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PD breaking news – Sigma warns of multi-million dollar pharmacy write-off

Provision for “doubtful debt relating to a single pharmacy group”. 

Sigma Pharmaceuticals has just flagged “one-off accounting adjustments” to its full year results for the 12 months to 31 January 2017, amounting to almost $20 million. That figure reflects an insurance premium recovery of $11.4 million announced last May, as well as “an additional provision for doubtful debt relating to a single pharmacy group”.

Sigma ceo and managing director, Mark Hooper, said the company continues to seek a resolution for the outstanding debt, “it was considered prudent to provide for the full extent of our exposure”. The company’s statement does not specify to which pharmacy group the issue applies.

Overall the company’s full year underlying earnings will amount to just over $100 million, up about 12% on last year. However the statutory result will be hit by the write-downs, meaning reported EBIT is expected to be broadly in line with last year.

“Whilst the one-off impacts are disappointing, Sigma’s business is in good shape,” Hooper said.

More details in Monday’s edition of Pharmacy Daily.


The above Breaking News Alert was sent to Pharmacy Daily subscribers on 17 Feb 17

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