Sales expansion reaps rewards for Norbrook
NORBROOK Holdings is the English registered parent company for the group of companies linked to Norbrook Laboratories, based in Newry and controlled by Lord Ballyedmond.
This holding company consolidates the performance of 21 companies, seven registered in the United Kingdom, two in the Republic of Ireland and 12 others around the globe.
Norbrook Holdings and its subsidiaries continue to expand their sales across a range of products and countries. The most recent accounts report expanding business and improving profitability.
The group has continuing year by year increases in turnover which has more than doubled in the last seven years. In the three most recent years, the results have improved dramatically in terms of turnover and profits earned.
Operating profits in 2012 rose to the equivalent of 12% of turnover. Whilst total operating profits were higher, as a proportion of turnover, the margin was slightly lower. Pre-tax profits in each year have been lower than operating profits mainly to allow for the deduction of net interest payments (£1.9m in 2011) on borrowed funds.
Spending on research and development continued to increase and, in 2012, was £11m. This compared to £6.5m in 2010 and £8.1m in 2011.
Capital spending on additional fixed assets has also been increasing from £4.8m in 2010, £7.7m in 2011, and £11m in 2012. In addition, £3.5m was spent on acquisitions.
Employment averaged 1,724 people in 2012. This was 88 more people than a year earlier.
Post-tax profits, except for a dividend payment of £2.4m, were retained in the business and the value of shareholders' funds, at August 3, 2012, was estimated to be £93.4m: nearly £12m higher than a year earlier. Operating profit, expressed as a percentage of net assets in 2012 was just under 24%.