API profit dips to $24.3m
October 24, 2013
Australian Pharmaceutical
Industries this morning revealed
its full year results to 31 Aug, with
overall revenue stable at around
$3.2 billion and profit declining 20%
to $24.3 million for the 12 months.
However ceo Stephen Roche said
the underlying net profit after tax
was up 9.6% on the prior year,
with the result showing “steady
improvements in key operational
and financial measures”.
The pharmacy distribution
division “continued to perform
solidly,” with underlying sales
growth of 6%, and Roche reiterated
his determination to maintain
dialogue with the new government
to ensure wholesalers are included
in discussions on PBS reforms.
Another highlight of the result
was the ongoing growth of Priceline
Pharmacy, which Roche said
“further cements our first mover
advantage.
“Our overall sales and gross profit
are up for the year, store numbers
have increased to 363 and our
unrivalled loyalty program has
now topped 4.3 million Sister Club
members,” he said.
Overall Priceline Pharmacy
sales growth was 4.9% (but 3.5%
exclluding dispensary) while gross
profit margin grew 4.7%.
The Priceline Pharmacy online
store also recorded sales of $1.8m,
and Roche also said there were
encouraging early signs of a lift in
consumer confidence.
He said upcoming PBS reform
measures would further hit retail
pharmacy, putting “further onus on
front-of-store sales to make up for
lost pharmacy revenue.
“Our task is to ensure we continue
to have the most appealing mass
market range of beauty and health
products for Australian women and
then communicate that proposition
effectively,” Roche said.
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