Boots saw its post-tax profits improve by £126 million and operating profit increase by £47 million in the 12 months to August 31, 2022 having endured heavy losses in the previous year, according to Companies House.

The multiple’s latest accounts revealed it generated a post-tax profit of £15 million having posted a £111 million loss in 2021 while its operating profit went from £8 million to £55 million. The post-tax profit of £15 million, its accounts said, “was primarily due to the £47 million improvement in the operating result” as well as “a lower tax provision of £64 million due primarily to the change in tax rate that was substantively enacted in the prior year.”

Boots’ pharmacy revenue increased by 1.1 per cent to £2,308 million from £2,283 million in 2021 and made up 35.4 per cent of the company’s revenue.

The accounts also said its “comparable pharmacy revenue” increased by 1.2 per cent “as favourable national health service funding levels mitigated the impact of ongoing lower prescription volume and reduced demand for services such as travel vaccinations” during the Covid pandemic. Its retail revenue rose by 19.1 per cent to £4,204 million, up from £3,529 million in 2021.

However, Boots incurred £64 million in restructuring costs following “changes in the company’s store portfolio alongside store and central support operating models” but said “current year and prior year restructuring” had generated “a year over year saving of £83 million.”

Boots also said the majority of the 200 or so branches earmarked for closure or consolidation in 2019 had now closed.

Its overall revenue increased from £5,812 million in 2021 to £6,512 million last year and it had £80 million in cash and cash equivalents as of August 31, 2022 compared with £60 million in 2021.

Boots’ shareholders’ equity increased from £1,628 million in 2021 to £1,815 million last year. Its directors’ remuneration also increased from £2.8 million in 2021 to £6.6 million last year – the multiple’s CEO Seb James more than doubled his pay to £3.8 million in 2022.