Company Snapshot: Almac Group Ltd.
Almac investing heavily in US arm
Almac Group, headquartered in Craigavon, presents the consolidated results of the parent company and 12 subsidiary companies each with specialist interests in different aspects of pharmaceutical and biotechnology developments.
The Group has also invested large sums in America where a new campus in Pennsylvania is now its American headquarters.
The Group has registered consolidated trading results for its activities ranging from drug discovery, a range of clinical -trials, and the commercialisation of products.
The range of activities has taken the company into advanced research and development as well as forging commercial links with businesses that are market leaders in related sectors.
Turnover in 2009-10 increased to reach £251m: up 12% on the previous year. The results for 2011 report a further increase in turnover to £275m or 10%.
Continuing research and development spending meant that the Group registered operating losses of £1.6m in 2007-8 but, more recently healthy conventional operating profits have been recorded. Operating profits in 2011 rose to over £21m, compared to £15m a year earlier.
The operating profits are calculated after deducting research and development costs which have exceeded £7m in each of the last three years.
Despite a large capital spending programme the Group has managed its expansion with the combined reinvestment of profits, some Government capital assistance and borrowed funds. Outstanding bank borrowing was £47m in September 2010 and was fractionally higher in September 2011.
Average employment has increased from an average of 1,426 in 2005-6, to 2711 in 2009-10 and recently to 2,917 people.