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Norbrook, the veterinary pharmaceuticals company head-quartered in Newry reported a 30% increase in operating profits to reach £50.2m for the year ended 31 July 2017.
Revenues increased 14% to £272m in the same period. The company made a pre-tax profit of £49.2m, up 39% on the prior year.
Operating margins increased from a very healthy 16.1% in the 2016 financial year to a solid 18.5% in 2017. The company invested £16.4m in the business bringing total invested in two years to more than £26m.
Net assets increased £33.4m to reach €128.2m.
The company reported it saw continued growth in key markets including North America which grew 17% during the year. It also reported a 12% growth in farm and 20% growth in pet categories.
Liam Nagle, chief executive officer, Norbrook said 2017 was a solid year for the business.
“We invested significantly with a second new laboratory facility, expansion of our manufacturing capability and continued investment in our IT infrastructure,” he noted.
Liam Nagle, CEO Norbrook
He said the business is very confident in its plans for the future and will continue to invest in delivering growth and take advantage of what “continues to be a buoyant veterinary pharmaceutical sector.”
Established in 1969 by the late Edward Haughey, also known as Lord Ballyedmond, Norbrook, has a presence in more than 100 countries, with facilities in the UK and Ireland, Europe, the US, Africa and Australia.
At the last results announcement exports outside of the UK accounted for more than 80% of revenue.
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