Sam McCauley sales up 13%

PHARMACY chain Sam McCauley plans to expand its operations this year following sales of more than €79 million in 2007 — an increase of 13%.

Accounts for the Irish company show operating profits climbed to €5.8m in the year to the end September 2007, up from €3.2m.

Pre-tax profit increased by €2.3m to hit €4.2m in the year.

The company said it has plans to expand its network of stores during the current year, with three greenfield openings in the pipeline.

It added, however, that further openings will be put on hold until there has been a satisfactory conclusion to contract negotiations between the Community Pharmacy sector and the HSE on proposed price reductions on State prescription plans which, it said, could “seriously impact on the viability of new and existing outlets”.

The company recently embarked on a €5m expansion programme, with new stores opened in Dublin and Carrick-On-Suir, and the expansion of existing outlets in Kilkenny and Clonmel.

The directors did not recommend paying a dividend.

Retained earnings in the year grew to €3.4 million from €1.5m.

Sam McCauley Chemists was founded in 1953 by the late GB McCauley, who acquired the Brooke Kelly Pharmacy, which had operated since the early 1900s.