Recent trading has remained robust, with underlying double digit growth in both core divisions. In our opinion, UDG is extremely well placed to benefit from the structural growth that is underway in the Pharma Services market and to increase its market share through both organic and acquisition-led growth. We retain our Buy recommendation and nudge our SOTP/DCF derived TP to 635p (from 630p). This could be substantially north of 700p depending on the pace and shape of reinvestment.
