Celesio income fell 36% in first six months of financial year
UK government cuts to prescription reimbursement and the falling value of the pound have contributed to a fall in profit for the Celesio Group for the first six months of this financial year, the company says.
Celesio – the parent company of LloydsPharmacy – revealed on 22 November 2016 that its earnings before interest and taxes for its continuing operations fell 36% to €146.3 million between 1 April 2016 and 30 September 2016 compared to the same period last year.
Its revenue income also fell by 2.8% to €10.37 billion in the first six months of the financial year, compared with the same period last year.
The Germany-based company said contributing factors to the results included the impact of the falling value of the pound; a cut in UK government reimbursement for prescription products; and the sale of its Norwegian and Swedish businesses.
Citation: The Pharmaceutical Journal DOI: 10.1211/PJ.2016.20201979
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