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Pharmacy chain suffers €1m slump in profits

PROFITS at pharmacy chain Sam McCauley Chemists slumped by €1m last year, but the company remains profitable and is back in the hunt for acquisitions.

Accounts filed with the Companies Office show pre-tax profits at the 24-strong chain fell to €1.6m in the year to the end of September 2010, compared with €2.6m the previous year.

Turnover across the group dropped from €84m to €81m. Directors blamed HSE reductions in the wholesale price of medicine and lower payments under HSE drug purchase schemes, as well as the general state of the economy.

Despite the gloom the company is looking to expand after ruling out acquisitions last year.

Irish Independent