Strong Year for Norbrook as it Continues to Invest in Underlying Business
Thursday 07 December 2017
Norbrook Holdings Ltd today announced its results for the year to 31st July 2017 which show Revenue of £272 million, up 14% year-on-year (CER:5%) and an increase in Operating Profit of £11.7 million to £50.2 million.
2017 was another strong year with growth across the business and significant capital investment made to further strengthen the company’s position in the global veterinary pharmaceutical market.
- Significant capital investment of £16.4 million (6% of revenue) bringing total invested in two years to more than £26 million. Current total multi-year investment commitment is in excess of £50 million.
- Continued growth in key markets including North America which grew +17%.
- Three new products launched in the last year helping to drive business, particularly in the US.
- Continued improvement in underlying business with significant reductions in working capital investment and strong cash generation;
- Increase in farm and companion animal categories, up 12% and 20% respectively
- Continued investment in R&D, with a strong pipeline of products.
Liam Nagle, Chief Executive Officer, Norbrook said, “2017 was a solid year for us. We invested significantly in the business with a second new laboratory facility; upgrades to, and expansion of our manufacturing capability; and continued investment in our IT infrastructure. We further strengthened our portfolio with three new products. Carprofen Chewable Tablets for Dogs in the US in particular, supports our business growth plans in this significant market. New product development is a key growth driver for us going forward and we continue to work closely with our Customers to identify new opportunities.
“We are very confident in our plans for the future and our portfolio. We will continue to invest in delivering growth and a sustainable business with a clear and focused strategy to take advantage of what continues to be a buoyant veterinary pharmaceutical sector.”
The company recorded another solid year with growth generated across the business. Turnover increased by £33 million or 14% (CER:5%) to £272 million with Operating Profit of £50.2 million, up £11.7 million.