Uniphar PLC AGM Statement (8312N)

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RNS Number : 8312N

Uniphar PLC

26 May 2020

AGM Statement

Dublin, London | 26 May 2020

Uniphar plc (the "Company" or "Uniphar") is holding its AGM today at 11am BST at Uniphar's registered office, 4045 Kingswood Road, Citywest Business Park, Dublin 24, D24 V06K.

At the AGM, Maurice Pratt, Chairman of Uniphar, will make the following statement:

"2019 was a transformative year for Uniphar. On July 17th 2019, Uniphar successfully completed our dual listing on the Euronext Growth (Dublin) and AIM (London) stock exchanges. It was a historic day for the Group, being both a recognition of how much the Group has developed and grown in the last ten years and a marker of the beginning of a new era for Uniphar.

The IPO provided the Group with a strong capital structure and we made a number of key acquisitions during the year while also growing organically. The significant progress made in the year is reflected in the financial performance, with Uniphar achieving 56% growth in gross profit, EBITDA (pre-IFRS 16) growth of 49% and ending the year with strong liquidity and in a net cash position.

The Covid-19 outbreak highlights the significant role Uniphar plays in the national healthcare infrastructure. We have taken all necessary precautions to ensure our staff remain safe while responding to this unprecedented challenge and Uniphar remains committed to ensuring continuity in the supply and distribution of much needed medicines, medical devices and related services. Based on the impact on trade during April and a full reforecast exercise carried out this month, we believe the financial impact to the Group arising from ongoing Covid-19 disruption to be a reduction in projected 2020 EBITDA in the region of EUR5m, based on the assumption that severe restrictions will ease gradually from June onwards before normalising towards the end of the year. As we navigate these challenges it's critical that we retain our vital resources and infrastructure to position the group to deliver its strategy in the medium term.

The strength of our management team in continuing to successfully navigate the Group through these challenges has proven key to date. Our exceptional culture is shining through in the dedication of our teams and the manner in which they are supporting each other and responding to the needs of the communities in which they operate. Our digital focus over the last number of years is proving to be a core strength and enables our workforce to continue to operate effectively.

Looking forward, the Board will continue to focus on the Group's delivery against our ambitious strategic priorities to drive and enhance shareholder value. Uniphar has made considerable progress in developing its overall corporate governance towards meeting the standards required by the UK Corporate Governance Code. This evolution to deliver best practice will continue to be a priority for the Board.

I would like to thank the staff, management and Board for the huge effort they have put in over the past 12 months including preparing for our dual stock market listing and in responding to the challenges of Covid-19. Finally, I would like to thank shareholders, old and new, for their trust and support during a landmark year for Uniphar."

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AGM

In line with the Company's RNS announcement on 19 May 2020, based on the latest available guidance from the Health Service Executive ("HSE") in Ireland, the AGM will proceed under very constrained circumstances and shareholders should not attend in person. Members may listen to the proceedings of the meeting remotely by teleconference and later today the results of the resolutions relating to the AGM will be published. All details relating to the AGM are contained in the Company's RNS announcement from 24 April 2020.

For further details contact:

 
 Uniphar                                          [phone] 
 
 Brian O'Shaughnessy 
                                                 ------------------------------ 
 Group Director of Corporate Development          [e-mail] 
                                                 ------------------------------ 
 
 Davy                                             [phone] 
                                                 ------------------------------ 
 (Joint Broker, Nominated Adviser and Euronext 
  Growth Adviser) 
                                                 ------------------------------ 
 
 Fergal Meegan 
                                                 ------------------------------ 
 Barry Murphy 
                                                 ------------------------------ 
 Tom Tynan 
                                                 ------------------------------ 
 
 RBC Capital Markets (Joint Broker)               [phone] 
                                                 ------------------------------ 
 
 Darrell Uden 
                                                 ------------------------------ 
 Jonathan Hardy 
                                                 ------------------------------ 
 Jamil Miah 
                                                 ------------------------------ 
 
 Q4 PR                                            [phone] 
                                                   or 
                                                 ------------------------------ 
 (Public Relations Adviser to Uniphar)            [phone] 
                                                 ------------------------------ 
 
 Iarla Mongey 
                                                 ------------------------------ 
 

About Uniphar plc

Headquartered in Dublin, Ireland, Uniphar is an international diversified healthcare services business servicing the requirements of more than 200 multinational pharmaceutical and medical technology manufacturers across three divisions - Commercial & Clinical, Product Access and Supply Chain & Retail. With a workforce of more than 2,200, the Group is active in Ireland, the UK, the Benelux, the Nordics and the US.

The Company's vision is to improve patient access to pharmaco-medical products and treatments by enhancing connectivity between manufacturers and healthcare stakeholders. Uniphar represents a strong combination of scale, growth and profitability.

Commercial & Clinical

In Commercial & Clinical the Group provides sales, marketing & distribution solutions to multinational pharmaceutical and medical device manufacturers on an outsourced basis. Active in Ireland, the UK, the Benelux and the Nordics, the Group is growing with clients to provide pan-European solutions. Uniphar have built a fully integrated multi-channel solution that is supported by highly experienced, clinically trained teams to deliver exceptional outcomes for all clients.

Product Access

In Product Access the Group is growing two distinct service offerings: 1) "On-Demand Access", which are pharmacy led solutions for sourcing and supplying unlicensed medicines to meet the needs of both retail and hospital pharmacists; and 2) "Exclusive Access", which are manufacturer led solutions for controlling the release of speciality medicines for specifically approved patient populations in agreed markets. The Group currently delivers product access solutions to more than 160 markets globally.

Supply Chain & Retail

Uniphar is an established market leader in Ireland with c50% supply chain market share supported by a network of 287 owned, franchised and symbol group pharmacies. The business supports the diverse customer base through the provision of strong service levels coupled with innovative commercial initiatives. Supply Chain & Retail is an Irish only business for the Group, although the assets and infrastructure are utilised for the benefit of the growth divisions.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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May 26, 2020 02:00 ET (06:00 GMT)