TERRYWHITE Chemmart (TWC)is continuing its expansion, adding a record 22 new pharmacies to its network over the six months to 31 Dec 2020, parent company, EBOS announced today.
Reporting its half-year results to the Australia Securities Exchange (ASX), EBOS revealed a statutory net profit after tax of $92.9 million, up 13.7% on the prior corresponding period, with the company's healthcare division, including pharmacy wholesaler, Symbion and retail pharmacy brands performing strongly.
The company's Australian healthcare business saw revenue rise by 5.5% to $3.5 billion, with statutory earnings before interest and taxes climbing 10.7% to $126.9 million.
"This growth is pleasing given that it cycles and further builds upon our record result achieved in the 2020 Financial Year, which was driven primarily by increased community pharmacy wholesale volumes," EBOS said.
"Community pharmacy revenue increased by $121.9 million (up 4.8%) due to continued above market growth by major wholesale customers and further productivity improvements across all sites, particularly from our Brisbane distribution facility.
"TWC welcomed 22 new pharmacies during the period, which is the largest six-month increase of network stores on record.
"This builds on store growth in previous periods and further strengthens TWC's position as Australia's largest health-advice oriented community pharmacy network.
"TWC network sales grew by 5.8% and on a like-for-like basis increased by 4.2%.
"This performance was driven by new store growth, continued increases in media spend (up 40% in the first half) and improved promotional and category initiatives."
EBOS said that its employees had "shown extraordinary commitment in facing the many challenges throughout the COVID-19 situation".
"The Board wishes to convey their sincere thanks to everyone at EBOS for continuing to deliver to the communities we serve," the company said.
"We also commend all the pharmacists and healthcare professions that we serve, for the enormous among of work they have done on the frontline during this pandemic."
The above article was sent to subscribers in Pharmacy Daily's issue from 17 Feb 21
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 17 Feb 21
