Blackmores H1 profit up 20%
Blackmores has reported overall group revenue was boosted 9% to $287m for the six months to 31 Dec primarily from “consistent sales growth with improved profitability” and resulting in net profit after tax for shareholders at $34m, up 20% on the previous corresponding period.
Revenue in Australia and New Zealand was $121m, slightly down from the previous year as the broader consumer market remained subdued and China-influenced sales continued to move to Blackmores’ direct China channels, directors said. The overall impact of this was muted by the strength of the group’s business diversity.
Even so, H1 earnings from the ANZ business was improved 19% to $26m compared with the previous corresponding period due to changes in the cost structure of this business and the phasing of expenses.
Highlights were Blackmores new probiotics and children’s gummy vitamin categories.
China sales grew 27% delivering 4% profit growth after investment in resourcing and expansion operating expenses.
The new state-of-the-art distribution facility at Bungarribee in Western Sydney is now fully operational.
Directors concluded, “The first half performance gives Blackmores a strong foundation for the full year with the delivery of an improved sales and profit result whilst investing in growth initiatives.”
See more in tomorrow’s Pharmacy Daily.