New book by Larry Connors Click here Improve your trading - See how
API chairman Peter Robinson told shareholders at the company's annual general meeting in Sydney on Tuesday that that in the lead-up to Christmas, sales had been unpredictable and had occurred later than usual.
But sales had been very strong in the days after Christmas.
"Comparable store growth across the group was approximately four per cent during this time," Mr Robinson said.
"We were pleased to record record sales ahead of last year, and we believe that at this stage of the current year it puts us on target to improve on last year's first half net profit after tax of A$6.1 million (US$4.09 million) by up to 10 per cent, assuming that trading continues as expected in the final six weeks of this period.
"(But) the continuing uncertain nature of the retail environment only reinforces your directors' view that it will be another tough year. Albeit management has already prepared for the expected challenging conditions.
"Like every other business, our caution is based around the current global financial crisis and its impact on the Australian economy."
Mr Robinson also said that API's current share price did not reflect the long-term value of API.
API chief executive Stephen Roche said API believed that pricing pressure on generic pharmaceuticals would continue.
He said the final stage of PBS (Pharmaceutical Benefits Scheme) reforms that come into effect in 2011 - which adjust prices based on weighted average discount prices over the preceding 12 months - would mean that API would distribute higher volumes of products at a lower average price.
Mr Roche noted that there had been considerable discussion in the financial markets about debt structures and funding arrangements.
"In communications to shareholders in 2008, we clarified the major points which are that we have our debt facilities in place until April 2010, and we believe that the facilities have enough room not only to fund our operations but also to invest in development activities," he said.
Mr Roche said API now had more than 300 stores under the Priceline brand, and API was confident of achieving 400 stores in 2010.
Mr Roche said changes to API's warehouse management system would be its most critical strategic development for 2009.
(AAP)
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
