EBOS delivers record profit

However total Australian revenue declined, driven by a $333m reduction in hepatitis C medicine sales

Leading wholesaler, pharmacy and animal care company EBOS Group has announced a net profit after tax of $AU137million ($NZ149.6million) for the 2018 financial year, up 12.2%.

In its community pharmacy business, EBOS saw moderate revenue growth (excluding hepatitis C medicines and acquisitions) of 1.4%, saying this is “due to the ongoing impact of PBS reforms”.

However in Australia its revenue declined 4.4%, driven by a $AU333million reduction in hepatitis C medicine sales.

Sales in the non-prescription over-the-counter (OTC) channel were marginally above last year which reflects challenging retail environments, says EBOS.

While operating across both New Zealand and Australia, 82% of the Group’s earnings are reportedly now generated in Australia.

“We are pleased to once again report strong financial results,” said CEO John Cullity.

“We have delivered underlying, constant currency EBITDA growth slightly ahead of our guidance to the market.”

Mr Cullity says that in October, EBOS acquired a strategic 14.1% share in MedAdvisor, the Australian digital medication management company.

“In healthcare, Red Seal continues to perform well in New Zealand and is recording strong growth rates in international markets. The rebranding of approximately 400 Terry White Chemmart retail pharmacies has also now been completed,” Mr Cullity said.

EBOS Directors announced a final dividend of 35.5 NZ cents per share which takes full year dividends to 68.5 NZ cents per share, an increase of 8.7% on the prior year.

The record date for the final dividend will be 28 September 2018 and the dividend will be paid on 12 October 2018.

EBOS Group says it is confident of further profit growth into FY19 on an underlying, constant currency basis.

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