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Strong medicine cures Adcock
PHARMACEUTICALS
THE strong medicine taken by pharmaceutical group Adcock Ingram after its merger with Premier Pharmaceuticals has started to take effect, with the group posting a 15% earnings rise to 54.3c a share for the half-year to March. Chief executive Phil Nortier says savings from the merger in May last year and subsequent restructuring started to flow through in the second quarter. He expects the benefits to accelerate in the second half, pushing up earnings growth for the full year past 20%. Interim turnover, at R958.3-million, was up 4% on pro forma figures for the same period last year.The benefits of restructuring and an improved sales mix pushed up operating margins from 19.5% to 21.6%, leading to a 12% rise in operating income. A dividend of 15c a share has been declared - up 19%. The market gave Adcock Ingram the thumbs up on Thursday, pushing its share price up 50c to R22.
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