Business Irish

Monday 26 September 2016

Operating profits hit €41m at Norbrook

Gordon Deegan

Published 11/05/2016 | 02:30

The late Eddie Haughey. Photo: David Conachy
The late Eddie Haughey. Photo: David Conachy
The Norbrook factory in Newry Co Down. Photo: PA

The Northern Ireland-based veterinary pharmaceutical group Norbrook Laboratories continues to prosper despite the death of its founder, Co Louth native Edward Haughey.

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New accounts show that operating profits at Norbrook Holdings Ltd rose by 47.5pc to £32.3m (€41m) last year.

Revenues rose from £198.7m to £215.7m in the 12 months to the end of July last. Numbers employed during the year went up from 2,045 to 2,152.

A former Seanad member, group chairman Edward Haughey died in March 2014 in a helicopter crash in thick fog in Norfolk along with three others.

At the time of the crash, Lord Ballyedmond (70) was the North's richest man with a personal wealth estimated to be around £650m.

The accounts disclose that the group made political donations of £200,000 during the year. The group recorded pre-tax profits of £21.62m after exceptional costs of £8.9m related to the impairment of assets and loss of the disposal of a fixed asset.

The pre-tax profit also takes account of exceptional gains of £5.8m relating to receipts from the estate of Lord Ballyedmond relating to the past use of group assets and interest charges of £1.7m.

Staff costs at the group increased from £60.29m to £61.86m. The numbers of staff are broken down between 1,744 in production, 382 in administration and 26 in management.

Pay to directors last year reduced from £3.59m to £2.67m

The directors' report states that "it is the intention of the directors that Norbrook will remain under the control of the family as an independent company within the veterinary pharmaceutical industry".

It added that "the company's HQ and its main research & development facilities and manufacturing operations will continue to be located in Newry".

The directors said Norbrook is well positioned to capitalise on a number of commercial opportunities within the industry.

They said the group "has a strong pipeline of new products under development".

Irish Independent

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