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Encouraging performance for Alliance Boots

Mid – year update shows capital and people investment is paying off

CITY & CORPORATE

Encouraging performance for Alliance Boots

Mid – year update shows capital and people investment is paying off

For the period covering the six months ended 30 September 2010 revenue was up 6.0%.
Revenue for the Health & Beauty division was up up 2.0% and up 7.7% for the Pharmaceutical division.
At  Boots UK, like for like revenue was up 1.8% (incl. VAT) and like for like dispensing volume was up 4.1%.

Stefano Pessina, Executive Chairman, commented, “In the last three years, we have made substantial capital investments in Boots in the UK to improve our stores and drive efficiency, while at the same time investing in our people.  This has created a stable platform which, combined with our profit growth and strong cash flow, enables us to focus increasingly on international opportunities.

“We have made great strides forward to accelerate our growth plans in the past few months.  I am delighted that we have become the majority shareholder in Hedef Alliance in Turkey and are acquiring ANZAG in Germany, both of which will make a significant contribution to future profitability.”

Andy Hornby, Group Chief Executive, said, “We are pleased with the way the Group has performed given the challenging trading conditions across Europe.  Boots has delivered a good performance in a difficult UK consumer environment and we have increased market share in our core health and beauty categories.  Our Pharmaceutical Wholesale Division has performed strongly right across our international markets. 

“Strong cash flow combined with the benefit of low interest rates has enabled us to reduce net borrowings while continuing to invest in the future of Alliance Boots.  It is testament to all of our colleagues across the Group that we continue to make such good financial and operational progress.”

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