Belfast Telegraph

Almac's revenues in excess of £500m for the first time in 2017

By Michelle Weir

Pharmaceutical giant Almac, which is based in Craigavon, has reported a turnover of more than £500m for first time.

The pharmaceutical development and manufacturing company also reported an increase in pre-tax profits - up from £27m in 2016 to over £33m - as well as a 19% rise in revenue to £531m.

Internationally, employee figures increased by over 10% to 4,407.

A total of 2,920 staff are employed at Craigavon, representing an increase of 270 staff on the previous year.

The figures were recorded in Almac's annual report with its results for the year ending September 30, 2017.

The company said that 2017's figure of £33m in pre-tax profits reflected payments relating to the out-licensing of oncology products.

The company continued to invest in expansion projects in 2017 with the building of additional lab and office facilities and the ongoing construction of one of the largest pharmaceutical cold store facilities in Europe at its headquarters in Craigavon.

In January this year, the company also announced further investment at its premises in Dundalk, Co Louth.

Plans for the premises were announced in 2017 as part of the company's planning to ensure single market access following Brexit.

Group chief executive Alan Armstrong said: "2017 was a strong year for Almac with turnover over £531m and profits surpassing £33m.

"During the year we made significant investment for the long-term benefit of the group including global expansion into key strategic territories.

"The financial benefit of these investments may not be realised immediately, however they will ensure steady and continued growth of the group into the future.

"All our profits are reinvested into the business, enabling us to offer best-in-class services and products to our clients and continue to be a leader in the life sciences sector."

The international company is a privately-owned organisation that has grown over almost half a century and now employs nearly 5,000 people.

Almac provides an integrated services to the pharmaceutical and biotech sectors globally. As well as the UK and Ireland, it also has operations in the US and in Asia, Singapore and Tokyo.

Belfast Telegraph

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