Company Snapshot: Almac Group Ltd.
Almac profits from expansion combined with reinvestment
Almac Group brings together the consolidated results of the parent company and 12 subsidiary companies each with specialist interests in pharmaceutical and biotechnology developments.
The group is headquartered in Craigavon, but has recently invested in North America where a new campus in Pennsylvania has become its headquarters there.
Almac Group reflects the inspiration of the late Sir Allen McClay who, formerly, was a large shareholder in Galen (which became Warner Chilcott). After the sale of Galen, with his expertise in the pharmaceutical sector, built up the business that is now Almac.
The group registers consolidated trading results from drug discovery, clinical trials, and the commercialisation of products. The width of activities has taken the company into advanced research and development as well as forging commercial links with market leaders in related sectors.
Turnover in 2009/10 grew to £251m, up 12% on the previous year. Research and development costs meant operating losses of £1.6m in 2007/8, but recently conventional operating profits have been recorded.
Despite a large capital spending programme the group has managed expansion with combined reinvestment of profits, some Government capital assistance and modest recourse to borrowed funds. Outstanding bank borrowing was £47m in September 2010.
Employment has grown from an average of 1,426 in 2005/6, to 2,334 in 2008/9 and recently 2,711.