TerryWhite Chemmart doubles revenue

Terry White Chemmart signageTerryWhite Chemmart has posted strong half year earnings with total revenue doubling from $16.9 million to $33.9 million, which the group attributed to the merger of the two companies.

The group reported consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) of $3.4 million for the half year ending December 31, 2016, a 66-per cent increase from the previous corresponding period.

Net profit after tax saw a three-per cent increase to $1.3 million and service revenue saw a 55 per cent increase from $12.8 million to $19.9 million.

“The increase in revenue and EBITDA was directly attributable to the merger of Terry White Group with Chemmart and we expect to see continued earnings improvement,” said Anthony White, TerryWhite Chemmart CEO.

White said the past six-months had been transformational, with the two pharmacy groups joining forces to create Australia’s largest retail pharmacy network, with approximately 500 pharmacies nationwide.

“The merger cemented our position in the market, providing our pharmacy owners with a highly competitive offering, while establishing TerryWhite Chemmart with a solid platform for continued expansion,” White said.

White said the merger of Terry White Group and Chemmart provided the company with a solid foundation for future growth.

“We are committed to achieving our five-year goal of doubling our network size to secure a strong and sustainable future for our pharmacy owners,” White said.

He said since the merger was announced, they have received strong interest from pharmacy owners wishing to join their network.

“We are confident this will support an increase in our organic growth, which will further supplement our planned acquisitive growth with liked-minded community pharmacies.”

White said the company moved quickly to roll out its new brand. He said there are already ten pharmacies operating under the new brand and by the end of 2017, all pharmacies within their network will be operating as TerryWhite Chemmart.

“The new brand will be supported by a significant investment in above-the-line marketing to generate high levels of customer awareness and brand recognition,” White said.

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