Friday 27th May 2011
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Pharmacybrands is electing to pay down debt rather than pay shareholders a dividend from a year in which it increased profit.
The company made a $5.16 million profit in the 12 months to March 31, up from $3.5 million last year when it only owned Life Pharmacy for part of the year. The profit was achieved on revenue of $21.7 million from $16.2 million last year.
"The result shows that the company has successfully integrated the two businesses it brought together in the previous year," said chairman Peter Merton.
The company's partnership model, with a 49% investment by the company alongside a 51% holding by a pharmacist partner working in the business, continues to be a profitable investment model for all parties.
Pharmacybrands had cash reserves in excess of $15 million as March 31 but it has made two acquisitions since then.
"The board therefore believes that it is more prudent to reduce this debt rather than pay out a dividend at this time," the company said.
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