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Chanelle Pharmaceuticals pre-tax profits soar 70pc to €12.68m

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Michael Burke founded Chanelle

Michael Burke founded Chanelle

Michael Burke founded Chanelle

Pre-tax profits at Chanelle Pharmaceuticals last year increased by 70pc to €12.68m in spite of the Covid-19 pandemic .

New accounts filed by the Co Galway-based veterinary product company show that Chanelle Pharmaceuticals Manufacturing Ltd enjoyed the rise in profits as revenues increased by 11pc from €59.9m to €66.69m in the 12 months to the end of last April.

On the effects of the pandemic, the directors state that following lockdowns in March 2020 “we saw a softening of demand in some markets for veterinary products but we have seen demand recover in most markets as lockdown restrictions are eased”.

Trading since the end of last April “has been encouraging”, according to the directors.

Notwithstanding the impact of Covid-19 and Brexit, the directors state that the indications “are positive with strong market demand for our products and delivery pipeline”.

Numbers employed by the Michael Burke-founded company increased from 319 to 354 as staff costs increased marginally from €14.62m to €14.86m.

The firm last year paid a dividend of €2.25m and this followed a €2.25m dividend payout in fiscal year 2020.

The company is one of a number of pharma entities owned by the Burke family and the main activity of Chanelle Pharmaceuticals Manufacturing Ltd is the manufacture and sale of veterinary and medical pharma products worldwide together with associated research and development.

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