Poor performance in its veterinary business and a myriad of exceptional costs have drained Greencross’ (ASX: GXL) profits in FY18.
The pet product retailer and veterinary specialist realised $24.2 million worth of impairments across areas including projects, investments, store assets and provisions.
In the second half alone, Greencross paid $22.6 million in one-off costs including $2.5 million for restructuring the business. Total statutory profit dropped by 51 per cent to hit $20.7 million.
Underlying earnings in the Australian veterinary segment fell 17 per cent at $24.6 million, a result which Greencross managing director and CEO Simon Hickey says is underwhelming.
“The performance of our v…
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