8.5% increase in turnover for Norbrook Laboratories
The annual turnover of Norbrook Laboratories increased by 8.5% to £216m last year, recently released figures have revealed.
The pharmaceutical firm, which specialises in veterinary medicines, recorded pre-tax profits of £22m.
One of Northern Ireland’s biggest exporters, the firm’s largest trading region is North America where turnover grew by 12%, helped largely by a number of new product launches. The weak euro, however, impacted on sales in mainland Europe.
During the financial year, Norbrook sold its investment in Cumberland Breweries to the US-based firm Alltech. The group has also completed a restructuring exercise to remove non-veterinary pharmaceutical assets from the group balance sheet.
Chief Executive, Liam Nagle, said the animal health industry is “buoyant” and the firm has “a strong pipeline of new products under development”.
Adding his voice to the ‘Brexit’ debate, Mr Nagle says a vote to remain in the EU is a must for the company.
“Based in Newry, we have hundreds of people who go from north to south every day. We are very dependent on the open border and free movement of people.
“It is very clear it is in Norbrook’s interest for the United Kingdom to remain part of the European Union,” he said.