Uniphar has traded in line with the board's expectations year-to-date, chairman Maurice Pratt has reported to the company’s AGM.

“We remain confident of delivering organic gross profit growth for FY 2022 in line with our medium-term guidance,” Pratt added.

The chairman noted that the healthcare services plc advanced its strategic objectives during 2021, and cited completion of a number of acquisitions - Devonshire Healthcare Services, E4H, Correct Medical and BESTMSLs.

The proposed purchase of Navi Group, announced in December 2021, has been stalled by a Phase 2 CCPC investigation.

“We now expect it to complete during the second half of 2022,” said Pratt.

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Uniphar’s operating profit for 2021 came in at €45m compared with €40m the year before, an increase of 13%. Pre-tax profit improved to €56m from €34m, due to €20m in accounting provisions.

After a strong performance through 2021, the company’s share price has eased since January.

Uniphar ended 2021 with total liabilities of €690m. Net worth was €250m, including €445m in goodwill and other intangibles.

At the current share price of 360c, the company has a market capitalisation of €1 billion.