11th May 2006 10:06
United Drug PLC11 May 2006 The following replaces the Interim Results released at 07:00 under RNS No.7865C. In Note 4, Weighted average number of shares , have been ammended along withWeighted average number of shares, including share options. The full ammended release appears below. United Drug plc Interim Report 2006 Announcement of the interim results for the six months ended 31 March 2006 Highlights 2006 2005 Increase •'000 •'000 % Group revenue 707,902 633,977 12% Trading profit* 26,668 23,345 14% Profit before taxation** 25,311 22,003 15% Adjusted diluted earnings per share (cent)*** 9.33c 8.18c 14% Dividend per share (cent) 1.71c 1.50c 14% * excluding intangible amortisation and including share of joint venture profitbefore tax ** excluding intangible amortisation and share of joint venture tax charge *** excluding intangible amortisation Chairman's statement I am pleased to report that in the six months to 31 March 2006, United Drug hasdelivered a strong financial performance as noted in the table below: • million % Increase Group revenue 707.9 +12% Profit before tax* 25.3 +15% Adjusted diluted earnings per share (cent)** 9.33 +14% Dividend per share (cent) 1.71 +14% * excluding intangible amortisation and share of joint venture tax charge ** excluding intangible amortisation Shareholders will note that we are now reporting our financial results underIFRS rather than Irish GAAP, the previous accounting standard. Overview Each of our four divisions - Pharma Wholesale, Contract DistributionOutsourcing, Medical & Scientific and Contract Sales Outsourcing, has performedstrongly in the first six months of our financial year. The Group is now well settled into the new premises at Magna Park, SouthNormanton and Basingstoke. These high quality facilities, coupled with newtechnology, are providing the infrastructure required to deal with the growingneeds of our businesses and will enable us to achieve additional synergies andan enhanced financial performance. Our three UK acquisitions in the second half of our 2005 financial year,In2Focus, TD Packaging and Presearch, are all performing in line with ourexpectations and we have good management in place. These acquisitions are an important part of our strategy aimed at developing andacquiring specialist healthcare services businesses that can add value to ourexisting divisions. We continue to look at opportunities for further bolt-onacquisitions in our outsourcing businesses. The Irish Government's review of the Drug Pricing Agreement has not yet beenconcluded, but we have put in place plans to deal with the possible outcomes ofthese negotiations. United Drug has a focus on providing a superior service to all of our customersand it is gratifying to note that our Northern Ireland wholesale business,Sangers, was awarded the Excellence in Service to Business Award at the BelfastTelegraph Northern Ireland Business Awards in April 2006. Interim Dividend The Board of Directors has declared an interim dividend of 1.71 cent per share.This is an increase of 14% over the 2005 interim dividend and reflects thecontinuing strong performance of your Company and the policy of rewardingshareholders with improved dividend payments. The Directors are pleased to advise that all shareholders will be given anopportunity of receiving all or part of the 2006 interim dividend as a scripdividend in the form of new ordinary shares. It is expected that the sharealternative election/mandate forms, setting out details of the share alternativeoffer and the procedures to be followed, will be posted to shareholders on 1June 2006. The interim dividend will be paid, or alternatively, sharecertificates issued, on 14 July 2006 to holders of ordinary shares whose namesappear on the Company's register at the close of business on 19 May 2006. Outlook United Drug has delivered record interim results and against this background,your Board is confident that this will be another successful year. Ronnie Kells Chairman 11 May 2006 Chief Executive's review In the six months to 31 March 2006, United Drug has continued to build on itsmarket leading positions in growing healthcare markets. The Group hassuccessfully completed the integration of businesses moved into new facilitiesand of newly acquired businesses. We have again delivered further recordresults. The three acquisitions completed in the second half of the 2005financial year, In2Focus, TD Packaging and Presearch, have each performed inline with our expectations and contributed to the record results for the period. In our first period of reporting results under International Financial ReportingStandards (IFRS), Group turnover for the period grew by 12% over the same periodin 2005 to A707.9 million, and pre-tax profits, before amortisation and share ofjoint venture tax charge, increased by 15% to A25.3 million. Diluted earningsper share, also before amortisation, are ahead by 14% at 9.33 cent and theinterim dividend declared of 1.71 cent is also up by 14% on 2005. Performance Each of our four business divisions - Pharma Wholesale, Contract DistributionOutsourcing, Medical & Scientific and Contract Sales Outsourcing - has tradedsuccessfully during the period. In the Pharma Wholesale business, we continue to gain customers in the growingIrish pharmaceutical market as more independent retail pharmacists move theirbusiness to the only independent wholesaler in the market. Discussions betweenthe Irish Health Service Executive and the various partners in the Irishpharmaceutical supply chain have commenced and a new agreement covering thepricing and reimbursement of medicines should be in place before the end of theyear. In Northern Ireland, we have seen the market return to more normal growthrates following the PPRS price reduction in 2005 and we have recorded goodturnover and profit growth in that market. In our manufacturer facing outsourcing businesses, the demand for best-in-class,cost efficient alternatives to manufacturers investing in infrastructure andperforming non-core activities in-house, continues to drive growth in thesebusinesses. The introduction of In2Focus, TD Packaging and Presearch hasbroadened our service offering and our client base. Each of these acquisitionsis already delivering a good return to the Group. Pharma Wholesale United Drug is committed to providing a top-quality, customer focused service toour independent pharmacy customers and to providing a full range of supportservices that enables them to compete effectively in the marketplace. In the Republic of Ireland, United Drug Wholesale has again substantiallyincreased turnover and profitability during the period. Our Catalyst supportpackage continues to assist a growing number of ambitious entrepreneurialindependent pharmacists to acquire their own pharmacies. We then assist ourcustomers to grow their business through the provision of a full range ofsupport services in addition to providing a top quality, customer focused,wholesale distribution service. In the retail pharmacy market, United Drug's dynamic owner managed independentcustomers continue to significantly outperform the corporate owned pharmacies ofour wholesale competitors. As a result, we have again been able to furtherincrease our market share in a market that continues to grow strongly. The Irish economy continues to perform well. This factor, combined with ourageing and rapidly expanding population, is underpinning the growth in the Irishpharmaceutical market. The provision of wider access to top quality healthcareand innovative healthcare products continues to be a priority for the IrishGovernment, although to date, the release of 'doctor only' medical cardsannounced in late 2005, has been slower than expected and has not yet had anysignificant impact on demand for pharmaceutical products. United Drug Wholesale has further reduced its key expenses-to-sales ratio byachieving better utilisation from its state-of-the-art facilities in Dublin,Limerick and Ballina. Our policy of continually investing in our infrastructurehas enabled us to deliver a better service at lower cost to our customers. Wehave further reduced our costs and improved our service through continuallysharing and benchmarking 'best practice' amongst our facilities in all parts ofIreland. In addition, our ongoing programme of leveraging the combinedpurchasing power of all Group operations to achieve better value from serviceproviders has cemented our position as the most efficient operator in ourmarket. In Northern Ireland, Sangers has also increased its sales and profits during theperiod. The Northern Ireland pharmaceutical market is returning to normal growthlevels after the once-off impact in January 2005 of the 7% reduction in theprice of ethical pharmaceuticals under the UK Pharmaceutical Price RegulationScheme (PPRS). As a well-established local supplier, Sangers is best placed toreact to the ever-evolving requirements of our pharmacy customers in NorthernIreland. Sangers again increased its market share during the period, as new customerstransferred their business and as existing customers purchased more from theirlocal supplier. As the most efficient and most customer focused wholesaler inthe market, Sangers is well positioned to continue to grow its business. Overall, the Pharma Wholesale division has had another very successful sixmonths where sales, profits and market share have all increased significantly.As the market leader and most efficient operator in both markets, United Drug iswell positioned to continue to develop its business within these growingmarkets. Contract Distribution Outsourcing Our Contract Distribution Outsourcing (CDO) businesses in Ireland have continuedto perform well in the constantly evolving and growing Irish pharmaceuticalmarket. Strong sales performance by our existing agencies, together with theaddition of some new agencies and new products by our current client base,combined to produce increased sales. Managing growth, whilst maintaining andenhancing standards of excellence within our operation, has been the key focusin the CDO division this year. We have successfully developed this business byincreasing the scale of our operations considerably as we completed the transferto our state-of-the-art facility in Magna Park II. This represents substantialinvestment in technology by the Group and leaves us well positioned to win newbusiness. Our contract packaging business in the UK, TD Packaging, that is now a part ofour CDO division, has had an excellent performance in the first six months ofthis financial year and continues to build share in a market sector whereoutsourcing of packaging is increasing. TD Packaging is involved in both primaryand secondary packaging and has capabilities for processing tablets, blisterpacks, sachets and liquid formulations. Clients include both pharmaceutical andnutritional manufacturers, and TD Packaging offers other value added servicessuch as packaging design, assembly of investigational product packs and alsosome regulatory activities including Qualified Person (QP) release. The recentmove to a new facility built to the highest Good Manufacturing Practice (GMP)standards, has created room for expansion and further development of thissuccessful business. UniDrug Distribution Group (UDG), our joint venture in the UK, continues totrade well, and has added clients such as Almus Pharmaceuticals, Genus, Maverickand Alk-Abello to its already impressive portfolio of healthcare manufacturers.In the six month trading period, UDG and its clients have begun to reap therewards of recent investment in warehouse capacity and technology that supportsthe core business activities of warehouse and inventory management, sales orderprocessing and customer relationship management. UDG is now well positioned notonly to retain business but also to win new business from prospective clientswho demand an uncompromisingly high quality, efficient service across a broadrange of activities. Medical & Scientific The Medical & Scientific (M&S) division of United Drug has successfullycompleted the consolidation of the Unitech and Intraveno businesses into theenlarged Magna Park facility in Ireland while integrating the newly acquiredPresearch business into the division. A concentration of its core competenciesof sales and marketing, combined with the successful performance of Presearch,has helped the division to deliver a strong set of results in the first half ofthe year. In Ireland, Intrapharma's launch of Biotest's new 'Intratect' immunoglobulinproduct has proved very successful, with significant uptake in the market.Intraveno and Unitech have also enjoyed success in supplying new and innovativeproducts in key market segments such as CSSD, Surgical Theatre and in ClinicalDiagnostics, each of which have contributed to the strong results as well asstrengthening the division's position as a key supplier to, and partner of thehealthcare system in Ireland. In the UK, M&S has consolidated its position as a supplier of leading-edgetechnology products with the sale of two further DaVinci operating robots,bringing the total installed base to six. Mantis Surgical has added a newclinical training resource to increase the ability to train new surgical teamsin robotic techniques, maximising the usage of robots already in the field. TheDaVinci robot contributes significantly to improved patient outcomes in a numberof operating procedures including Prostectomies and Cardiac By-Pass surgery.International experience has demonstrated that increased public awareness of thesignificant benefits accruing to patient outcomes drives primary demand. Presearch is approaching the end of its first year in United Drug, and has metall its objectives including developing an Analytical Chemistry presence inIreland. Its sister company in Ireland, Unitech, has now secured distributionagreements with the main Presearch suppliers, and in a reciprocal developmenthas set up a broad-based laboratory equipment business in the UK for Presearch,utilising supplier relationships nurtured in Ireland over the past ten years. After the six month trading period, the M&S division is in a strong position andis once again looking forward to a full year of further growth and development. Contract Sales Outsourcing Ashfield Healthcare, now in its tenth trading year since its inception inJanuary 1997, remains on track to retain its record of strong year-on-yeargrowth. All parts of the business remain well managed, totally focused on costcontrol and entirely driven towards business development. The company is wellpositioned for growth to continue. In the UK marketplace, Ashfield has continuedto develop relationships with both new and existing clients alike and hascultivated new client business with Trinity-Chiesi, Leo, ADL, NappPharmaceuticals, Grunenthal and Janssen Cilag. The core business remains the provision of sales representatives and nurseadvisors to the pharmaceutical industry, with a desire to broaden the businessand the service offering by developing new and additional revenue streams. Wehave identified two such revenue streams, firstly via the leasing of an in-housedeveloped call reporting tool called CARE.net to external clients, and,secondly, through the formation of a new pilot division called Satellite CARE,which is seeking to add the NHS to its already prestigious and growing list ofclients. In January, the UK head office extension was completed on time andwithin budget providing additional head office accommodation to house some keyservice departments, namely I.T. and Medical Compliance, adding further resourceand added value for both its existing and potential customers. The In2Focus acquisition is now well established and maintains a successful dualbrand strategy for United Drug, as it possesses a complementary client base tothat of Ashfield. In2Focus is currently performing ahead of our expectationsthrough business development and taking full advantage of the opportunity todrive procurement efficiencies through the increased buying power the combinedUnited Drug Contract Sales Outsourcing (CSO) division has generated. A part ofIn2Focus's innovative service offering is its 'Sales Force Effectiveness'consultancy tool that assists our manufacturer clients to measure, monitor andimprove the effectiveness of their own in-house sales teams. This tool continuesto be well received by a host of pharmaceutical companies and is a very positiverevenue generator in its own right. This is seen as a very definite growth areain the United Drug CSO division, and a very good business development tool forentry into new client companies, and markets. In2Focus had new business wins inthe period, with additional teams being secured with Schering Plough and Roche,as well as expansions to several of its existing teams. Conclusion The first six months of our 2006 year has seen a continuation of our trackrecord of delivering double-digit profit and earnings growth. This period hasalso seen important developments with the completion of the integration of anumber of our businesses into enlarged and state-of-the-art facilities that willaid the future growth of those businesses. The three bolt-on UK acquisitionscompleted in the second half of our 2005 financial year have been brought fullyinto the Group and are adding value to our service offering. The continuing implementation of our strategy over the last six months positionsus well for the remainder of this year and for the years ahead. Liam FitzGerald Chief Executive 11 May 2006 Group income statement for the six months ended 31 March 2006 Six months ended Six months ended 31 March 2006 31 March 2005 (Unaudited) (Unaudited) Notes •'000 •'000 Revenue: including share of joint venture 920,380 821,400 Group revenue 2 707,902 633,977 Cost of sales (608,254) (552,324) Gross profit 99,648 81,653 Distribution expenses (72,305) (57,548) Administration expenses (1,998) (1,740) Intangible amortisation (739) - Group profit before financing costs 24,606 22,365 Financing costs (1,901) (1,798) Financing income 544 456 Group operating profit after financing costs 23,249 21,023 Share of joint venture profit after tax 3 926 684 Profit before tax 24,175 21,707 Income tax expense (4,075) (3,766) Profit for the period attributable to ordinary shareholders 20,100 17,941 Earnings per share Basic 4 9.10c 8.26c Diluted 4 9.00c 8.18c Group statement of recognised income and expense for the six months ended 31 March 2006 Six months ended Six months ended 31 March 2006 31 March 2005 (Unaudited) (Unaudited) Notes •'000 •'000 Items of income/(expense) recognised directly within equity: Currency translation effects 7 (3,013) (199) Movement in cash flow hedge reserve net of deferred tax 7 309 - Group defined benefit pension schemes:- Actuarial gain/(loss) 7 847 (1,781)- Movement in deferred tax asset 7 (171) 51 Net expense recognised directly within equity (2,028) (1,929) Retained profit for the period 20,100 17,941 Total recognised income and expense for the period 18,072 16,012 Group balance sheet as at 31 March 2006 As at As at As at 31 March 2006 31 March 2005 30 September 2005 (Unaudited) (Unaudited) (Audited) Notes •'000 •'000 •'000 ASSETS Non-current assets Property, plant and equipment 57,528 59,526 58,801 Goodwill 90,468 62,120 91,700 Intangible assets 9,285 - 10,391 Investment in joint venture 9,644 7,800 8,904 Deferred tax assets 2,062 2,332 2,282 Total non-current assets 168,987 131,778 172,078 Current assets Inventories 132,274 120,552 135,852 Contract work-in-progress - 35,511 - Trade and other receivables 241,087 223,128 264,104 Cash and cash equivalents 73,882 23,911 39,804 Total current assets 447,243 403,102 439,760 Total assets 616,230 534,880 611,838 EQUITY Capital and reserves attributable to the Company's equity holders Issued share capital 7 11,483 11,321 11,382 Share premium 7 90,916 85,009 87,606 Other reserves 7 (1,371) 355 769 Retained earnings 7 156,302 116,194 140,820 Total equity 257,330 212,879 240,577 LIABILITIES Non-current liabilities Interest-bearing loans and borrowings 5 85,062 90,048 89,993 Employee benefits 11,516 13,306 12,708 Trade and other payables 8,113 - 8,271 Provisions 2,193 - 2,443 Deferred tax liabilities 4,072 3,057 4,447 Derivative financial instruments 3,848 - - Total non-current liabilities 114,804 106,411 117,862 Current liabilities Bank overdraft 5 109 - 1,772 Interest-bearing loans and borrowings 5 1,119 11,515 1,055 Trade and other payables 242,868 204,075 250,572 Total current liabilities 244,096 215,590 253,399 Total liabilities 358,900 322,001 371,261 Total equity and liabilities 616,230 534,880 611,838 Group cash flow statement for the six months ended 31 March 2006 Six months ended Six months ended 31 March 2006 31 March 2005 (Unaudited) (Unaudited) •'000 •'000 Cash flows from operating activities Profit before tax 24,175 21,707 Share of joint venture profit after tax (926) (684) Financing income (544) (456) Financing costs 1,901 1,798 Group operating profit 24,606 22,365 Depreciation charge 3,720 3,400 Amortisation of intangible assets 739 - Charge in respect of share entitlement scheme 19 - Share-based payments expense 432 264 Contributions to pension schemes in excess of IAS charge (516) 73 Decrease in inventories 3,097 3,398 Decrease/(increase) in debtors 244 (14,889) Increase in creditors (6,320) (16,988) Increase in contract work in progress - (4,838) Interest paid (1,677) (2,344) Income taxes paid (2,810) (2,222) Net cash inflow/(outflow) from operating activities 21,534 (11,781) Cash flows from investing activities Proceeds from disposal of fixed assets 20,212 538 Interest received 544 456 Purchase of property, plant and equipment (3,627) (5,302) Net cash inflow/(outflow) from investing activities 17,129 (4,308) Cash flows from financing activities Proceeds from issue of shares (including share premium thereon) 3,411 4,744 Increase in interest-bearing loans and borrowings - 8,488 Repayment of interest-bearing loans and borrowings (309) (17,846) Repayment of finance lease liabilities (111) (28) Dividends paid to equity holders of the Company (5,313) (3,996) Net cash outflow from financing activities (2,322) (8,638) Net increase/(decrease) in cash and cash equivalents 36,341 (24,727) Translation adjustment (600) (33) Cash and cash equivalents at beginning of period 38,032 48,671 Cash and cash equivalents at end of period 73,773 23,911 Notes to the interim accounts for the six months ended 31 March 2006 1 Basis of preparation The interim report of the Group has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the EU. The Group's first consolidated financial statements prepared in accordance with IFRS will be for the year ended 30 September 2006. The transition date for implementation of IFRS by the Group was 1 October 2004. The financial statements for the six months ended 31 March 2005 and the year ended 30 September 2005, which were prepared in accordance with Irish Generally Accepted Accounting Principles (Irish GAAP), have been restated under IFRS with effect from the transition date. Full details of the accounting policies adopted by the Group on implementation of IFRS, and of the impact on the reported results and balance sheet of the Group of the transition to IFRS, were published on 16 March 2006 and are available on the Group's website www.united-drug.ie. The restated 30 September 2005 preliminary financial information is subject to issuance by the IASB of additional interpretations prior to 30 September 2006, which could have a retrospective effect. As a result it is possible that further changes may be required to the 30 September 2005 financial information prior to its inclusion as comparatives in the 2006 financial statements. As permitted under IFRS arrangements, the Group did not apply IAS 32, Financial Instruments: Presentation and Disclosure nor IAS 39, Financial Instruments: Recognition and Measurement retrospectively in the restated 2005 financial information. Financial instruments are recognised in accordance with IAS 32 and IAS 39 from 1 October 2005, the impact of which is now reflected in the Interim Report. Details of the impact of the adoption of IAS 32 and IAS 39 are set out in note 7 to the Interim Report. 2 Segmental analysis Class of business analysis Six months ended Six months ended 31 March 2006 31 March 2005 Revenue Net Result* Revenue Net Result* •'000 •'000 •'000 •'000 Pharma Wholesale 437,774 10,670 396,068 9,489 Contract Distribution Outsourcing 320,050 6,509 298,181 6,310 Medical & Scientific 40,716 5,239 35,436 4,747 Contract Sales Outsourcing 46,104 4,250 31,839 2,799 Intercompany elimination (136,742) - (127,547) - 707,902 26,668 633,977 23,345 * Net result represents profit before financing costs, intangible amortisation and including share of joint venture profit before tax. 3 Share of joint venture profit Six months ended Six months ended 31 March 2006 31 March 2005 •'000 •'000 Share of joint venture profit before tax 1,323 980 Share of joint venture tax charge (397) (296) Share of joint venture profit after tax 926 684 4 Earnings per ordinary share Six months ended Six months ended 31 March 2006 31 March 2005 •'000 •'000 Retained profit for the period 20,100 17,941 Adjustment for intangible amortisation 739 - Earnings adjusted for intangible amortisation 20,839 17,941 Number of shares Number of shares Weighted average number of shares 220,892,674 217,194,192 Number of dilutive shares under option 2,348,213 2,013,923 Weighted average number of shares, 223,240,887 219,208,115 including share options Basic earnings per share - cent 9.10 8.26 Diluted earnings per share - cent 9.00 8.18 Adjusted basic earnings per share - cent* 9.43 8.26 Adjusted diluted earnings per share - cent* 9.33 8.18 * excluding intangible amortisation The 7,623,066 (2005: 7,528,066) treasury shares held by the Group do not rank for dividend and have therefore been excluded from the weighted average number of shares in issue used in the calculation of earnings per share. Notes to the interim accounts (continued) for the six months ended 31 March 2006 5 Interest-bearing loans and borrowings As at As at As at 31 March 2006 31 March 2005 30 September 2005 •'000 •'000 •'000 Amounts falling due within one year Bank overdrafts 109 - 1,772 Bank loans repayable by instalments 981 11,406 949 Obligations under finance leases 138 109 106 1,228 11,515 2,827 Amounts falling due after one year Bank loans repayable by instalments 4,330 5,310 4,830 Guaranteed senior loan notes 80,430 84,718 84,718 Obligations under finance leases 302 20 445 85,062 90,048 89,993 6 Analysis of net debt Bank loans Bank loans Cash and cash due within due after Finance Net equivalents one year one year leases debt •'000 •'000 •'000 •'000 '000 At 31 March 2005 23,911 (11,406) (90,028) (129)(77,652) At 31 March 2006 73,773 (981) (84,760) (440)(12,408) 7 Equity The adoption of IAS 32 and IAS 39 from 1 October 2005, has resulted in the recognition on the Group's balance sheet of all derivative financial instruments. Where the criteria for the application of hedge accounting have been satisfied, these instruments have been classified as either cash flow or fair value hedges. Those instruments classified as cash flow hedges relate principally to currency swaps in respect of certain tranches of the Group's US Dollar denominated debt while those instruments classified as fair value hedges relate principally to cross currency fixed to floating interest rate swaps. The following was the impact at 1 October 2005 of the recognition of the derivative financial instruments in accordance with IAS 32 and IAS 39: 7 Equity (continued) •'000 Reduction to the carrying value of hedged interest-bearing financial instruments 1,830 Recognition of derivative financial liabilities, net of deferred tax (1,698) Adjustment to cash flow hedge reserve 132 The adjustment to the carrying value of interest-bearing financial instruments relates entirely to the hedged currency and interest rate risk. Other reserves Issued Share Cash Share Foreign Retained Total capital premium flow based exchange earnings equity hedge payment •'000 •'000 •'000 •'000 •'000 •'000 •'000 At 30 September 2005 11,382 87,606 - 940 (171) 140,820 240,577 IAS 39 adjustment - - 132 - - - 132 At 1 October 2005 11,382 87,606 132 940 (171) 140,820 240,709 Capital introduced 101 6,801 - - - - 6,902 Scrip issue - (3,491) - - - 3,491 - Transfer in respect of share entitlement scheme - - - - - 19 19 Retained profit for the period - - - - - 20,100 20,100 Dividend on ordinary shares - - - - - (8,804) (8,804) Other movements - - 309 432 (3,013) 676 (1,596) At 31 March 2006 11,483 90,916 441 1,372 (3,184) 156,302 257,330 8 Dividends The Board has declared an interim dividend of 1.71 cent per share. In accordance with IFRS, this dividend is not provided for in the balance sheet at 31 March 2006 but will be recorded when paid. During the first half of the financial year, the final dividend for 2005, of 4.00 cent per share, was paid giving rise to a reduction in shareholders' funds of A8,804,454. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UDG.L