Profits down 9pc at pharmaceutical group Norbrook
Published 23/07/2014 | 02:30
Pre-tax profits at Northern Ireland-based pharmaceutical group Norbrook Laboratories, established by the late Co Louth native, Edward Haughey, last year decreased by 9pc to £14.4 million (€18.2m).
The former Seanad Eireann member and chairman of the group, Lord Ballyedmond, died in a helicopter crash in thick fog in Norfolk in March of this year.
He was Northern Ireland's richest man and the accounts show that Mr Haughey last year received emoluments from Norbrook Laboratories totalling £3.757m - an increase of 9pc on the £3.45m received in 2012.
The group - which employs 3,000 people - incurred the drop in profits in spite of increasing revenues by 4pc from £180.65m to £188m in the year to the end of August 2nd 2013.
Lord Ballyedmond established his veterinary pharmaceutical business in 1968 and today it employs more than 1,500 in Northern Ireland and a further 1,500 worldwide, selling to 120 countries.
The group's accumulated profits last year increased from £71.4m to £83.2m with payroll costs increasing by 7pc to £48.5m.
The profit last year takes account of non-cash depreciation costs of £6m. The group increased its R&D spend from £11m to £12.6m.