Mediq Q1 2011: 14% growth operating result (EBITA) from ordinary activities
Financial highlights Q1 2011
Net sales - Up 7%, mainly due to acquisitions at Direct & Institutional. Organic sales at D&I rose 2%.
EBITA * - EBITA from ordinary activities up 14% to € 30.1 million due to higher results at D&I, Pharmacies Netherlands and Pharmacies Poland.
Net result - Decreased by 14% to € 17.6 million, mainly due to the effect of non operational income in 2010. Net earnings per share from ordinary activities up 6%.
Outlook 2011- Unchanged from that announced at the publication of the full-year 2010 results.
Operational highlights Q1 2011
Direct & Institutional
− Sales growth of 27%, due to acquisition in the Nordics and Baltics (as of 31 May 2010).
− EBITA growth of 13%; good contribution from international activities.
− Acquisitions in the Netherlands (PBG, Romedic) and Norway.
Pharmacies Netherlands
− Sales down 6% due to loss of Lloyds pharmacies as wholesale customer.
− Improved results due to cost savings and a number of one-off items.
− Launch Mediq Pharmacy Online.
Pharmacies Poland
− First signs of recovery of wholesaling activities.
− Sales growth of 1% due to appreciation of Polish zloty; organic sales remained level.
− Sales growth of 3% for pharmacies in line with the market.
Marc van Gelder, CEO:
“EBITA from ordinary activities rose 14% in the quarter. All three segments reported an increase, fuelled partly by organic profit growth and partly by the acquisitions in Sweden, Finland and the Baltic states in May of last year. We have already completed several further acquisitions in the current year in the Netherlands and Norway. We are well on track at Pharmacies Netherlands and continue to work on optimising our processes. We saw an incipient recovery of the wholesaling activities in Poland. Supported by our robust financial position we continue to build for international, profitable growth for Mediq.”