AAH Disappoints "Due To Rubbish"
AAH, the UK pharmaceutical distribution and retail group has posted disappointing interim results which were well below expectations, according to Frazer Hall and Guy WoodGush at UK broker Barclay de Zoete Wedd.
Pretax profits fell from L19.1 million ($29.7 million) to L16.4 million in the six-month period ended September 1994. Based on this, AAH chairman John Padovan issued a warning that for the full year pretax profits will be below the year-earlier level. Group sales were L798.6 million, ahead 3.3%.
The main problem for the group was said to be performance of its hire fleet of rubbish and streetsweeping vehicles. However, growth in the hospital market was 9%, but the analysts point out that this business is lower margin than retail pharmacy distribution. Health care achieved an increase in operating profits of 3% to L17.1 million in the first half.
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