Belfast Telegraph

Norbrook profits increase to £20.7m

By Margaret Canning

The worldwide group of Norbrook pharmaceutical companies has reported pre-tax profits of £20.7m in its latest accounts

The business, which was led by founder Lord Ballyedmond until his death in a helicopter crash in March, recorded group turnover of £202m, up £10m.

Pre-tax profits were up slightly from 2012's figure of £20.47m.

Norbrook Holdings includes main Newry manufacturing company Norbrook Laboratories and 20 other subsidiaries around the world in countries including Australia, New Zealand and Brazil.

Economist John Simpson said the year to August 2, 2013 had been the holding company's "most successful to date".

"Turnover, in the last four years, has increased by over 50% and pre-tax profits, at £20.7m, were higher than a year earlier and were six times larger than in 2009.

"Operating profits rose to nearly 12 % of turnover, a slightly lower ratio than in 2011 and 2012, but well above earlier years."

According to the report, the company had spent over £16m on new equipment and assets, which was "significantly more" than in recent periods, according to Mr Simpson.

Employee numbers also grew and now averages 1,892.

While not listed as a subsidiary, the financial statements for Norbrook Holdings also refer to Cumberland Breweries, an English brewing business in which Lord Ballyedmond was also a director, along with his sons.

Separate results for Newry-based Norbrook Laboratories, also for the year to August 22013, revealed pre-tax profits of just under £14m, down from £16m.

However, turnover was up from £181m to £188m.

Lord Ballyedmond died along with Norbrook foreman Declan Small and pilots Carl Dickerson and Capt Lee Hoyle in the helicopter crash close to his Norfolk stately home on March 14.

His widow Lady Ballyedmond, who is a solicitor by training, is a newly-appoined director, along with his son Edward.

His other son, James, had been appointed director in August of last year.

A memorial service was held for Lord Ballyedmond in London earlier this month.

Belfast Telegraph

Popular