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Drake reports another "solid" year, doubling profit

Drake International's Australian business more than doubled its net profit in the past financial year, according to its latest results filed with ASIC.

The company reported a 22% year-on-year revenue increase in the 12 months to 1 October, following 6% growth in the previous corresponding period.

"Drake International enjoyed yet another year of improved performance as it continues to execute its strategy of driving up margins and maintaining service excellence," an executive committee spokesperson tells Shortlist.

Net profit increased by 118%, and the spokesperson says this "solid" result was primarily due to the contributions of healthcare brand Drake Medox (up 43%), and its staffing and recruitment divisions, which grew by 57% in FY21...