21 MAY 2019


UDG Healthcare plc (“UDG Healthcare” or “Group”), a leading international healthcare services provider, announces its results for the six months to 31 March 2019, in which the Group delivered a solid first half performance, with full year guidance increased to reflect latest acquisitions.

Results highlights (on an IAS 18 basis2)

  • Adjusted diluted earnings per share (EPS) increased by 5% (7% on a constant currency basis).
  • Net underlying* revenue growth of 6%. Total net revenue declined 4% (1% on constant currency basis).
  • Adjusted underlying* operating profit growth of 3%. Total adjusted operating profit increased by 1% (3% on a constant currency basis), reflecting continued growth in Ashfield and Sharp, offset by the divestment of Aquilant in August 2018.

    - Ashfield’s operating profit increased by 3% (6% on a constant currency basis) driven by the benefit of acquisitions completed in FY18.
    - Sharp’s operating profit increased by 12% (12% on a constant currency basis) driven by the continued strong performance of Sharp US.
  • Adjusted net operating margin increased from 11.8% to 12.5%.
  • Strong cash flow performance with a positive working capital inflow.
  • Net debt to EBITDA of 0.33x with $56.8 million net debt at 31 March 2019.
  • In May 2019, completed the acquisitions of Putnam Associates (“Putnam”), a US-based strategic management healthcare consultancy, and Incisive Health, a UK-based healthcare policy and communications consultancy, for a combined consideration of up to $106 million (including contingent consideration of up to $36 million).
  • Interim dividend per share increased 5% to 4.46 $ cent per share.
  • Reflecting the acquisitions, full year guidance increased to adjusted EPS growth on a constant currency basis of between 5% and 7%.

*underlying growth adjusts for the impact of currency translation movements and any acquisition or disposal activity, including Aquilant

Financial Results - six months to 31 March 2019

 IFRS based

31 March 2019


31 March 2018


 Increase/ (decrease)


Revenue 656.6 675.3 (3)  
Operating profit 34.1 2.4 n/m  
Profit before tax 30.3 1.7 n/m  
Diluted earnings 
per share ("EPS") (cent)
9.27 0.44 n/m  
Dividend per share (cent) 4.46 4.25 5  
  31 March 2019 31 March 2018 30 September 2018  
Net debt ($'m) 56.8 46.6 60.8  
Net debt/annualised EBITDA (times) 0.33 0.28 0.34  
Alternative performance measures(IAS 18) 31 March 2019 
31 March 2018 
Increase/ (decrease)




increase/ (decrease)

Revenue 658.8 675.3 (2) -
Net Revenue 548.3 568.7 (4) (1)
Adjusted operating profit 68.3 67.4 1 3
Adjusted profit before tax 64.5 63.2  2  4
Adjusted diluted earnings per share ("EPS") (cent) 21.21 20.19  5  7


1 Alternative performance measures (“APMs) are financial measurements that are not required under International Financial Reporting Standards (IFRS) which represent the generally accepted accounting principles (GAAP) under which the Group reports. APMs are presented to provide readers with additional financial information that is regularly reviewed by management. The Group believes that the presentation of these non-IFRS measurements provides useful supplemental information which, when viewed in conjunction with IFRS financial information, provides stakeholders with a more meaningful understanding of the underlying financial and operating performance of the Group and its divisions. APMs are presented on an IAS 18 basis to enable like-to-like analysis with the comparative period. APMs should not be considered in isolation or as a substitute for an analysis of results as reported under IFRS. See “Additional Information” on page 33 for definitions and reconciliations to the closest respective equivalent GAAP measure.

2 IFRS 15 was adopted on 1 October 2018 for our statutory reporting, without restating prior year figures. As a result, the discussion of our operating results is primarily on an IAS 18 basis for all periods presented. The impact of IFRS 15 which is outlined in Note 18 of the interim financial statements was not significant for the Group.


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