Medical Disposables earning rides higher on drugs
Medical Disposables and Supplies Limited (MDS) made $96 million of profit from $1.3 billion of revenue at year end March 2016.
It's an improvement on the company's position in 2015 when it made $84 million profit from $1.1 billion of sales.
General Manager Kurt Boothe said the improved performance was due to product offerings in the pharmaceutical range.
"The company was also appointed as exclusive distributor for a segment of the GlaxoSmithKline portfolio, which yielded positive results as well," he said.
In 2015, MDS bought a 27,000-square-foot warehouse from Kingston Properties Limited for $230 million, which Boothe said was retrofitted in the last quarter of the review year.
"We were extremely pleased that we were able to complete this phase of renovations out of pocket while still improving performance and returning value to our shareholders," the general manager said, noting the new capacity allowed for the accommodation of the increased activity from its new lines.
The company ended the year with cash and cash equivalents of $29 million, down from the $50 million it reported in the previous year. The dip is reflective of the work done on the warehouse, Boothe said.
The family-run company was listed on the junior stock market in December 2013, 13 years after it first launched into business.
Boothe projects a 25 per cent lift in revenues for this financial year, saying the company is still expanding "and placing focus on strategic areas".