Pharmacy group sees revenues rise

Operating profits at the company that runs the McCabe pharmacy group last year increased by 40% to €7.6m.

Accounts filed by Behey Ltd to the companies office show that the group enjoyed the increase in operating profits after revenues rose 7%, from €54.3m to €57.9m, in the 12 months to Jan 31, 2013.

The family-owned business, led by managing director Sharen McCabe, operates 20 pharmacies across Ireland. The group also runs the Radisson Blu Farnham Estate hotel in Cavan.

The figures show that the group recorded a modest pre-tax loss of €74,520 after interest payments of €4.97m and non-cash depreciation and amortisation costs of €2.7m are taken into account. It compares to a pre-tax loss of €3.4m in fiscal 2012.

The group increased employee numbers by 24 to 454, while staff costs rose from €10.1m to €10.8m.

The directors state that the outlook for the pharmacy sector in 2013 and beyond will be challenging, with the introduction of generic reference pricing legislation among the most pressing issues.