Adcock Ingram (AIP) Results Snapshot 1H22

Diluted HEPS improved to 242cps (+30.0% y-y), with strong turnover growth (+15.6% y-y), on the back of Consumer revenue growth of 32.8% which was aided by Plush acquisition. Group GPM expanded by 47bps to 35.0%. Good expense control, with expenses to sales reducing to 23.2% compared to 24.3% LY. OPM improved by 151bps to 11.8%. Dividend of 104cps declared, out of income reserves. Group is ungeared and net cash resources stand at R170.3m.