Norbrook chief calls for transition period with no-deal Brexit 'off table'
Veterinary pharmaceutical firm Norbrook Holdings has said it is in the process of stockpiling six months worth of products for its EU customers ahead of Brexit day on March 29.
The Newry-based company has also revealed that it has spent £3m transferring more than 2,000 product licenses from a UK holding company to a European firm to ensure it can continue to sell into the EU in the event of a no-deal Brexit.
Calling for a no-deal Brexit to be taken off the table, Norbrook boss Liam Nagle yesterday appealed for businesses to be given a period of transition, stating that leaving the EU without a deal would have a disproportionate impact on Northern Ireland.
The chief executive spoke as the pharma firm, which employs just under 2,000 people, reported an 8pc dip in pre-tax profits to £45m for the year to August 3, 2018.
While Norbrook Holdings continued to grow last year, revenue rose just 1pc to £275m, a more subdued performance than the 14pc surge in sales seen last year.
North America continues to be an area of strong growth, with revenues up 15pc, boosted by new dairy products. Norbrook's increasing focus on products for domestic pets saw sales of such medicines rise 12pc.
The company also continues to invest heavily in capital projects and research and development.
Despite describing 2018 as "another solid year", Mr Nagle was clear on the major challenge Brexit is providing for the industry.