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By
Reuters
Published
May 16, 2013
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Boots parent group year profit up 6 percent

By
Reuters
Published
May 16, 2013

The firm said on Wednesday it made a trading profit of 1.27 billion pounds ($1.94 billion) in the year to March 31, though revenue was down 2.6 percent to 22.4 billion pounds as consumers across Europe grappled with government austerity measures and fallout from the euro zone debt crisis.

Last year United States drugstore chain Walgreen purchased a 45 percent stake in Alliance Boots in a $6.7 billion cash and stock deal. It has an option to proceed to a full combination in two years.

Trading profit rose 6.8 percent to 865 million pounds in the group's health and beauty division, and increased 5.1 percent to 435 million pounds in its pharmaceutical wholesale division.

Net borrowings were reduced by 1.12 billion pounds.

"We continue to be confident about our prospects and ability to pursue profitable growth, organically, from our synergy programmes and through international expansion," said executive chairman Stefano Pessina.

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