Business Irish

Monday 14 October 2019

Chanelle pharma firm profits soar to €2.7m

Racing ahead: Chanelle McCoy’s firm makes veterinary and pharma products. Photo: Naoise Culhane Photography
Racing ahead: Chanelle McCoy’s firm makes veterinary and pharma products. Photo: Naoise Culhane Photography

Gordon Deegan

Pre-tax profits at a Co Galway pharma firm led by RTÉ dragon Chanelle McCoy and her father more than doubled to €2.72m last year.

New accounts filed by Chanelle Pharmaceuticals Manufacturing Ltd show that the business enjoyed the 144pc increase in pre-tax profits after revenues increased by 16pc to €45m in the 12 months to the end of April 2018.

The firm last year paid a dividend of €2m. This followed a €2m dividend payout in 2017.

The business was established by Lady McCoy's father Michael Burke. 

The company is one of a number of pharma entities led by Lady McCoy and other members of the Burke family.

The  main activity of the firm is the manufacture and sale of veterinary and medical pharma products worldwide together with associated research and development.

The directors state that revenues have increased on the previous year and that they will make "every effort to improve profitability going forward".

Headcount rose from 242 to 281 last year. The increase contributed to staff costs rising from €11.1m to €13m.

The profit also takes account of non-cash depreciation costs of €1.46m and research and development costs of €1.96m.

Lady McCoy - married to former champion jockey AP McCoy - sits on the board with her father along with three other members of the Burke family.

Directors' pay declined from €360,168 to €256,779.

Irish Independent

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