The global provider of veterinary pharmaceuticals also launches four new products

Newry firm Norbrook Holdings Ltd has revealed a record-breaking year in the US, exceeding £100m sales for the first time.

A leading global provider of veterinary pharmaceuticals enhancing the health of farm and companion animals, the firm also reported new product development with investments of £10m in research and development during the year.

The company launched four new products during the year, with further new product launches planned, and a record number of products approved for the US market.

It came as the company highlighted a generally flat financial performance in the year to July 2022. Overall sales were up 0.4% to £232m and it generated operating profit of £20.2m.

Norbrook has continued to invest in the future of the business, with capital investment of £15m in 2022, representing 6% of revenue and bringing the total invested in the last seven years to £90m.

The firms output and delivery performance has stabilised following the manufacturing supply chain challenges and difficult operational conditions due to the Covid-19 pandemic.

The improved position is evidenced by the company delivering another operating profit in excess of £20m, following last year’s £28.4m.

Praising the strong growth of 2022, Liam Nagle, chairman and chief executive Officer, Norbrook, said: “2022 was a satisfactory year for the company. We had strong growth in the US market along with a record number of products approved, and globally we continue to work with our customers with whom we have strong, long term, close relationships.

“Our team has tirelessly supported the business, delivering significant process improvements alongside our ongoing capital investments. We have continued to invest in our people, as well as continuing to add strength and capability to our very committed team. We are very appreciative of our employees’ continued support.

“We expect to realise benefits from our Capital Investments over recent years and from our planned strong pipeline of new product launches. We are experiencing significant inflationary pressure and increased competitiveness in all our markets, however we are cautiously optimistic for the future.”