DAVY VIEW

Uniphar has delivered a strong first half, with group organic gross profit growth of 11%. Even adjusting for an estimated 2-3%-point benefit from weak COVID ‘comps’ last year, this is still an exceptionally strong result – supported by delivery across all three divisions. We have left our full year EPS forecasts unchanged for the time being, based on guidance, but note that management has built a strong track record since IPO of outperforming expectations. Detailed H1 2021 results are expected on September 1st. We reiterate our ‘Outperform’ rating.