Shares in Australian Pharmaceutical Industries, owners of Priceline and other chemist chain, jumped more than 6% yesterday after it upgraded full-year profit guidance and revealed it had found a successor to long-standing chief executive Stephen Roche, who retires next February.
API, which operates 442 Priceline Pharmacy stores, releases its full-year results on October 20 and yesterday revealed it now expects underlying net profit for the 12 months to August 31 of $51 million – up 17% on 2014-15, and above market forecasts.
As a result the shares ended up 4.7% to $1.99.
API said that Roche, who has been CEO for the past decade, will be replaced by Richard Vincent, who is API’s current general manager of business development, operations and strategy. Investors said that means there will be continuity of the current successful strategy set in place by Roche and the board.
API is minority controlled by Washington H SoulPattinson.
