In a statement accompanying new accounts for the McCauley Pharmacy business, James Tolan said that Covid-19 had "a very significant impact on the demand for some of the services we provided such as beauty salons, and also impacted on demand for certain non-pharmaceutical products".
Mr Tolan added: "We will see the financial benefit of the restructuring over the next two years. In 2021 we expect to generate EBIDTA of over €4m and we are targeting significant growth in 2022."The report by the chairman of LXV Remedies Holdings Ltd is attached to new accounts which show that McCauley Pharmacy recorded pre-tax losses of €3.1m in the 12 months to the end of September 2020.
The loss also takes account of non-cash depreciation costs of €2.15m and interest payments of €1.17m compared to interest payments of €5.89m in 2019. "Our banking partners, AIB, agreed to a new banking facility. Consequently, we face the future with great confidence," he said."McCauley and the broader pharmacy retail sector play a very important role in the delivering of medicines and high-quality trusted advice to Irish Society," Mr Tolan said.