(Sharecast News) - Pharmaceutical and medical technology service company Uniphar said in an update on Tuesday that its performance in 2023 met its own expectations in terms of gross profit and EBITDA, while also achieving normalised free cash flow conversion in line with medium-term guidance.
The AIM-traded firm said it achieved organic gross profit growth exceeding 5% during the year.
It added that it maintained a robust liquidity position, with net debt lower than anticipated at the end of the year.
Looking ahead, Uniphar said it was well-positioned for organic gross profit growth across all of its divisions.
In line with the group's new medium-term targets, it said it aimed to achieve double-digit growth in organic gross profit for Uniphar Pharma in 2024, with high single-digit growth for Uniphar Medtech, and low single-digit growth for Uniphar Supply Chain and Retail.
The company also emphasised that mergers and acquisitions would continue to be a significant part of its growth strategy.
"Today's trading update reflects a strong performance by the group in 2023," said chief executive officer Ger Rabbette.
"Following early delivery on our initial public offering targets, we have created a new divisional structure to capitalise on our attractive growth opportunities and are now focused on reaching our ambitious new target of €200m EBITDA over the medium-term."
Uniphar said it would publish its final results for the year ended 31 December on 27 February.
At 1043 GMT, shares in Uniphar were up 1.49% at 226.32p.
Reporting by Josh White for Sharecast.com.
Uniphar (UPR)