API announces growth in tougher retail environment
Australian Pharmaceutical Industries (API) has announced its FY results with underlying net profit after tax (NPAT) of $54.2m for the year ending 31 Aug 2017, up 5.4% on the previous year and slightly ahead of the company’s profit guidance issued 02 Aug.
Total revenue for the period increased 5.8% to $4.04b with reported EBITDA up 3.8% to $117.9m and underlying EBITDA up 6.1% to $120.5m.
There was no reported net debt at the end of the financial year, which was achieved earlier than the company’s guidance that it would reach this objective by calendar year end.
“API has retained a strong market position in its core businesses, despite the more challenging market conditions we faced during 2017, and we have further improved our balance sheet position,” API ceo and md Richard Vincent said.
The Priceline Pharmacy network grew by 20 stores, up to 462 stores from 442 at the end of last financial year, with retail register sales for the period up 2.0% to $1.15b.
“The number of pharmacies looking to join Priceline Pharmacy remains promising and the pipeline constant,” Vincent said.
API said it expected the recent trend in consumer sentiment and discretionary spending would not see a significant reversal in the current year.
Vincent said the company expected to continue to deliver growth in organic earnings for shareholders in the coming years and confirmed that it continues to evaluate a range of options for future capital allocation.
See more in tomorrow’s Pharmacy Daily.