Leadership statement

A refocused senior management team, together with the recently structured divisional management, fully understand what needs to be done to restore the Group to its former status in the industry. They have already diligently demonstrated their commitment to that objective and have practically put the Group on a profit path which will hopefully continue if efficiencies and markets improve.

It is indeed a pleasure to report back to you after a year of settling in the new divisionalised structure of the Adcock Ingram business, which was presented in our previous integrated report. This was done as the Company reaches a key milestone in its long history, the 125th anniversary. The E.J. Adcock retail pharmacy was founded in Krugersdorp in 1890, which business was the foundation of the Company eventually floated on the Johannesburg Stock Exchange, as Adcock Ingram, in 1949. The journey and transformation of Adcock Ingram over the years has been remarkable, which is evident in where the Company is positioned today, as a leader in the local pharmaceutical industry.

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PROSPECTS

Considering the economic conditions and uncertainties in South Africa at this time and elsewhere, the currency errosion, an erratic electricity supply and an unpredictable market, the Board is satisfied with the direction and progress achieved during the past year. The Board remains optimistic on the Group’s medium-term prospects, which view is tempered by the recent material devaluation of the Rand.