Norbrook Brexit warning as firm enjoys ‘solid’ year
Global pharmaceutical business Norbrook has warned that 2019 presents special challenges as concerns over Brexit increase.
Publishing an operating profit of £45.1 million on revenues of £275m for the year to August 3, 2018, CEO Liam Nagle said the coming year presented a potentially different picture.
“As an export company, with 85% of our revenue generated outside the UK, any barriers to trade, tariff and non-tariff, will impact on our competitiveness,” he said.
“We have an integrated supply chain, with a global supply base, which relies on frictionless trade, and we urge all those directly involved to work together to avoid a “No Deal” Brexit, the impact of which I believe would be disproportionately felt in Northern Ireland.”
The Newry based veterinary pharmaceutical giant said it enjoyed continued growth in key global markets with revenues in North America in particular jumping 15%.
Significant capital investment of £13.9m through the year brings the total invested in the business over the last three years to around £40m.