Profits at Newry veterinary pharma group Norbrook have risen by almost £12 million as the firm continued to expand and invest during a “solid” year.
Publshing its results for the year to July 31, Norbrook Holdings Ltd said revenues rose 14% across the year to reach £272m as operating profit rose by £11.7m to £50.2m.
“2017 was a solid year for us,” said Liam Nagle, chief executive of the leading global provider of veterinary pharmaceuticals for farm and companion animals.
“We invested significantly in the business with a second new laboratory facility; upgrades to, and expansion of our manufacturing capability; and continued investment in our IT infrastructure.
As part of an ongoing commitment to invest £50m, the firm made a “significant” capital investment of £16.4m over the year, bringing the total fo the past two years to £26m.
Founded by Eddie Haughey later Lord Ballyedmond, the business is still controlled by the Haughey family following his death in 2014.
Three new products also made a major impact on performance with sales in North Americe alone increasing by 17% as Mr Nagle outlined.
“We further strengthened our portfolio with three new products. Carprofen chewable tablets for dogs in the US in particular, supports our business growth plans in this significant market.
“New product development is a key growth driver for us going forward and we continue to work closely with our customers to identify new opportunities.
“We are very confident in our plans for the future and our portfolio,” he added.
“We will continue to invest in delivering growth and a sustainable business with a clear and focused strategy to take advantage of what continues to be a buoyant veterinary pharmaceutical sector.”