Business

Norbrook backs vote to stay in EU as it posts increased revenue

Norbrook headquarters at Carnbane in Newry
Norbrook headquarters at Carnbane in Newry Norbrook headquarters at Carnbane in Newry

REVEALING increased turnover of £216 million, the chief executive of Newry-based Norbrook has said a vote to remain in the EU referendum is a must for the firm.

The company makes pharmaceutical products for the veterinary industry which it exports across the world, including tens of millions pounds worth of trade with Europe.

That along with the fact many of its 1,500 staff travel from south of the border on a daily basis - including its CEO Liam Nagle - means voting against a Brexit "makes sense" for the firm.

Revenue for the year to August 1 2015 was 8.5 per cent up on the previous 12 months while operating profit rise £8.2m to £24m.

The figures were contained in accounts covering the first full financial year since the death of Norbrook's founder Lord Ballyedmond - also known as Eddie Haughey - in a helicopter crash.

Mr Nagle came on board at the end of 2014 and he, along with the Haughey family, has overseen a period of restructuring at the firm as it seeks to focus on its core business.

That has meant the disposal of its investment in Cumberland Breweries while other non-veterinary pharma assets have been removed from the group's balance sheet.

The company employs around 1,500 people at its base in Newry and another 1,000 at other bases throughout the world.

Mr Nagle said the company had enjoyed a "strong performance" across all divisions.

"Good performance in the overall markets UK and Ireland which is about 20 per cent of the overall turnover," he said.

"North Amercia had very good growth of 12 per cent so that is strong but actually all of the regions experienced growth.

"We continue to invest in the business very heavily and have a strong portfolio of products and have a number of new products launched."

Currently around 20 per cent of Norbrook's products are aimed at the so-called companion animal sector but Mr Nagle said it had set a "clear strategy" to increase that percentage.

The firm is also planning to spend around £15m upgrading its Newry base where it will build two new labs.

With that level of investment being spent, the company wants to avoid as much uncertainty as it can.

Mr Nagle said that would be aided by the UK staying with the European Union.

"If I look at the data from Norbrook's perspective, of our overall sales, 80 per cent are outside UK and Ireland. £50m of our sales are to European countries. We import around £30m worth of raw material from European countries," he said.

"Based in Newry, we have hundreds of people who go from north to south every day. We are very dependent on the open border and free movement of people.

"It is very clear it is in Norbrook's interest for the United Kingdom to remain part of the European Union."