Uniphar, the distributor of healthcare products owned by 400 independent pharmacists, has reported a strong year's trading last year, with turnover up 17 per cent to €407 million.

Profits after tax are not being disclosed until full results are published, but are understood to have been in excess of €9 million, also up about 17 per cent on 2002.

The company, which distributes to community and hospital pharmacies, reported strong activity in all areas of its business, in a shareholder update published yesterday.

Mr Jim Canavan, chief executive, reported that a new Cork wholesale depot, opened a year ago, had helped to increase market share, while strong growth was also recorded in depots in Sligo, Dublin and Limerick. The high-turnover, low-margin business was operating "in a most competitive and aggressive market", he said.

Uniphar also reported strong growth in its Independent Pharmacy Ownership Scheme, which buys chemist outlets with a view to selling them to younger pharmacists over 10 years, as a means of developing the community pharmacy sector.