Hickey's back in black after posting €2.4m pre-tax profit
Hickey's Pharmacies swung strongly back into the black during the financial year to the end of February 2009, posting a pre-tax profit of €2.4m compared to a €1.3m loss the year earlier, according to its latest set of accounts that have been filed at the Companies Office.
Hickey's operates close to 30 pharmacies, mostly on the eastern seaboard and more than half of them in Dublin.
Accounts for its holding company, Drishlawn, show that while turnover at the group in the period rose marginally, rising by over €1.1m to €56.5m, its profits climbed as its cost of sales fell to €31.2m from €33.2m. Operating profit for the financial year was just over €8m compared to €4.5m in the previous year.
Drishlawn had shareholder funds of €9.3m at the end of February 2009, but an accumulated loss of €2.1m.
During the 2009 financial year, Drishlawn incurred costs of €2m related to capital expenditure, while it had net debt of €36.4m at the end of the period, down from €38.9m a year earlier.
The pharmacy chain was established by Patrick Hickey in 1995 and in 2008 the business won a landmark case when the High Court ruled that the HSE and the Department of Health had breached their contract with Hickey's Pharmacies by unilaterally altering the reimbursement price of medicines under existing agreements.