AUSTRALIAN Pharmaceutical Industries says its Priceline Pharmacy network grew by 20 stores over the last 12 months to 462 outlets, with a 5% increase in total retail sales (including dispensary) to $2.1 billion.
The figures were revealed alongside the company's 2016/17 financial results (PD breaking news yesterday), which showed overall API revenue up 5.8% to just over $4 billion for the year.
Pre-tax profit increased 10.9% to $76.4 million, with API highlighting its "underlying net profit after tax" of $54.2 million which took into account $1.8m in "costs incurred in relation to a proposed acquisition, subsequently withdrawn".
CEO Richard Vincent said API had retained a strong market position in its core businesses, despite challenging market conditions.
"Management focus is on ensuring our customer proposition remains relevant and delivering profitable growth for our pharmacists and API," he said.
Vincent said there was still a strong pipeline of new Priceline Pharmacies in the wings, with expectations of a further 20 to be added in the coming year.
Pharmacy Distribution revenues grew by 7.3%, with Vincent saying he was pleased at the division's "steady and sustainable growth".
"Faced with new competition our national market position has grown, and we continue to manage the effects of PBS Reforms effectively with pharmacists," he said.
The above article was sent to subscribers in Pharmacy Daily's issue from 20 Oct 17
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 20 Oct 17