On 27 June 2023, Brown’s Pharma Holdings plc published an updated Financial Analysis Summary. The following are the main highlights of the company’s expected financial performance and position in 2023:
- Revenues are expected to increase by 4.5% to a record of €34.4 million, reflecting both organic growth and additional pharmacy acquisitions.
- In view of the higher level of business as well as higher margins, EBITDA is projected to grow by a further 7.7% to €6 million.
- Net finance costs are expected to be virtually unchanged at €1.08 million. As a result, the interest cover is anticipated to improve to 5.44 times compared to 5.08 times in 2022.
- In terms of financial position, total assets (+1.7%) and total liabilities (+0.7%) are expected to increase marginally to €74.3 million and €45.6 million respectively.
- Total debt is projected drop by 2.1% to €22.3 million, when including €9.5 million in lease liabilities. Coupled with the increase in the company’s equity base to €28.7 million (+3.4%), the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to ease to 43.8% from 45.2% as at the end of 2022. Furthermore, the net debt-to-EBITDA multiple is projected to improve to 3.2 times compared to 3.6 times in 2022.