Corum profit soars to $6m
September 3, 2012
PHARMACY software provider
Corum Group saw its 2011/12
profits up almost 250% to a record
$6.03 million, according to a stock
exchange statement on Friday.
Revenue was almost the same as
last year, down about 1% to $20.9
million, but the profit result was a
major improvement on the
previous year’s $1.75m outcome.
The year saw Corum resolve its
long-running dispute with Westpac
by paying a $1.2m settlement and
cash flows generated were used to
repay all of the company’s debt.
Corum Health Services, the
division which provides
pharmaceutical software
applications, achieved sales
revenue of $14.8 million, up
$621,000 on the prior year and
profit for this segment was $2
million, after including an
“impairment charge” of $968,000.
That was a big improvement on
the previous year’s software
division profit of just $7,000 which
took into account an $812,000
settlement with a former director.
Corum said that during the year it
was required to upgrade its
pharmacy software offerings due to
new initiatives by the Department
of Health and Ageing.
These developments ensured the
software conformed to legislation
and remained relevant to the
pharmacy industry, the company
added.
Corum said that being debt free
with completely unencumbered
assets will “assist in providing a
solid commercial foundation for the
Group’s future development”.
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