A detailed research note on the company prepared by the broker concluded that United Drug has the scope to make up to EUR200m worth of acquisitions Analyst Jack Gorman said the company's strong balance sheet and conservative levels of borrowing give it ample scope for growth.

He believes the company will look to add to recent purchases it has made in the UK and may also look further a"eld. "We believe that signi"cant US acquisitions remain likely, " he said.

The company, which produced pre-tax pro"t of EUR52.7m on turnover of almost EUR1.5bn last year, has previously stated its desire to expand its specialist contract sales and medical and scienti"c device distribution business in Britain.