NEWRY-based veterinary pharmaceutical giant Norbrook Laboratories has reported significant increases in revenue and profits for its last full trading year.
The firm posted a turnover of £239 million, up 11 per cent from 2015, and a profit before tax of £35.5m - a whopping 65 per cent increase from the previous year’s figure of £21.5m.
Norbrook specialises in manufacturing medicines for use the veterinary sector and have bases in the north and south, as well as a facility in Kenya.
The launch of five new products helped boost business in both the US and the EU, which saw growth of 16 per cent and 24 per cent, respectively. Exports outside of the UK now account for more than 80 per cent of the company’s revenue.
There are also a further 10 products currently in the pipeline for delivery within the next two years.
Positive figures were reported across all of the company’s markets, including a 15 per cent jump in its companion animal branch.
Norbrook also began the roll-out significant capital investment of £35m last year, which saw the opening of a new laboratory at its Newry base, with another facility currently under construction.
Investment was also provided to the firm’s IT infrastructure, including revamping and updating the Norbrook website.
The company has undergone considerable restructuring following the death of its founder Lord Ballyedmond – also known as Edward Haughey – who died in a helicopter crash at his estate in Norfolk in March 2014.
In November of the same year, the group appointed prominent Irish businessman Liam Nagle as CEO and proceeded to remove its investments in non-veterinary pharma assets from its balance sheet, such as its shares in Cumberland Breweries.
Along with its lucrative exports to other EU countries, Norbrook import some £30m worth of raw material for production use each year from EU member states. Furthermore, hundreds of Norbrook’s 2,000 employees travel from the south every day to work.
These facts raise questions of the effect the UK’s impending exit from the EU will have on Norbrook’s business, which was compounded by Theresa May’s clarification last week that Brexit would mean a departure from the single market and her lack of clarification on whether a hard border between the north and south would return.
Speaking to The Irish News, Liam Nagle sought to dispel such concerns stating that the company would “not be making any decisions” until the process and implications of Brexit are clearer.
"Yes we’re going to be leaving the single market, but we still don’t know what exactly that will mean," he added.
"What we do know is that we as a company are growing and we will be moving forward and focusing on delivering a better service for our customers."
