Agostini’s Limited has some “exciting acquisitions in the pipeline” planned for this year, the company’s Finance Director Barry A Davis has said.
Davis made the statement as part of Agostini’s full live digital annual report for 2022. The annual report is titled “Looking Beyond.”
“Starting the new year we do have some exciting acquisitions in the pipeline so we continue to work on those and expect to conclude those in the first half of the new financial year,” Davis stated.
“One of our key strategic imperatives is to become a leader in the Caribbean and in Caricom. When you look at our results and look at our revenue over the past year 70 per cent of our business is in T&T currently and only 30 per cent is generated by our businesses outside of T&T,” he stated.
As such Davis said there is significant opportunity within the region and Agostini’s focus is to build on that.
“We are moving beyond T&T and would have an operation that is spread throughout the English-speaking Caribbean,” Davis stated.
Agostini’s Managing Director Anthony Agostini Managing Director said that further expansion in “Guyana, up the islands, Jamaica, and beyond will be the key focus of the company in the coming year and years.”
Davis stated that Agostini’s made a few acquisitions over the last two years starting in April 2021 when it purchased Oscar Francois Ltd and Intersol Ltd through its pharmaceutical distribution company Smith Roberston.
“We eventually merged Oscar Francois into the operations of Smith Robertson in October 2021 and Intersol continues to operate separately. Then we acquired Process Components Ltd through our subsidiary RoscoPetroavance Ltd in October 2021 merging the operations to benefit from synergies,” Davis said.
“We operate in the industrial and constructions sector, that’s one of our core strategic segments and we felt it was important to increase the size and improve that business. So with that acquisition of Process Components the merged entity is now called RoscoProcom. The size of the business has doubled from a revenue perspective,” he said.
Last year Agostini’s also acquired Collins Ltd and Carlisle Laboratories Ltd in Barbados.
“Collins Ltd is the largest pharmaceutical distribution company in Barbados and Carlisle Laboratories Ltd is the manufacturer of pharmaceuticals and drugs. This expands our operations outside of T&T and it builds our pharmaceutical and healthcare business significantly,” Davis said.
“We have been able to capture a lot of synergies from the acquisitions that we made in the last year and the flow through to the bottom line has been seen in our increase in profits by 40 per cent over the previous financial year,” Agostini stated.
“We believe our future is secure and our shareholders will be well rewarded in the coming years,” he said.