Alliance Boots encouraged by start


Alliance Boots encouraged by start
Pharmacy and beauty group Alliance Boots has revealed a three per cent rise in half-year profits in its first interim results since its formation earlier this year.

The new company was created on July 31st 2006 and for the six months ending September 30th saw its profits increase to £267 million.

Citing good trading performance in both its retail and wholesale divisions, Alliance Boots today said its overall revenue had gone up by three per cent to £7.04 billion.

Richard Baker, chief executive of the firm, said that today's results indicated an "encouraging start to life as Alliance Boots".

"The group has performed well in the first half, in line with our expectations. Our retail division traded strongly with the UK operations, our biggest single market, benefiting from continued growth in healthcare and the warm weather. Meanwhile, our wholesale division continued to perform well, reflecting the strength of our geographically diverse portfolio of businesses."

Mr Baker also explained that the firm had made good progress on its efficiency measures following the merger and remained on track to deliver against expectations for the full year.

The chief executive added: "We have a large group that is strategically well placed in growing markets and we are confident about the opportunities both to strengthen our existing businesses and to expand into new territories. We have made good progress so far but there is much to do."

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