Posted on Monday 30 January 2017 by ub digital
Norbrook’s headquarters in Newry
Norbrook, the Newry animal pharmaceutical company, has recorded a sharp jump in profits after a year of strong growth in its exports.
It notched up pretax profits of £35.5m in the year to July 2016, up £21.5m on the previous year on the back of revenue which climbed 11% to £239m.
Liam Nagle, Chief Executive Officer, said the firm has had a busy year.
“We have had another strong year, where we have seen increasing revenue in all regions,” he said. “We have further strengthened our product offering in both the EU and North America with a number of new product launches, and we continue to work closely with our customers in each market to identify product opportunities.”
Mr Nagle said Norbrook launched five new products during the last year which drove sales in the US up by 16% and in Europe up 24%, as well underpinning trade in Asia Pacific and the Middle East and North Africa.
Because of that, exports outside the UK now account for 80% of the Newry firm’s business.
Looking to the future, a “multi-year capital investment programme” has been launched.
“We have embarked on a significant multi-year capital investment programme, which includes the upgrading and expansion of our manufacturing capability, new laboratory facilities, and the strengthening of our IT infrastructure. We are investing for the future and have developed a clear strategy for the business to take advantage of what continues to be a buoyant sector.”