LOSSES at drug distributor Uniphar narrowed last year after a decline in the level of write-downs it was forced to take from the collapse of its investment in pharmacies.

Uniphar made a pre-tax loss of €7.6m in the 12 months to 25 December last year, down from a loss of €86.4m the previous year, according to the company's annual report. The drop was due to lower write-downs, from €100m to €15m. Uniphar had backed the Independent Pharmacist Ownership Scheme, which collapsed last year. At operating level, profits dropped to €12m from €15m on sales down €3m to €730m.

"Notwithstanding all of the very serious challenges we face our core business is performing well," chairman Maurice Pratt wrote in the company's annual report.

The company said it wasn't able to pay a dividend as it needed to conserve cash. It axed 140 jobs towards the end of 2009.