Chanelle Pharmaceuticals sees pre-tax profits increase by 79%

Pre-tax profits at the main manufacturing unit of Chanelle Pharmaceuticals last year increased by 79 per cent to €4.89 million.

Last October, RTÉ Dragon investor, Lady Chanelle McCoy stepped down from the board of the family owned company.

The figures show that in Lady McCoy’s final full year with the company, revenues increased by 14 per cent from €45 million to €51.47 million in the 12 months to the end of April 30th last.

Numbers employed by the company increased from 281 to 318 as staff costs went up from €13 million to €14.78 million.

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The firm last year paid a dividend of €2.25 million and this followed a €2 million dividend payout in fiscal 2018.

The company is one of a number of pharma entities owned by the Burke family.

The business was established Lady McCoy's father, Michael Burke and the  main activity of Chanelle Pharmaceuticals Manufacturing Ltd is the manufacture and sale of veterinary and medical pharma products worldwide together with associated research and development.

The directors state that the company “will continue to pursue new opportunities to grow its products and customer base, through a combination of organic growth, product delivery and expansion of our manufacturing capabilities in our facilities”.

On the outlook for the business, the directors state that “with strong market demand for our product and delivery pipeline, the company continues to look forward to the next full year with confidence”.

The profit also takes account of non-cash depreciation costs of €1.75 million and research and development costs of €1.99 million.

Shareholder funds at the end of April 30th totalled €9.5 million that included accumulated profits of €7.2 million.

Directors’ pay last year declined sharply from €256,779 to €87,858.

A breakdown of the company’s revenues show that it generated revenues of €25.7 million in the Republic, €20.7 million in Europe and €6 million in “rest of world”.

The company last year paid €4.8 million to acquire property, plant and equipment and this followed a pay out of €3.4 million under that heading in fiscal 2018.

The business last year recorded net cash of €10 million from operating activities.