Alliance Boots profit tops £1bn

Profit, including share of associates and joint ventures, was up 12.7% to £1.7bn. EBITDA, including share of associates and joint ventures, was up 9.2% to £1.4bn. Sales were up 9.6% to £22.5bn.

In the health and beauty division, like for like sales at Boots UK were up 3%. Profit was up 8.5% and sales were up 5.2% or 4.5% in constant currency.

In the pharmaceutical wholesale division, profit was up 17.2% and sales up 10.3% or 5.6% in constant currency.

Stefano Pessina, executive chairman, said: “Since taking the company private, this is our third consecutive year of double digit trading profit growth.  Having invested more than £1 billion over the period, we are confident that we are building a platform for sustained long term growth.

“Our strong financial position will enable us to continue to grow both organically and through acquisitions. We are increasingly establishing strategic partnerships with other leading businesses to accelerate our development, both in the UK and other markets.”

Andy Hornby, group chief executive, said: “Alliance Boots performed strongly in 2009/10, delivering a double digit trading profit growth, combined with a robust cash flow.  This is a particularly good performance, given the challenging economic conditions we faced throughout the year.

“Although we are planning for consumer demand across Europe to remain subdued, we are confident about our prospects for the year ahead.”