Australia's TerryWhite Chemmart Posts Strong Half-Year Earnings
Australian pharmacy group Terry White Group, which is now trading as TerryWhite Chemmart, has doubled its half year revenue from $16.9 million to $33.9 million for the half year ending Dec. 31, 2016, which the group has attributed to the merger of the two companies.
The group posted a 66-percent increase in its earnings before interest, tax, depreciation and amortization of $3.4 million for the half year compared to the previous corresponding period.
According to Anthony White, TerryWhite Chemmart CEO, the past six months had been transformational, with the two pharmacy groups joining forces to create the largest retail pharmacy network Down Under, with approximately 500 pharmacies nationwide.
White said the merger has cemented their position in the market, providing their company owners with a highly competitive offering, while establishing TerryWhite Chemmart with a solid platform for continued expansion.
"We operate in a highly competitive industry and are now in a much better position to meet the evolving needs of our customers," White said. "As a result of the merger, TerryWhite Chemmart members have access to substantially increased infrastructure which will deliver improved in-pharmacy efficiencies, increased levels of customer services and better access to leading frontline healthcare."
The group was quick to rollout its new brand, which is aligned to TerryWhite Chemmart's strategic position as leaders in the delivery of highly accessible frontline healthcare, White said. He added there are already ten pharmacies operating under the new brand and, by the end of 2017, all pharmacies within their expansive network will be operating as TerryWhite Chemmart.
TerryWhite and Chemmart have merged last year and in October, following the pharmacy groups' merger, TerryWhite and Chemmart have launched a new pharmacy brand.
The new pharmacy brand follows the shareholder approval of the merger, which will create one of Australia's largest retail pharmacy networks with approximately 500 pharmacies and $2 billion in retail turnover.