Brown’s Pharma Holdings plc registered a major improvement across as financial metrics in 2025, a year hailed by Executive Director Alexander Fenech as “the most significant year of growth” in its history as a listed group.

The group boosted revenue by 50 per cent, reaching €75 million, reflecting continued growth with the Malta retail operations and the transition of its UK arm from a loss-making operation to a meaningful contributor to group revenue.

Operating profit rose 62 per cent to €7.5 million, while profit before tax increased by 85 per cent to €6.1 million.

Earnings per share almost doubled, from €0.11 in 2024 to €0.20 in 2025.

Growth in the Malta business, which operates the largest network of retail pharmacies in the country, was driven by both increased average basket spend and increased customer footfall.

The principal driver of revenue was the UK-registered distance-selling pharmacy, Mediva Pharma Limited, although its B2B wholesale revenue carries a structurally lower gross margin than the Malta retail business, leading to a decrease in the group’s gross margin to 27.4 per cent (2024: 32.3 per cent).

“That effect was more than offset at the operating line, where a 62 per cent increase in operating profit on a 50 per cent increase in revenue demonstrates that the operating model is scaling,” wrote Mr Fenech in a message to stakeholders in the company's financial report.

Mediva also advanced its technology roadmap: by year-end the OxygenRx platform – Mediva’s proprietary B2B ordering, compliance and fulfilment stack – had been substantially readied for commercial roll-out in 2026.

Brown’s also progressed the UK consumer proposition through Lyv Ltd, which will operate the Lyv Pharmacy/Mediva direct-to-consumer offering.

Both the OxygenRx and Lyv platforms are intended to move Mediva beyond its current third-party fulfilment model and into direct commercial relationships with its customers.

Brown’s Pharma Holdings plc’s total assets increased to €103 million (2024: €99.7 million) and total equity attributable to shareholders grew to €40.6 million (2024: €38.2 million), reflecting retained profit of €4.0 million partially offset by the dividend distribution of €1.6 million. Interest-bearing borrowings stood at €17.2 million at year-end (2024: €17.8 million), with the modest reduction reflecting scheduled amortisation on the Group’s bank facilities

Cash and cash equivalents more than doubled to €6.0 million (2024: €2.6 million), providing a comfortable working-capital cushion heading into 2026.

“I would like to record my thanks to the formidable management team for their unwavering belief in, and execution of, my vision,” said Mr Fenech.

“To all our colleagues across Malta and the United Kingdom, whose day-to-day work is the reason these results exist – thank you.”