SONIC Healthcare lifted first half profit by eight per cent to $146 million as it continues to take a greater share of the market despite global uncertainty. <\/p>\n
The pathology and radiology provider said its net profit after tax was $146 million in the six months to December 31, 2011, up eight per cent from $143 million in the prior corresponding period. <\/p>\n
Revenue was $1.69 billion, up 12 per cent from $1.64 billion over the same period last year. <\/p>\n
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) during the six months were $304 million, up 14 per cent from $297 million. <\/p>\n
The company declared a 24 per cent dividend per share which was unchanged from the prior year. The dividend was 35 per cent franked. <\/p>\n
The company also said it was on track to achieve its full-year guidance of 10 to 15 per cent earnings growth. <\/p>\n
Chief executive Colin Goldschmidt on Tuesday said ongoing headwinds from the strong Australian dollar had softened the company's results but did not affect underlying performance. <\/p>\n
\"In a time of global uncertainty and weak economic conditions, Sonic's operations continue to perform strongly, taking market share from competitors and increasing margins through synergy capture, tight cost control and revenue growth,'' Mr Goldschmidt said in a statement. <\/p>\n
Sonic's Australian Pathology operations have continued the turnaround which began in the second half of the 2011 financial year. <\/p>\n
Mr Goldschmidt said the company recorded revenue growth of eight per cent and more than 150 basis points of margin improvement. <\/p>\n
The company said it was pleased with the outcome in a market still challenged by high collection costs as a result of changes to the regulations around collection centres. <\/p>\n
\"Our focus on quality, customer service and brand strength have enabled us to grow market share despite opening proportionately fewer collection centres than others,'' he said. <\/p>\n
Sonic's pathology operations in Germany were a standout performer and the company's other European pathology operations, including the radiology division and IPN, had also performed strongly during the half year. <\/p>\n
The company's businesses in Belgium, Switzerland, the UK and Ireland were tracking well. <\/p>\n
However, all US laboratory companies had been affected by the weak US economy, causing low to flat organic revenue growth, Sonic said. <\/p>\n<\/p>\n
See the original post: SONIC Healthcare lifted first half profit by eight per cent to $146 million as it continues to take a greater share of the market despite global uncertainty. The pathology and radiology provider said its net profit after tax was $146 million in the six months to December 31, 2011, up eight per cent from $143 million in the prior corresponding period. Continue reading
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