Company Profiles: Pharma firm continues expansion
ALMAC Group, headquartered in Craigavon, presents the consolidated results of the parent company and 14 subsidiaries with specialist interests in pharmaceutical and biotechnology.
Six of the subsidiary companies are registered in Northern Ireland, six in the United States, and one each in Singapore and Japan.
The subsidiaries support the main business of the discovery and development of innovative approaches to the treatment of cancer. Specialisms include the development of cancer diagnostics and microarray data analysis, the provision of chemical synthesis services and services to other pharmaceutical and biotechnology firms.
The group has continued to expand in the last year, although at a slower rate, and is one of the 10 largest private sector businesses controlled from Northern Ireland.
In addition to Craigavon, the other major investments are organised in a North American headquarters in Pennsylvania. Total capital investment has exceeded £130m in the last six years.
Annual turnover in 2012-13 increased further to just over £325m: up 9% on the previous year. Turnover has trebled in the last seven years.
Operating profits in 2013 rose to more than £21m after falling in 2012 to just under £18m. The operating profits are calculated after deducting significant current research and development costs in each year. In 2013, research expenditure totalled £4.2m, somewhat lower than the research spending in 2012 of £7.4m.
The group has managed its expansion through a continuing large capital programme financed from the combined reinvestment of profits, some Government capital assistance and modest recourse to borrowed funds.
Outstanding bank borrowing was £47m in September 2010, fractionally higher in September 2011, and increased to nearer £49m in September 2012. At the end of the most recent year, outstanding bank borrowing was nearly £50m.
Average employment in 2013 increased to 3,201 people. This contrasts with an average of 1,426 in 2006, and more recently to 3,092 people in 2012. Almac Group was initiated and built up by the late Sir Allen McClay who, formerly, was a large shareholder in Galen (which became Warner Chilcott). After the sale of Galen, Sir Allen continued to develop his interests in the pharmaceutical sector, initiating the business that is now Almac.
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