Uniphar (UPR) H2 2024 earnings summary

Executive summary

• Achieved strong 2024 results with revenue of €2.77bn–€2.8bn, gross profit of €427.6m–€428m, and EBITDA of €123.5m, driven by all divisions.

• Adjusted EPS grew 11.8% to 20.5c, with ROCE at 15.2% and leverage reduced to 1.47x–1.5x.

• Announced a €35m share buyback, reflecting confidence in future prospects and recycling proceeds from a recent divestment.

• Over 80% of EBITDA growth expected to be organic, targeting €200m EBITDA by 2028.

• Advanced sustainability focus, with SBTi-validated targets and top external ESG ratings.

Financial highlights

• Revenue rose 8.5% to €2,770.4m; gross profit up 9.6% to €427.6m; EBITDA increased 6.4% to €123.5m.

• Adjusted EPS up 11.8% to 20.5c; basic EPS at 23.5c, up from 16.4c.

• Free cash flow conversion at 105.5%–106%; free cash flow €130.3m.

• Net bank debt at year-end was €147.7m, with leverage at 1.47x–1.5x EBITDA.

• Gross margin improved to 15.4% (from 15.3% in FY23).

Outlook and guidance

• Targeting €200m EBITDA by 2028, with at least 80% of growth expected to be organic.

• ROCE guidance maintained at 12–15%; leverage not to exceed 2.5x.

• Free cash flow conversion guidance updated to 60%–70% at €200m EBITDA.

• Confident in continued double-digit growth in Pharma, high single-digit in MedTech, and low single-digit in Supply Chain & Retail.

• M&A remains a key growth lever, with an active pipeline and disciplined capital allocation.