The Pharmaceutical Journal
Vol 272 No 7292 p373
27 March 2004

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Celesio watches its profits rise

Celesio, formerly known as GEHE, and the German parent company of AAH Pharmaceuticals and LloydsPharmacy, has reported an 8.8 per cent growth in pre-tax profit for its 2003 financial year. Actual profit was €254m on turnover of €18.5bn — up 3.8 per cent after exchange rate corrections.

In the UK, wholesale turnover through AAH Pharmaceuticals was up 2.6 per cent at €2,9776m. Retail turnover through LloydsPharmacy was up 9.8 per cent at €1,833m. During the year, LloydsPharmacy acquired or opened 25 new pharmacies.

Celesio does not expect any likely changes to the rules that govern the granting of new NHS pharmacy contracts to result in adverse competition for Lloyds. It says there is little competition between Lloyds businesses and supermarkets or out-of-town shopping developments — where rules may be relaxed.

However, the company intends to take advantage of opportunities any changes create.