Almac posts £27m pre-tax profit as global investment continues

Almac's Craigavon headquarters
Almac's Craigavon headquarters

Global pharmaceutical developer and manufacturer the Almac Group has reported pre-tax profits of almost £27 million as revenues for 2016 increased by 14 per cent.

Turnover was up 14% to £447m from £421m, while employee numbers rose by 12% to almost 4,000, more than half of which are employed at the firm’s Craigavon headquarters.

The figures were recorded in Almac’s annual report with its results for the year ending 30 September 2016.

The profit figure is down from the 2015 pre-tax profit of £28m though that included around $20m in income license fees from oncology products and diagnostics tests developed in-house by the group’s Almac Diagnostics division.

“2016 was a very successful year for Almac as we continued to deliver upon our global expansion strategy including investment of around £31 million in new facilities, equipment and resources,” said Group CEO, Alan Armstrong.

“All our profits are reinvested into the business enabling us to offer best-in-class services and products to our clients.”

Almac was established in 2002 by the late Sir Allen McClay and last year continued the significant investment begun by him at Almac’s US headquarters at Souderton, Pennsylvania, in addition to leasing new office space in nearby Lansdale in response to increased client demand for its services.

The company also recently announced a £5m investment at Craigavon to build an additional lab and office facility whilst further considerable investment has been made in other operational sites in North Carolina, Ireland and Asia.

Further new investment planned as part of its global expansion strategy will be announced throughout the year the firm said.