Norbrook Holdings, the Northern Ireland-headquartered veterinary pharmaceuticals group, has reported an increase in net profit and a “slight decline in revenues” for 2024, in its latest set of financial results.
The privately owned animal health company declared sales revenue of £219 million – down 6% for the financial year ending July 28, 2024 and a 35.9% jump in net profit to £5.3 million over the same period.
According to Norbrook the boost in sales revenue was “largely driven by the impact of foreign exchange gains and growth in 2023”. It also said sales had been “bolstered” by the release of existing backorders.
The Newry company, which was established in 1969, sells its portfolio of animal health products in more than 100 countries worldwide.
Last May it had announced plans to axe 180 jobs because of “significant changes in its operating environment”.
However Andrea lucci, chief executive officer of Norbrook, said that in 2024 it “turned around our global order intake growth”.
“We can already see clear signs of improvements as a result of the measures we are putting in place.
“I am proud of Norbrook’s progress and confident that, with our dedicated and skilled employees, we are well-positioned to achieve our goals for the year ahead,” lucci added.
Norbrook
Norbrook’s CEO also highlighted that it had launched an endocrinology companion animal product in the USA and a large animal diagnostic product in the UK during its last financial year.
The group continued its investment strategy in both Northern Ireland and Kenya according to the latest set of financial results.
It opened a newly upgraded £1.3 million sterile injectable manufacturing suite, home to products focused on the treatment and prevention of infections in livestock and pets in Newry and invested in a £2.5 million facility in Kenya which will produce antiparasitic and anti-infective products for the dairy and livestock industries.
“Our new five-year plan is centred on strategic growth initiatives, including a 50% increase in research and development investment to expand our differentiated product pipeline and a refined commercial strategy to extend market reach,” lucci added.
According to Norbrook it is also “on track” to achieve its first Environmental, Social, and Governance (ESG) certification and has also published its Corporate Social Responsibility (CSR) report.