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UDG boosts war chest to €503m

Dublin-based UDG Healthcare has boosted its potential acquisitions war chest to €503m and could comfortably spend €100m a year on takeovers, according to chief financial officer Alan Ralph.

Speaking to the Herald after the company reported strong full-year results, Mr Ralph said that the group will remain cautious on what it buys, seeking a 15pc return from acquisitions over three years.

"It has to be the right acquisition. We're not going to just take a punt on anything," he said. The company recently updated a €210m banking facility.

Shares in UDG Healthcare jumped about 6pc at one stage yesterday after the company said revenue had risen 5pc to €2.1bn in the financial year to the end of September.