Expanded pharmacy group posts €5m loss

Expanded pharmacy group posts €5m loss

Exceptional costs at the expanded McCauley Pharmacy Group last year contributed to the business recording a pre-tax loss of €5.16m.

In 2017, Carlyle Cardinal Ireland (CCI) acquired a majority stake in the Sam McCauley Chemists pharmacy company. Now, the first set of accounts under the new ownership structure show that its holding company - LXV Remedies Holdings Ltd - recorded revenues of €94.49m for the period from the date of acquisition, August 11 2017, to September 30th 2018.

The enlarged group includes the Sam McCauley business and four other independent pharmacy chains, acquired for a combined €8.5m by LXV last year. The group had 30 pharmacies at the time of the Sam McCauley purchase and had increased the number to 37 by this year.

The accounts disclose that the value of the acquisition of Sam McCauley Chemists was €51.6m. Former owner Sam McCauley still has a small stake in the new business while chief executive, Tony McEntee is also a shareholder.

The €5.1m pre-tax loss takes account of interest payments of €5m and combined non-cash depreciation and amortisation costs of €5.3m. The group's operating loss for the year totalled €109,778.

The expansion of the business last year resulted in numbers employed increasing from 582 to 674.

On the group’s future developments, management said it plans to drive growth both organically and by way of acquisition.

The firm’s operating lease payments last year totalled €4.8m. Staff costs last year totalled €21.12m while directors’ pay amounted to €369,337.

The accounts show that the Sam McCauley pharmacies accounted for €91m of revenues for the period.

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