Leading drug company Australian Pharmaceutical Industries has said that the recent floods in Queensland will have a significant impact on the company’s full-year result, following the closure of its Ipswich distribution centre and 17 stores.
“Despite a more than satisfactory Christmas period, 2011 has not started the way we would have liked,” API Chairman Peter Robinson told shareholders at the company’s annual general meeting.
Floodwaters 2m-deep destroyed inventory and equipment at the distribution centre; the company expect it to take up to six months to repair the damage.
“Recovery plans have been activated,” Robinson added. “However, given the automation in the facility, it may take up to six months to source, install and test replacement equipment.”
