LONDON — Synergies from Alliance Boots GmbH’s partnership with Walgreen Co. helped the Europe-based company lift its fiscal year net profit 31%.

Synergies from Alliance Boots GmbH’s partnership with Walgreen Co. helped the Europe-based company lift its fiscal year net profit 31%.

Alliance Boots reported net consolidated profit of £971 million ($1.63 billion) for the year ended March 31, up from £741 million ($1.24 billion).

Executive chairman Stefano Pessina says the earnings growth came despite the most challenging market conditions in a long time. Considerable management time and other key resources were dedicated to the Walgreens partnership, he says, citing a joint synergy program, forward planning and preparation for the anticipated full merger, together with the burden of complex reporting requirements.