Following a 2017 loss due to acquisition, integration and rebranding costs, Terry White Group has reported a $4.4 million profit for 2018
Terry White Group Limited (TWG) has released its results for the financial year ending 30 June 2018.
It was a good year for TWG, which saw total revenue increase by 38% to $125.5 million (2017: $91.0 million), attributable to a full year of trading as a combined group.
Product revenue increased 47%, to $59.4 million (2017: $40.3 million).
Net profit after tax saw an increase of 589%, with TWG reporting $4.4 million after the 2017 loss result of -$0.9 million, which it says was impacted by acquisition, integration and rebranding costs in 2017.
“The past 12 months to 30 June 2018 have seen TWG continue to grow from the transformative merger in 2016 of Terry White Chemists, Chemplus and Chemmart Pharmacy networks that delivered significant scale providing a strong foundation for future growth, and helping to deliver enhanced earnings and improved returns for shareholders,” said the group in a statement.
“These improved financial results have been achieved through the alignment of products, merchandising, marketing and store development; enhancements in operational efficiencies; and sales growth across the network driven in part by higher levels of brand recognition.”
A key focus for TWG during the past 12 months has been to increase the efficiency and profitability in its pharmacies through simplified operations, reduced cost of goods, by delivering a more productive product range, and by promoting a differentiated customer proposition.
It says the rebranding program of its entire network is almost complete, with over 400 pharmacies now operating under the TerryWhite Chemmart brand.