Company Report: Almac Group
The Almac Group in Craigavon has reported another successful financial year. The figures consolidate the parent holding company and a group of subsidiary companies commercialising pharmaceutical products.
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There are 26 trading companies including nine in Northern Ireland, nine in the USA, four in the Republic and three in Asia.
Activities include the discovery of new drugs and the commercialisation of pharmaceutical products.
Extensive integrated research and development support is provided by the group along with specialised services for the pharmaceutical and biotechnology sectors.
Annual turnover in 2016-17 increased by £84m to exceed £531m - an increase of 19%. Operating and pre-tax profits also increased significantly. The level of investment in capital assets rose to higher levels in 2017. Physical assets cost just over £31m and these were linked to intangible investments valued at over £4.5m.
Since the end of September 2017, the group has expanded further by acquiring the shares of Bioclin Research Laboratories in Ireland and POA Scandinavia AB, registered in Sweden, at a cost of over £13m.
Unusually, for a local company, the group operates what is described as a phantom share scheme which can award notional shares to directors and senior management employees. 111 employees hold just over 2.3 million share awards. A condition of the award is that the employee continues in employment for three years from the date the share award is made.
The actual shares in Almac are wholly owned by the McClay Foundation, which is a charitable organisation.