Sigma Healthcare (ASX:SIG) released their results for financial year 2019 showing net profit after tax was down 33.1 per cent on last year to $37 million.
Underlying EBITDA of $90.5 million, was down 9.2 per cent on last year.
Total Sales Revenue of $3.98 billion was down 2.9 per cent, reflecting the $226 million or 50 per cent decline in sales of the low margin Hepatitis C medicines.
The Business Transformation program Project Pivot is underway which Accenture identified as having over $100 million in efficiency gains over the next two years.
This was initiated after the announcement that Sigma would not renew the MyChemist/Chemist Warehouse service contract.
Shares in Sigma Healthcare (ASX:SIG) closed 3.77 per cent higher at 55c yesterday