Pharmacy2U enjoys financial boost after unprecedented demand
Pharmacy2U has said the Covid pandemic and national lockdowns “led to unprecedented growth in demand” for its internet services. Its latest accounts reveal its finances enjoyed a major boost as many patients turned to it for advice and medicines delivery.
Its financial report for the year ending March 31, 2021 revealed it turned a £7.2 million loss in 2020 into a £100,000 profit before tax.
The number of NHS patients who nominated Pharmacy2U increased from 441,000 last year to 525,000 following its investment in multiple marketing channels and funding of electronic repeat prescription requests and patient reminder services.
Its earnings before interest, taxes, depreciation, and amortization increased by £6.2 million. The company had net assets of £20.3 million as of March 31, 2021, up from £18.1 million in 2020.
Pharmacy2U achieved a profit despite its additional costs exceeding £4 million as a result of the pandemic. Those costs covered extra staff breaks so its facilities could be frequently cleaned to prevent the spread of the virus, seven-day-a-week working to meet patient demand which required overtime premiums, and home working for 200 office-based employees.
Dispensing facilities that operated seven days a week were supported by Pharmacy2U’s automated unit in Leicester which it opened in November last year as well as its Leeds facility.
The company, which described the growth of its “core business” as “unprecedented,” also said it played a “significant role” in the Covid vaccination programme, delivering more than 700,000 vaccinations from 25 locations.
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