Corum Group back in black
August 31, 2010
PHARMACY software supplier
Corum Group yesterday reported its
results for the year to 30 Jun, with a
major turnaround seeing a $1.1m
profit - compared to last year’s
$10.6m loss.
Net revenues increased 10% to
21.9m, with profits coming from
the Corum Health Services and
Corum eCommerce divisions - but
dragged down by the Corum
Training segment and corporate
overheads.
Corum Health Services, which
provides the LOTS Pharmasol and
Amfac dispensing and point of sale
software applications, “maintained
a solid platform and stable market
share during the year,” the
company said, and recorded $14.7
million in revenue - up 10.3%.
The profit for the software
division was $1.42m, a healthy
increase on last year’s $1.16m.
The company said it would
continue to invest in developing its
software products “to maintain a
competitive position in a mature
market and improved services to its
customer base”.
The eCommerce division, which is
a payment transaction processing
provider, generated a $380,00
profit, while Corum Training which
provides training services to the real
estate industry lost about $200,000.
The company also revealed that
its dispute with Westpac is ongoing,
after it breached banking
covenants last year (PD 01 Apr).
Even though all but $5000 of the
loan has been repaid, Westpac
retains a fixed and floating charge
over the compnay’s assets, with the
issues remaining the subject of
dispute resolution processes.
The overall company has more
than $7.4m in outstanding debt,
and the directors said they believe
that it is “reasonably foreseeable
that the company... will continue as
a going concern”.
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