Global veterinary products firm Norbrook has reported an increase in profits from £20.7 to £22million in 2014, despite a slight fall in turnover and pressures brought about by international exchange rates.
The pioneering business founded in Newry in 1969 by the late Eddie Haughey, Lord Ballyedmond, is a worldwide leader in the development and manufacture of veterinary and animal health medicines.
The Company said there had been a solid performance across all of its core business activities, with turnover increasing cumulatively in the last two years by four per cent.
Turnover decreased by just under two per cent on the previous year, following an increase of 5.7 per cent in the 2013 financial year.
Exchange rate movements impacted turnover in the 2014 financial year, which contributed to revenue declining from £202.5m reported in 2013 to £198.8m in 2014.
Underlying volumes increased on the 2013 performance, and the average number of people employed increased to 2,045.
“Norbrook is well positioned to capitalise on a number of exciting commercial opportunities in local, national and international markets, and we have a number of further product launches planned later in the year,” said CEO Liam Nagle appointed in November to run the business in the re-organisation following Lord Ballyedmond’s death in a helicopter crash in March of last year.
“We are confident that the strategy being implemented will support the continued growth in revenue and earnings that has been demonstrated over the past five years.
“Norbrook has a strong pipeline of new products under development and the Directors are confident that this, along with additional planned investment, will continue the positive momentum of the business.”
Apart from continuing to capitalise in 2015 on strong growth of existing products across key markets in Europe, North America and Asia Pacific, the company anticipates further growth in its key markets, particularly in the US, driven by a number of new product launches in the second half of the year.
Norbrook now has a presence in 115 countries with facilities in the UK and Ireland, Europe, the US, Africa and Australia.