Update: Solid H1 results point to an acceleration in H2
UDG's H1 results matched our high expectations. Strong growth in its lucrative Ashfield and Sharp divisions comfortably offset market reform pressures in Supply Chain Services. We leave our top-of-range forecasts unchanged, as we expect an acceleration in both operational performance and FX effects in H2. Our valuation remains 524p per share.UDG Healthcare is a provider of services to the healthcare industry. Co.'s operations are divided into the following operating segments: Ashfield Commercial & Medical Services, which is engaged in providing sales and marketing services (CSO), healthcare communications, event management, and medical affairs and regulatory services to healthcare companies; Sharp Packaging Services, which is engaged in providing outsourced commercial and clinical trial packaging services to healthcare companies; and Supply Chain Services, which combines all of Co.'s healthcare logistics based companies. Co. operates in Republic of Ireland, the U.K., North America and Continental Europe.
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