SCOTS pharmacy independent Walter Davidson & Sons has increased profits after expanding through acquisition in the latest financial year amid tough times on the high street.

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Walter Davidson, which has 30 plus stores, made £4.05 million profit before tax in the year to January 31, compared with £3.45m in the preceding year.

Sales at the Perth-based group rose to £40.55m from £38.42m.

In the accounts the company disclosed it paid £3.6m cash In respect of the purchase of subsidiaries during the year.

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The company said the results included the figures for McPherson Pharmacy in Broughty Ferry from the time of its acquisition on June 1 last year.

It paid £507,000 dividends in the latest year compared with £741,000 in the preceding period.