Profits up 36% at Norbrook last year
Veterinary pharma group performed particularly strongly in North America
Norbrook continued to invest heavily in the business last year.
Norbrook Laboratories, the Newry-headquartered veterinary pharmaceutical group, grew its pretax profits by more than £13 million(€14.8 million) or 36 per cent to a record £49.2 million in the 12 months to July according to its latest end-of-year accounts.
Turnover at the privately held Northern Ireland group also increased year on year, growing by £33 million or 14 per cent to £272 million.
The latest set of results show that Norbrook, which was founded in 1969 by Eddie Haughey who died in a helicopter accident three years ago, saw strong growth across its key markets during its last financial year. This was particularly the case in North America, where activity grew by 17 per cent.
Over the 12-month period, the Newry group also continued to invest heavily in the business both on the research and development front and in terms of capital, where £16.4 million was committed.
Liam Nagle, Norbook’s chief executive officer, said overall it has been a solid year for the company, which employs close to 1800 people.
“We invested significantly in the business with a second new laboratory facility; upgrades to, and expansion of our manufacturing capability; and continued investment in our IT infrastructure.
“We further strengthened our portfolio with three new products. Carprofen Chewable Tablets for Dogs in the US in particular, supports our business growth plans in this significant market. New product development is a key growth driver for us going forward and we continue to work closely with our customers to identify new opportunities,” Mr Nagle added.