API’s new chief executive flags record half-year profits

Australian Pharmaceutical Industries (API), which owns the Priceline, Soul Pattinson and Pharmacist Advice businesses, expects half-year net profit after tax to rise 14.6% to a record $29 million.

Priceline is the key driver of the strong result with total sales in the year to date rising by 3.6%, the group's incoming chief executive Richard Vincent told shareholders at the company's annual general meeting in western Sydney on Wednesday.

Mr Vincent, who will replace Stephen Roche as chief executive on February 15, said Chistmas trade has been steady across the business with Priceline's crucial like-for-like sales rising 1.4