Global veterinary pharma business Norbrook enjoyed a 50%-plus rise in profits in 2016 as the family business reported an 11% rise in turnover.
The Newry based giant founded by the late Eddie Haughey, Lord Ballyedmond, reported revenues of £239 million and an increase of £14.5m to £38.5m in recurring operating profit.
Weeks from the third anniversary of Lord Ballyedmond’s death in a helicopter crash on March 13, 2014, the company said an extensive, multi-year capital investment programme was underway to strengthen the company’s position in the global veterinary pharmaceutical market.
“We have had another strong year, where we have seen increasing revenue in all regions.,” said chief executive Liam Nagle.
“We have further strengthened our product offering in both the EU and North America with a number of new product launches, and we continue to work closely with our customers in each market to identify product opportunities.”
He said the firm had embarked on a significant multi-year capital investment programme, including the upgrading and expansion of its manufacturing capability, new laboratory facilities, and the strengthening of the IT infrastructure.
“We are investing for the future and have developed a clear strategy for the business to take advantage of what continues to be a buoyant sector.”
Increasing revenues in all main markets were driven by strong growth and new product development.
Continued investment in R&D has created a strong pipeline of new products, five of which were launched in 2016, and helped drive business in the US and EU, up 16% and 24% respectively.
The firm, which employs around 2,000, also experienced good returns in Asia Pacific (APAC) and Middle East and North Africa (MENA), while increases in farm and companion animal categories were 8% and 15% respectively.
Exports outside of UK account for more than 80% of revenue.