Pharmacy chain to make healthy profit

 

Pharmacy chain Sam McCauley Chemists expects to make €80 million in revenues this year, and about €5 million in operating profit.

The group yesterday announced a management shake-up, and a €5 million expansion that will create an extra 20 jobs.

Current managing director Sam McCauley is to take on a new role as executive chairman. Patrick McCormack, currently joint chief executive, will become chief executive.

Eric Jenkins, also joint chief executive, will become group business development director. Current chairman Gerry Griffin, former chief executive of Uniphar, will stay on the board as vice-chairman.

In the 12 months to September 30th last year, its last financial year, the group had a turnover of €70.3 million, an increase of 22 per cent on 2005.

Operating profits grew 32 per cent over the same period to €3.27 million.

The group said yesterday it was on target to achieve revenues of €80 million, and an increase in operating profits to €5 million.

It is planning to invest €5 million in opening three new shops in Carrick-on-Suir and Clonmel in Co Tipperary and Glasthule in Dublin.

The expansion will create 20 new jobs, and will bring the group's total workforce to 650.

It is also extending existing shops in Kilkenny and Loughboy, and has a number of new sites "under negotiation".

McCauley Chemists began trading in 1953, and Sam McCauley and his wife Leslie joined the business in the late 1970s. The group is headquartered in Wexford. It has expanded over the years by taking over other outlets, many of whose owners are now shareholders.