Group is all smiles

Queensland dental group 1300SMILES has added another link to its chain with the acquisition of Sunshine Coast practice, Dental Centre Buderim. — Page 26

QUEENSLAND dental group 1300SMILES has added another link to its chain with the acquisition of a Sunshine Coast practice.

Managing director Daryl Holmes said the deal to buy a dental practice at Buderim was a strategic move as it would create scale and scope for further growth.

“This acquisition is a great fit for 1300SMILES and we are confident it will contribute to solid returns for shareholders,” Dr Holmes said.

The Townsville-based dental group has in the past six months completed a number of Queensland acquisitions, including at Maleny, also on the Sunshine Coast, Gladstone, Roma and Ingham. It now has 28 practices in three States.

1300SMILES recently reported a $3.9 million profit for the first half of the financial year, up 4 per cent on the back of a 9.6 per cent jump in revenue to $19.75 million.

“The consolidation of the dental market is nowhere near complete,” Dr Holmes said in a letter to shareholders. “In the end there will be a number of quality corporate dental operators ... and there will be a persistent rump of owneroperators working out of small surgeries here and there.”

1300SMILES shares closed 7¢ lower at $6.50 yesterday.

BRANCHING OUT: The 1300SMILES grin has spread further with the acquisition of another clinic at Buderim.