Brown’s reports €16.25m revenue for first six months of 2022

Brown’s Pharma Holdings plc has reported revenue amounting to €16,251,284 for the first six months of 2022, an increase of €2,620,872, or 19%, over the comparative period in 2021.

In its interim financial statements for the first half of the year, the Group said it has continued to expand its pharmacy base in Malta with two new acquisitions and continued to drive various cost saving initiatives while ensuring that cost savings achieved in 2021 are sustained.

Consolidated operating profit amounted to €2,492,821 (2021: €1,598,053) whilst profit before tax for the first six months of 2022 amounted to €1,986,968 (2021: €1,286,513).

The Group continues to enjoy a healthy financial position. As on 30th June 2022, the Group’s total assets €72,651,510 (31 December 2021: €67,261,605), an increase of €5,389,905 or 5% from 31 December 2021.

No interim dividends have been proposed.

Trading in the third quarter of 2022 has been strong, driven by increasing in-store footfall as the post­ pandemic recovery continues to gather steam.

Consequently, management outlook for full-year 2022 is very positive and consistent with the projections it provided in its prospectus.

Principal risks and uncertainties faced by the Group

Current notable business challenges include the lack of supply of qualified pharmacists and the prospects of increased inflation affecting client spending power.

The pharmacy sector is heavily regulated, and the Group intends to remain sensitive to changes in regulations in this respect. The Audit Committee regularly reviews the work carried out by the Group to manage these risks and to mitigate them where possible and the Audit Committee said it is satisfied that these risks are being managed effectively.

Related party transactions

During the period under review, the Group purchased stock from other related entities amounting to €1,014,949 (202:1€872,869) and leased properties from other related party amounting to €410,000 (2021: €192,890).