Profits jump by 65% at Newry-based Norbrook
Animal medicines group generates majority sales from exports, including £66m from US
Northern Ireland-based Norbrook, which makes pharmaceutical products for both farm animals and pets, has invested heavily in its operations. Photograph: iStock
Pretax profits at Norbrook, the Newry-headquartered veterinary pharmaceutical company, jumped by 65 per cent, or £14 million (€16.4 million), to £35.5 million in 2016.
The company’s latest results show total revenue in the 12-month period to last July also grew year on year, by 11 per cent to £239 million.
The family-owned company, founded in 1969 by the late Edward Haughey, recorded strong sales growth in both its farm animal product range and companion animal products – up 8 per cent and 15 per cent respectively.
Chief executive Liam Nagle said profits were driven by a combination of organic growth and the successful introduction of five new products, which delivered a 16 per cent sales boost in North America and 24 per cent in the EU.
Exports now account for more than 80 per cent of Norbrook’s revenue, and sales in the US in the last financial year contributed £66 million to its turnover.
Mr Nagle said Norbrook is monitoring both Brexit developments and the US scene. But it remains focused on its business strategy to be a “world class global provider of veterinary pharmaceuticals”.
Norbrook employs some 2,000 people and has manufacturing facilities across five sites: three in Newry, one in Monaghan and another in Nairobi, Kenya.
The company has invested heavily in its operations over the past financial year and earmarked a further £35 million for capital expenditure projects in the 2016/17 financial year.
Mr Nagle said Norbrook intends to upgrade and expand its manufacturing capability, pointing to a recently completed laboratory block on Newry’s Armagh Road and outlining plans to invest in similar facilities at its Stations Works site in the town.