Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Green Cross Health boosts FY profit 14%, eyes expansion

Green Cross Health boosts annual profit 14%, eyes more acquisitions

By Suze Metherell

May. 27 (BusinessDesk) - Green Cross Health, which changed its name from Pharmacy Brands earlier this year as it expands into the primary health sector, boosted annual profit 14 percent as its new pharmacy and medical acquisitions came on stream.

Profit rose to $18.8 million in the year ended March 31, of which non-controlling interests were entitled to $3.8 million, from $16.6 million a year earlier, the Auckland-based company said in a statement. Sales rose 3.8 percent to $258 million, outpacing a 1.2 percent lift in the cost of sales to $146 million.

Prior to the name change in March, it had largely been seen as a retail pharmacy operating the Unichem, Amcal, Life Pharmacy, Radius and Care Chemist brands and running 28 medical centres. Green Cross Health is chasing growth through acquisitions in the primary healthcare sector, and bought a 50 percent share of Total Care Health Services in March, its first expansion into community healthcare. The company has consolidated its five pharmacy brands down to Life Pharmacy and Unichem, and relaunched its reward programme, Living Rewards, which it said it wants to expand across all business units.

"We intend to invest in further acquisition opportunities in this sector," Peter Merton, chairman of the group said of the Total Care Health acquisition. "In time there will be opportunities for synergy across our pharmacy, medical and community health businesses."

Sales at its pharmacies rose to $223.9 million from $221.7 million a year earlier. Medical centre sales nearly doubled to $9.5 million from $5.7 million and income from services provided to stores and medical centres rose to $24.5 million from $21 million.

"Our profit growth has been achieved through improved performance of all business units together with contributions from new pharmacy and medical acquisitions," Merton said. "The contribution to the group of our medical business is now substantial. We are confident that the platform we have established will create further opportunities for growth."

The board declared a final dividend of 3.5 cents per share, payable on June 23 with a record date of June 11, taking the annual dividend to 7 cents per share, up from 5 cents a year earlier.

Shares in the NZX-listed healthcare group rose 1.5 percent to $1.35, and have advanced 6.4 percent this year, just beating the NZX All Index's 6 percent gain over the same period.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news