Pharmacy Daily | API strong post-election

Australian Pharmaceutical Industries says it’s seen a good improvement in its business since the September Federal election, with a stock exchange update yesterday confirming a strong trading result for the three months to 30 Nov 2013. MD Stephen Roche said that the quarterly sales figures (excluding dispensary sales) for its Priceline and Priceline Pharmacy stores were up 8.2% on the previous corresponding period last year. “On a comparable basis, sales by the network of Priceline and Priceline Pharmacy stores were up 5.4%,” Roche said. He said this was a pleasing start to the API financial year, and demonstrated that the company’s ongoing investment in the Priceline brand “is resonating with customers and positions it well for the upcoming Christmas trading period”. The update followed last week’s ASX price query for API (PD Fri), in which the company said it wasn’t aware of any reason for heightened trading in its shares and a price drop from 61 cents to 51.5 cents. Following yesterday’s announcement API shares rose 7% to close at 54c each. Roche said the company will update the Christmas trading position at the company’s Annual General Meeting on 30 Jan 2013.

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