Solid Year for Norbrook as it Consolidates its Position in Global Animal Health Market
Friday 27 January 2017
Norbrook Holdings Ltd today announced its results for the year to July 2016 which show Revenue of £239m, up 11% year-on-year, and an increase of £14.5m to £38.5m in recurring Operating Profit.
Across the business 2016 was a solid year. An extensive, multi-year capital investment programme began which will strengthen the company’s position in the global veterinary pharmaceutical market.
Increasing revenue in all main markets, driven by strong organic growth and new product development.
Significant capital investment in many areas of the business.
Five new products launched in the last year helping to drive business in the US and EU, up 16% and 24% respectively.
Strong volume uplift in APAC (Asia Pacific) and MENA (Middle East and North Africa), where we continue to perform strongly.
Increase in farm and companion animal categories, up 8% and 15% respectively
Exports (outside of UK) now account for more than 80% of Revenue.
Continued investment in R&D, with a strong pipeline of products.
Liam Nagle, Chief Executive Officer said, “We have had another strong year, where we have seen increasing revenue in all regions. We have further strengthened our product offering in both the EU and North America with a number of new product launches, and we continue to work closely with our customers in each market to identify product opportunities.
We have embarked on a significant multi-year capital investment programme, which includes the upgrading and expansion of our manufacturing capability, new laboratory facilities, and the strengthening of our IT infrastructure. We are investing for the future and have developed a clear strategy for the business to take advantage of what continues to be a buoyant sector.”
The company recorded another solid year with growth generated across all of its business units. Turnover increased by £23m or 11% to £239 million, above the industry average, while recurring operating profit increased to £38.5m from £24.0m in 2015.