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Revenue has soared to £20.2bn in Nottingham-based Alliance Boots' year-end results. The healthcare giant said trading profit had also increased by more than 14 per cent to £1.05bn for the year ending 31 March. In a year which included chief executive Andy Hornby making a shock exit from the company, Alliance Boots said it was now confident about its future prospects "both in the short and longer term".

The company's pharmaceutical wholesale division outperformed the others, with an increase in trading profit of 36.2 per cent.

Revenue grew by 15.1 per cent to £20.2bn and £23.3bn when including share of associates and joint ventures.

Cash generated from operations stood at £1.3bn and the company reduced its net borrowings by £546m.

Over the period, Alliance Boots made two acquisitions, purchasing a controlling interest in Middle Eastern company Hedef Alliance in July, and gaining the majority ownership of Germany-based ANZAG in December.

Alliance Boots said that the two acquisitions had "accelerated the internationalisation" of the product brands.

Revenue was up 1.7 per cent in the company's health and beauty division, while its Boots UK division experienced like-for-like retail revenue growth of 1.2 per cent.

The company's pharmaceutical wholesale division said revenue grew by 23.6 per cent, helped in part by geographical expansion following the two acquisitions.

Stefano Pessina, executive chairman, said: "Alliance Boots continues to perform strongly, delivering a double digit growth in trading profit through a combination of organic growth and acquisitions, while at the same time reducing net borrowings.

"In 2010/11 we have made great progress across the Group to accelerate our growth plans, including acquiring controlling interests in both Hedef Alliance and ANZAG, our Turkish and German associates. In recent years we have made substantial capital investments, particularly in our Boots stores and supporting infrastructure. As a result, we have a strong platform for continuing growth in our core businesses and on which to build our next phase of growth, focused on international expansion.

"Looking to the year ahead, we are planning for consumer demand to be subdued and expect governments to continue to seek ways to contain growth in healthcare expenditure. In spite of this, we are confident about our future prospects both in the short and longer term. This comes from having a clear strategy, the right values, strong financial disciplines and dedicated teams throughout the group focused at all times on our customers."

Hornby, who had served as chief executive for a year, announced his departure from Alliance Boots last month with immediate effect. He said he wanted to take a break from the corporate world, having also served as the boss of HBOS when it was bailed out by the Lloyds banking group in 2008.