A pharmacy group has posted a net profit increase of $1.84 million in the year to June 30, up from $1.22 million in the previous year.

Terry White Group, the parent company of the Terry White Chemists franchisors, has doubled its profit after acquiring Chemplus pharmacies in July 2015.

“Our strategy is well defined and is built upon offering a strong, sustainable business model for our pharmacy owners, while continuing to increase our national footprint to deliver scale benefits and margin growth across the group,” said Anthony White, chief executive.

“The Chemplus merger grew our network scale, increased the number of distribution points for our higher margin private label products to support improved revenue for pharmacy owners, delivered increased sales across all categories for our pharmacy owners and provided us with proven merger capability,” he added.

A report by Inside Retail also states that the company also announced it is looking for more mergers for further growth.

“We’ve definitely got the base to do it now and maybe if we can do another acquisition in the next 12 months or so that would be a great base to go forward with,” he said.

The news comes as Chemmart and Terry White Group joined forces in August.