Priceline pays off for API
April 21, 2016
AUSTRALIAN Pharmaceutical
Industries today reported an 18.1%
increase in underlying net profit
after tax, with a figure of $25.3
million for the six months to 29 Feb.
Including the previously
announced $2.4m loss on the sale
of CH2 (PD 27 Nov 15) the statutory
result was up 7.7% to $22.9m.
Total revenue for the six month
period rose 4.4% to $1.79 billion,
with ceo Stephen Roche saying
the company had “again delivered
strong growth for shareholders
through executing a clear strategy
that is centred on building the
Priceline Pharmacy network,
while generating sustainable
returns through pharmaceutical
distribution”.
The total Priceline network grew
to 425 stores, with 7.1% growth in
retail sales to $583.4m, with Roche
saying the major infrastructure
investments made in the business
over the last eight years had
allowed it to become a leading
health and beauty retailer.
“The brand remains strong on
all fronts,” he said with total sales,
consumer loyalty, store network
numbers and the pipeline of new
stores all increasing.
API’s pharmacy distribution
business saw a 1.5% lift in revenue
to $1.23 billion, and excluding the
impact of PBS reforms, the growth
was 7% year on year.
“Our extensive platform
of services to pharmacy has
sustained our sales growth through
conditions that remain testing and
highly competitive,” Roche said.
“The suite of services available
across Soul Pattinson, Pharmacist
Advice and our Club Premium
program underpins the ongoing
success of our relationship with
independent pharmacists”.
API said it expects current trading
performance will continue during
the second half subject to normal
seasonal variations, with a 2.5c per
share interim dividend declared.
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