Sigma Pharmaceuticals says it is well placed for the year ahead, with growth at the start of its fiscal year in line with its previous 12 months.
The pharmacy support services provider and drug distributor on Thursday reported a fall of 1.4 per cent in net profit for the 12 months to January 31 of $52.77 million.
Revenue rose 5.7 per cent to $3.1 billion, and earnings before interest and taxation (EBIT) reached reached $78 million for the year, up 11 per cent from the previous year.
Sigma said it was committed to its strategy of becoming less reliant upon revenue from the Pharmaceutical Benefits Scheme (PBS) as it continues to expand the number of pharmacies under its various retail banners.
“This is a very strong result for Sigma. We know we’re operating within the restrictions of ongoing PBS reforms, yet we still managed growth in revenues and substantially improved our efficiences. This sets up a strong platform for Sigma,” Sigma CEO and MD, Mark Hooper said.
Sigma said its retail strategy has been a key focus for the company. It opened 51 new Amcal and Guardian pharmacies in 52 weeks this year, split evenly between metro and regional areas, with both brands achieving around seven per cent store growth in the second half. Last year, Sigma acquired Central Healthcare Services (CHS) in May and pharmacy chain, Discount Drug Stores (DDS), in September.
