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PD breaking news – Sigma reports profit surge

Sigma full year profit $53.5 million after tax.

Sigma Pharmaceuticals has just released its financial results for the year to 31 Jan, with sales up 1.1% to almost $3 billion and an after-tax profit result of $53.5 million.

That was a huge jump from last year’s $18.6 million after-tax result, which was hit by a $48 million legal settlement.

CEO Mark Hooper said that targeted investment over the last three years is beginning to show benefits across the business, while the company is also taking a leading position in the introduction of structured Professional Service initiatives into its Amcal, Amcal Max and Guardian pharmacy networks.

“To deliver sales growth in a market that is under pressure from Government PBS price disclosure reform and generally difficult trading conditions reinforces the recent investment decisions taken and the direction we are heading,” he said.

The company estimated that without the impact of PBS price reductions in the last 12 months sales revenue would have grfown by 4.1%, with the impact offset by further reductions in customer discounts as well as operational efficiencies.

The figures confirm a $7.4 million bad debt related to the collapsed Harrison’s group, as well as a $10.9 million profit from the sale of the company’s Clayton property.

Hooper said Sigma expects to achieve revenue growth above the “dampening effect of ongoing Government PBS price disclosure reform in the coming year.

“We look ahead with renewed optimism that Sigma will reap the rewards from having already invested in key areas such as structured Professional Services and an improved retail offer as key planks in our vision of making Sigma Australia’s partner of choice in health, beauty and wellbeing,” he concluded.

More information in tomorrow’s Pharmacy Daily.


The above Breaking News Alert was sent to Pharmacy Daily subscribers on 27 Mar 14

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