The privately owned veterinary and animal health medicines manufacturer, headquartered in Newry reported a solid 52% rise in operating profits to £24m (€29.9m) last year.

Recently filed accounts showed that for the financial year which ended on 1 August 2015, revenues increased 8.5% to £216m (€269m).

Norbrook Holdings, the company behind all of Norbrook’s trading businesses, including Norbrook Laboratories and Norbrook Manufacturing is under the control of the Haughey family where all products are manufactured in both Monaghan and Down.

The company said it saw strong growth in both its pet and livestock product ranges. Pre-tax profits fell slightly from £22.2m (€27.7m) in 2014 to £21.6m (€26.9m) in 2015.Underlying growth was 10% when the effect of currency is taken out.

Despite a weak Euro, the group saw solid performance in its home markets (UK and Ireland), which accounts for 22% of group revenue. However the weak Euro did impact sales in mainland Europe.

Its largest trading region, North America reported revenues up 12%, driven by new products. Sales in all other regions grew between 5% and 7%.

Last year Norbrook sold its investment in Cumberland Breweries, a brewery based in Newry to animal nutrition company Alltech. Post year end, the non-veterinary pharma assets were removed from the group’s balance sheet.

Norbrook has a presence in 115 countries and employs in the region of 2,150 people worldwide. The company spends large amounts on research and development and last year spent £10.1m (€12.6m) -5% of revenue.

In February 2015, Liam Nagle took over as CEO at Norbrook Laboratories having previously served as CEO of construction company, Sisk.

The company was founded in 1969 by the late Edward Haughey, who was also known as Lord Ballyedmond. He died tragically following a helicopter crash in 2014.