Veterinary pharmaceutical giant Norbrook, which is based in Newry, has reported a rise of around one-third in pre-tax profits to reach £5.3m, it announced today.
The company said it was an improved performance, after a downturn in demand led to 180 redundancies announced in May 2023.
Pre-tax profits for the 12 months to July 28 2024 at the company, now led by CEO Andrea Iucci, had climbed from £3.9m the year before.
However, its revenue had fallen from £233m to £219m.
Speaking to the Belfast Telegraph, Mr Iucci said the previous year revenue figures had benefitted from some back orders which were absent in the latest year.
He said he was pleased with the year’s performance. “In general, it was a very good 2024..
“In general, I think it was outstanding because there was not a single indicator or area or function where we have not made progress, investment or changes or improvement in the strategies.”
Norbrook said its global sales order intake in the second half of 2024 was up 16% compared to 2023, generating a net profit of £5.3m for Norbrook, compared to the second half of 2023.
On a full-year basis, it was up 8%, an increase of £1.4m or 35.9% versus last year.
And the 6% year on year drop in sales revenue was also partly down to the impact of foreign exchange gains and growth in 2023.
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In a statement, the company said: “Norbrook’s sustained profit levels highlight resilience and support optimism for future profitability as revenues recover. Improvements in operational excellence and quality metrics, combined with cost reduction initiatives have seen overall improvements in efficiencies ensuring sustainable business success.
“The company grew year-on-year in Ireland, UK, and MENA, despite facing significant price pressures that created a challenging environment in the USA.”
The company distributes products to over 100 countries, with operations in the UK and Ireland, Europe, US, Africa, Australia and New Zealand.
The company also introduced new products during the year, including the first oral treatment for feline hyperthyroidism, which has now been approved in the US market by the FDA.
“It has huge advantages for patients, for pet owners, because it’s a palatable oral solution for a chronic disease rather than a tablet, pets do no like tablets that much,” Mr Iucci said.
And he said its workforce numbers were now steady, and said redundancies last year had been made on a voluntary basis. It now has 1,700 staff globally, including 1,370 in Newry.
The workforce had climbed 2.4% during 2024, he added.
“We do believe the workforce we have today is the one we need to compete at the moment.
“If revenues will continue to grow we have a five-year plan to increase our commercial presence. We are hiring on research and development (R&D) and we have an increase of 50% of R&D investments this year and next year. We are in the positive cycle.”