Boots' profits rise despite revenue fall after tie-up with Walgreens
Thursday 16 May 2013
Alliance Boots, the pharmacy and drugs giant behind Britain's best-known chemist, said yesterday it plans to keep expanding into new markets and in areas where it already has a strong presence.
It posted a 6 per cent rise in trading profit and said it was confident about its growth prospects. That trading profit of £1.27bn in the year to 31 March came despite a 2.6 per cent fall in revenue to £22.4bn as consumers across Europe grappled with government austerity measures and fallout from the eurozone debt crisis.
A tie-up last year with Walgreens – the US giant acquired a 45 per cent stake in the business – helped the rise in earnings.
Since allying in August 2012, the UK and US companies have seconded staff to a joint venture based in Bern, Switzerland, to help deliver so-called synergies from the tie-up, Alliance Boots said.
The retailers have forecast $1bn of benefits by 2016 from sharing best practices in store design, customer loyalty programmes and selling online.
The executive chairman, Stefano Pessina (pictured), the Italian billionaire who engineered the takeover of Boots in 2007 for £11bn, said: "We continue to be confident about our prospects and ability to pursue profitable growth, organically, from our synergy programmes and through international expansion."
Debts at the company fell by more than £1bn to £5.9bn.
Geoffrey Macnab does not like the comedian's big screen debut
Look beyond the usual shows for the best festive telly
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
The battle for control of Stieg Larsson's £30m legacy
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
Sun will 'flip upside down' within weeks, says Nasa
PAs cleared of fraud - and Nigella Lawson left reeling at 'ridiculous sideshow' of drug allegations and public dissection of her marriage to Charles Saatchi
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 Bonuses for goals and top four finish as Luiz Suarez joins Premier League's top three earners
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 #Teamnigella: It’s the only side to be on
- 4 Christmas comes early: Justin Bieber is 'retiring from music'
- 5 Burglar steals video tapes of child abuse, hands them into police
- < Previous
- Next >
iJobs Money & Business
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...
£120000 - £150000 per annum: Cornwallis Elt : Programme Manager, Strategy Lead...
£55000 - £120000 per annum: Pro-Recruitment Group: The Financial Services Tran...