TERRY White Group has posted a solid half-year net profit of $1.3 million amid a period of major transformation for the company.
Following the merger between its subsidiary Terry White Chemists with Chemmart in October 2016, Terry White Group's nationwide store network has more than doubled in size to include around 500 pharmacies.
As a result of the merger, Terry White Group increased its earnings before interest, tax, depreciation and amortisation (EBITDA) by 66 per cent to reach $3.4 million.
The company also doubled its revenue from $16.9 million to $33.9 million.
Terry White Group CEO Anthony White says the positive results are products of a well-executed growth strategy.
"The merger is testament to the successful execution of our growth strategy and has cemented our position in the market, providing our pharmacy owners with a highly competitive offering while positioning the Group for continued expansion," says White.
"The scale we've been able to achieve will deliver a range of critical benefits to our members, including significant supply-chain efficiencies.
"We operate in a highly competitive industry and are now in a much better position to meet the evolving needs of our customers, which will support sales growth across the network."
It is expected to take until the end of 2017 to convert the entire chain of merged pharmacies to the new TerryWhite Chemmart brand.
During this time, White says the group will maintain a strong focus on growth and smart acquisitions.
"We are committed to growing our market share and we are in a strong financial position to pursue further acquisitive growth with like-minded community pharmacies," says White.
"Since announcing the merger with Chemmart, we have had strong interest from pharmacy owners wishing to join the TerryWhite Chemmart network and we are confident this will support an increase in our organic growth."
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