Blackmores employees will get an extra six weeks pay because the company smashed its profit target

With record sales, a share price that tripled in 12 months, 170 new products launched and Asian market share expansion, it’s fair to say health and vitamins company Blackmores had a good year.

Group sales of $471.6 million were up 36% year-on-year, delivering a $46.6 million profit, up 83% compared to the prior year’s results. The company decreased its net debt by 87% to $7.1 million.

Blackmores has a profit share program where 10% of profits are redistributed back to staff. Company chairman Marcus Blackmore said this year thats the equivalent of six weeks extra pay.

“In the prior two years, our management team has been awarded minimal, if any, incentive payments because our remuneration policy is strongly aligned to shareholder outcomes and our profit growth threshold had not been achieved given numerous market challenges,” Blackmore said.

“By contrast this year, it gives me great pleasure to report that maximum incentive payments will be awarded to eligible staff, reflecting the strong profit performance of the group.

The company has a strong culture of staff share ownership: 10 of its top 30 shareholders are current or past employees.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.