Leading healthcare company in Australia, Primary Health Care Limited (ASX: PRY) announced that Fair Work Commission has released a decision and drafted workplace determination which is relating to support employees that includes Pathology collectors, Laboratory Assistants, Couriers, maintenance and store employees within Dorevitch. Company is not expecting the substance of the determination to change significantly.
It is estimated that the determination is expected to have approximately a $4.5 million post-tax impact on UNPAT guidance for the year financial year 2019. Through a range of mitigation strategies, company is also aiming to fully offset the impact. It is estimated that the determination will have an impact of around $4.8 million. Primary is continuing to evaluate consequences of the determination within Dorevitch and other areas of its pathology division. Pathology division generally operates on a state-by-state basis, including different industrial instruments within each state. Company also acknowledges that the Commission has made some adverse remark about the Dorevitch’s historical approach of bargaining. This matter is taken seriously by the company and it has made number of changes at Dorevitch which includes appointment of new CEO. With the aim of promoting a better workplace culture Primary had taken several initiatives that includes a new Purpose mission and Values launched Group-wide over July and August 2018. The Share price of Primary Health Care slipped by 1.89% on 14 September 2018.
PRY shares traded at $2.845 with market capitalization of $1.69 billion as on 14 September 2018 (AEST 3:30 PM).
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