Commentary
FINANCIAL REVIEW
The six-month period under review saw Adcock Ingram facing several challenges, both internal and external, that
tested the Company’s business model and strategy. Although the financial results achieved were disappointing, the
Company continues to invest in its supply chain, products and people, all of which give confidence for improved future
performance.
Headline earnings
The Company achieved headline earnings for the six months ended 31 March 2012 of R335,8 million. This represents
a 12% decrease from the comparable figure for 2011 of R381,7 million. This translates into a decrease of 10,2% at the
headline earnings per share (HEPS) level and 10,4% at the earnings per share (EPS) level.
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