limited disruption to its business.
The healthcare services firm said it has seen a spike in demand across its three units - Commercial & Clinical, Product Access and Supply Chain & Retail - in the past 20 days.
"As we prepare for the full impact of the Covid-19 crisis in the next 12 weeks, we expect to continue to see increased volumes across the group, with likely increases in cost to serve as we invest in additional resources to manage significantly higher volumes, while at the same time dealing with reduced availability of manpower due to potential sick leave or self-isolation/quarantine situations arising," Uniphar said.
The company did note, however, it is expecting a fall in medical device revenue, as hospitals postpone non-urgent elective surgeries. Uniphar is guiding for this delay to shave about EUR5 million off earnings before interest, tax, depreciation and amortisation in 2020.
"We would, however, expect that this would be recovered in future periods as and when healthcare systems return to normal," the company added.
In the six months to June 30 - Unipahr's first interim results since its July 2019 listing in London - revenue rose 20% to EUR800.6 million from EUR669.2 million. The company made a pretax profit of EUR11.6 million, swung from a EUR771,000 loss in the first half of 2018. It has not yet reported full-year 2019 results.
Uniphar said it has a strong capital structure, with "significant" cash available. At the end of 2019, it had EUR26 million in cash, with EUR116 million in cash & cash equivalents and EUR90 million debt. Uniphar also has an undrawn committed facility of about EUR55 million.
Chief Executive Ger Rabbette said: "We are closely monitoring the development of the Covid-19 situation. Uniphar is cognisant of the vital role our organisation plays in the healthcare ecosystem, and our significant responsibilities, in terms of maintaining continuity in the supply and distribution of much needed medicines, medical devices and related services."
Shares in Uniphar were 1.4% higher in London on Monday at EUR1.10 each.
By Paul McGowan; paulmcgowan@alliancenews.com
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