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The ASX turned flat today. The S&P/ASX200 was up lower, dropping 9.80 points or 0.12% to 8,399.10. Over the last five days, the index has gained 0.62%and is currently 1.36% off of its 52-week high.
Two of the top-performing stocks in this index are Sigma Healthcare Ltd and Flight Centre Travel Group Ltd (on no news), up 13.33% and 4.45% respectively. The bottom performing stocks in this index were Deep yellow Ltd and Boss Energy Ltd down 15.64% and 10.57% respectively.
It was a mixed bag for sectors. Real Estate, Utilities and Energy were the worst performed, down 3.19%, 2.47% and 2.10% respectively. The best performed were Consumer Discretionary and Communication Services, which gained 1.63% and 0.94%.
The small cap sector, S&P/ASX Small Ordinaries (XSO) tumbled 0.96% today to 3,171.20. Over the past five days, the index is 0.31% higher.
Chemist Warehouse record sales
Sigma Healthcare is higher on record sales and margin expansion reported by Chemist Warehouse.
The 1H FY25 results represent a continuation of the strong results included in the outlook statement for the period July 1, 2024, to October 31, 2024, provided in Chemist Warehouse’s scheme booklet dated December 13, 2024.
“CWG has delivered a record result for 1H FY25 with double-digit Like-For-Like Retail Network Sales growth, aided by a strong trading performance in December,” Chemist Warehouse CEO Mario Verrocchi said.
“We have executed well on the commitments we made in September to deliver sustained growth through new franchise store openings and international expansion while implementing new supply agreements to drive efficiencies. EBIT increased by 35% and margins expanded by 400 basis points.
“We opened 19 new stores in the half, with two new stores opening in Dubai, a new geography with attractive opportunities.
“We made good progress in transitioning wholesale supply to Sigma to drive efficiency gains and launched Wagner Pharma.
“We also successfully launched the new Messi men’s fragrance, which delivered strong sales during the period, demonstrating our ability to innovate and support partners’ brands.
“During the period, we also made good progress with the transformational merger with Sigma, which is expected to complete in February.
“We enter 2025 with confidence and look forward to further growth and network expansion.”
The results come just a day before Sigma Healthcare shareholders will vote on the plan to merge the two companies.
The merger between the two companies is anticipated to deliver approximately $60 million in annual synergies, with Sigma Healthcare managing director Vikesh Ramsunder to remain in his current role, while Mario Verrocchi will continue to lead the Chemist Warehouse business.
The combined entity will oversee four franchise brands, including Chemist Warehouse, and operate as a pharmaceutical wholesaler and distributor. It will manage a network of over 800 franchise stores across Australia and supply products to more than 3,500 pharmacy customers.
With a valuation exceeding $30 billion, the merger will see Sigma issue Chemist Warehouse Group with $700 million in cash and approximately 9.9 billion new shares. Post-merger, Chemist Warehouse shareholders will hold around 85.7% ownership of the consolidated company.
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