Adcock Ingram (AIP) – Results Snapshot

Diluted HEPS improved to 493cps (+21.8% y-y).
Strong turnover growth, +11.9% y-y, supported by Consumer and OTC businesses.
Group GPM expanded from 34.5% to 35.1%.
Good expense control, with expenses to sales reducing to 23.0% compared to 23.6% LY.
OPM improved by 117bps to 12.1%.
Final dividend of 109cps declared.
Group is ungeared and net cash resources stand at R345.4m.