Ascendis reports healthier margins after recent acquisitions
Revenue climbs 21% to R7.7bn in the year to end-August, boosted by its acquisitions of higher margin businesses
Ascendis Healthcare said on Tuesday that recent acquisitions' rapid growth in revenue from international operations boosted its performance in the year to end-August. International revenue increased 35% to R3.7bn during the period, with the group's South African operations seeing revenue growth of 10%. Normalised operating profit increased 18% to R1.2bn and normalised headline earnings 14%, weighed down somewhat due to the increase in shares in issue during the period. The group said its recent acquisitions, including Sun Wave Pharma in Romania, and Cipla in Cyprus, had resulted in improved margins and revenue growth. The group is in the process of a strategic review that will see a shift in focus away from smaller South Africa-based subsidiaries. In a separate statement on Tuesday, Ascendis further outlined its shifting strategic focus saying it would increasingly focus on its core consumer healthcare business. Its biosciences division has been identified as non-core, and the group...
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