ADCOCK Ingram says it has surged beyond "remedial mode" over the past two years, following the reorganisation of the pharma group into autonomous operating divisions.This propelled cash generated from operations to R941m in the year to June, from R598m last year, helped by a drop in working capital of R114m. This has resulted in net debt for total operations being reduced from nearly R1.1bn to R217m.Net debt from continuing operations more than halved, from R777m, to R311m at the end of the year. Turnover rose 7.5% to R5.5bn in the period, as trading profit shot up 16.9%, to R606m. Normalised headline earnings per share rose 20.1%."What has been particularly gratifying is the (new) autonomous structure has worked for us," CEO Andy Hall said on Friday. This followed the Bidvest parent group’s decentralised operating structure.Bidvest’s acquisition of Adcock starting in 2013, took place amid a bitter battle between Adcock’s board and Bidvest for control of the firm. At the time Bidves...
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