PHARMACY software provider, Corum Group, is reporting its first revenue uplift since the 2016 financial year.
Releasing its first half FY2021 results to the Australian Securities Exchange (ASX) today, the company revealed a 33% jump in revenue compared with the prior corresponding period, while its reported earnings before interest, tax, depreciation and amortization (EBITDA) soared by 1,593% to $1,439,000.
The half-year results revealed Corum's health services business generated $5,774,000, up 43% on H1FY20, which were in line with expectations due to the company's acquisition of the 57% equity in PharmX that it did not already own (PD 01 Sep 2020).
However the company's ecommerce offering brought in $780,000, down 18% on the corresponding period.
Corum said it had a "renewed strategic focus", noting "the Board believes the past three years of equity holder litigation [over PharmX] have acted as a significant distraction" from the development of the platform.
"Corum will provide PharmX with capital investment to achieve growth ambitions based on expected profitability and managed risk," Corum said.
"PharmX management have identified a range of additional services to further improve pharmacy supply chain efficiency."
The company also noted that opportunities existed for the PharmX technology platform to be deployed across alternative markets.
The above article was sent to subscribers in Pharmacy Daily's issue from 24 Feb 21
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 24 Feb 21
