CEO of Corum Group David Clarke released to the ASX the company’s 2018 annual report yesterday. It gave further commentary on key areas for the business performance, supplementing the financial results released in August.
Clarke says his major focus is on the investment in product development, combined with the gain in operational efficiencies, and ensuring that, “Corum remains focused on putting our customers first”.
“Corum Health now has the opportunity to improve its market position within community pharmacy and banner groups, participate in industry consolidation and partnerships, and play a greater role in the evolving digital health industry,” Mr Clarke said.
Customers remain ‘major focus’
“Customers remain Corum’s major focus,” he went on. “While product developments and cost savings benefit the company, they’re only of value if they benefit our customers.
“Corum Health remains focused on putting customers first to support their success and the care of their patients.
“Increased market presence, branding, the delivery of new products, and the release of new features in existing products are delivering greater customer and revenue stabilisation – and stimulating more interest from potential customers and banner groups.”
$4.7 million investment
In the past financial year, Corum Health has invested $4.7 million in developing new products and enhancing existing platforms.
The company says much of this investment is for the development of new applications – in particular the new ‘Corum Clear’ dispensing system and head-office products.
The keystone investment has been the three-year software-modernisation project. As part of this project, ‘Corum Clear Dispense’ is now being tested in pharmacies throughout Australia and is expected to be operational in late 2018.
The company has also released several revisions for its core ‘LOTS’ programs with enhanced capabilities over the year. It says these updates have “brought market best performance, greater reliability and new features to customers”.
The company says it has developed strong expertise in cloud services. The ‘Safeguard Plus’, ‘ScriptARC’ and ‘Corum Clear Reports’ products all use cloud services and technology.
Profit for 2018
For the year ended June 30, 2018, the group achieved a statutory after-tax profit of $251,000 compared with a prior year loss of $5.9 million after goodwill impairment.
Mr Clarke said, “During the year, our focus has been on addressing the underlying causes of revenue decline, automating and streamlining internal operations, investing in new products and capabilities, investigating growth opportunities, and engaging more closely with industry and government.”