Unichem recruits chief from Diageo

CHEMISTS supplier Alliance UniChem has poached a new chief executive from Diageo. Ian Meakins, who is currently president of major markets and global supply at the drinks giant, is due to take over from current Unichem boss Stefano Pessina later this year.

Pessina will become executive deputy chairman with responsibility for strategic development, including acquisitions.

Geoff Cooper, deputy chief executive officer and chairman of the executive committee, has resigned from the board with immediate effect and will leave the group early in 2005.

Meanwhile, the company reported a 'further set of record results' for the first half, with pre-tax profit soaring 20.6% year-on-year to £115.5m.

The rise beat analysts' expectations of between £109m and £114m. Sales rose to £4.48bn from £4.28bn.

The pharmaceutical wholesaler said it will raise the interim dividend by 9.6% from the 6.25p per share payout last year.

Pessina said: 'The regulatory outlook for the remainder of 2004 appears stable, and we expect to continue to enjoy a very strong rate of growth in the second half.'

All divisions were reporting higher sales, operating profits and operating margins.

Alliance UniChem said it continues to seek opportunities to expand, both in countries where it already operates, and beyond.

'As anticipated, we are seeing more opportunities to add to our pharmacy chains as the year progresses. Since the beginning of July we have acquired a further 20 pharmacies and expect the total number of acquisitions for the year to be significantly above the figure achieved in 2003,' it said.

The shares rose 9 1/2p 668 1/2p in early trading.