Pharmaceutical goods distributor Uniphar has reported a 21 per cent growth in profits in 2003.

The group, which is owned by 450 independent pharmacies, saw pre-tax profits climb to €9.3 million from €7.7 million in 2002. Sales at the company rose 17 per cent to €407.8 million from €349.3 million.

Chairman Mr Frank Reen hailed another record performance and said the group had "strengthened its position in what has become a very aggressive market".

Uniphar distributes healthcare products to community and hospital pharmacies as well as acting as agent for international pharmaceutical and surgical/medical supply firms in the Republic.

Chief executive Mr Jim Canavan said all parts of the group's business had performed well during the year. He noted that Uniphar had expanded its number of wholesale depots serving the State to four at a time when rival groups were cutting back "their respective number of depots to three".

Uniphar said there were now 85 pharmacies whose owners were acquiring their businesses through the company's Independent Pharmacy Ownership Scheme.

The company has now more than doubled turnover in five years. In that time, pre-tax profits have risen almost threefold.

Earnings per share in 2003 were 21 per cent up on the previous year at 128.1 cents and the company has announced a 12.5 per cent increase in the dividend to 18 cents per share.

Since the end of the year, the company has acquired the Whelehan distribution group for a price thought to be between €45 and €50 million subject to the approval of the Competition Authority.