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Scottish pharmacy chain Lindsay & Gilmour saw its operating losses deepen by four per cent in 2025, its latest accounts reveal.

Published in September, the accounts for Red Band Chemical Company Limited (the company’s registered name) for the year to December 31, 2025 show an operating loss of £163,343 compared to £156,406 the year before.

Revenue fell by around £2m to £41.4m, with the cost of sales falling by around £60,000 to £15.7m and administrative expenses falling by £20,000 to £16.1m.

There was a pre-tax loss of £374,332 and a year-end loss of £303,904 after a tax adjustment, compared to a post-tax loss of £420,000 the previous year. 

In their strategic report, the directors of the Edinburgh-headquartered company described 2025 as “a challenging year” during which pharmacy funding increased “well below the upward cost pressures seen from government policy changes”.

They added: “Cost pressures increased significantly as a result of a 32 per cent increase in Employer National Insurance contributions brought in as part of last year's budget and a 6.7 per cent increase in the National Minimum Wage.”

The rise in employment costs has been offset by moving “a large proportion” of in-branch dispensing to a central hub to allow more efficient working, they said.

The key business focus during 2025 was on developing both NHS and private services, with 11 prescribing pharmacists employed as of June 2026 and a further 12 carrying out prescribing training.

Travel vaccinations and ear wax removal are cite as services that have performed well, with a number of other services being developed and rolled out across the company’s 32 pharmacies. 

Looking ahead, the company said it planned to drive revenue and boost its profile through a marketing strategy that has involved the launch of a new website and a television advertising campaign to mark the 200th anniversary of its Elm Row branch - the oldest pharmacy in Scotland.

The report added: “The directors expect 2026 to continue to improve with increased revenues from the NHS pharmacy contract alongside enhanced service levels and the launch of new services.”