LISTED pharmacy software specialist Corum Health has announced in its just released 2016 half-year report that, with the increased concentration of the pharmacy market, it will continue to pursue a strategy of aligning with pharmacy groups.
Half-year profit after tax was reported as $122,000 compared to a loss of $363,000 for the same period last year, with operating costs excluding employment, depreciation and R&D benefit dropping $729,000.
During the half-year period the company said it had undertaken significant investment in new product development and internal systems upgrades and renewal, adding to an increase in employment expense of $490,000.
All investment, both capital and revenue in nature, has been funded from the company's cashflow and cash reserves, standing at $8.75m at the end of the period.
With the strategy of actively pursuing pharmacy groups, recent pharmacy site numbers have been described as "more stable" so that recurring revenue decline has eased, while e-Commerce trends have remained unchanged.
New product development investment for the full year is expected to be in the region of $1.5m, the report projected, of which $1m is incremental.
With Consolidated Entity net assets at $19.975m, working capital, current assets less liabilities is at a surplus of $7.134m.
At the beginning of the year David Clark (pictured) was appointed ceo after three years' experience as cfo (PD 25 Jan 17) and as interim ceo for the five months from the end of 2015.
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