2022 a ‘record-breaking year’ for Norbrook in the US | News in Newry | Latest Newry News, Newry Sport and Newry Business for Newry City

2022 a ‘record-breaking year’ for Norbrook in the US | News in Newry

Norbrook Holdings Ltd has announced its results for the year to 29 July 2022, which show Revenue of £232 million, up 0.4% year-on-year (CER down 1%), generating Operating Profit of £20.2 million.

 

2022 a 'record-breaking year' for Norbrook in the US | News in Newry - newry news

 

The Company’s output and delivery performance were similar to that of the prior year.

The continued programme of significant capital investment has provided a platform for strong growth in a buoyant veterinary pharmaceutical market.

The Company has continued to invest in the future of the business, with capital investment of £15 million in 2022, representing 6% of Revenue, bringing the total invested in the last seven years to £90 million.

The Company’s output and delivery performance has stabilised following the manufacturing supply chain challenges and difficult operational conditions due to the Covid-19 pandemic, the latter of which appears to be behind us.

 


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The improved position is evidenced by the Company delivering another operating profit in excess of £20 million, following last year’s £28.4 million.

The US had a record-breaking year, exceeding £100 million in sales for the first time.

New product development continues to be a key focus for the business, with investments of £10 million in Research and Development during the year.

The Company launched four new products during the year, comprising Closantel Pour-On in UK and Ireland, Enroflox tablets in US, and Midamox in US for dogs and cats.

With further new product launches planned for the coming year, their new product pipeline continues to add to their significant product portfolio.

In the current calendar year, Norbrook had a record number of products approved for the US Market.

Liam Nagle, Chairman & Chief Executive Officer of Norbrook says, “2022 was a satisfactory year for the Company.

“We had strong growth in the US market along with a record number of products approved, and globally we continue to work with our Customers with whom we have strong, long-term, close relationships.

“Our Team has tirelessly supported the business, delivering significant process improvements alongside our ongoing capital investments.

“We have continued to invest in our people, as well as continuing to add strength and capability to our very committed team. We are very appreciative of our employees’ continued support.

“We expect to realise benefits from our Capital Investments over recent years and from our planned strong pipeline of new product launches.”

He adds, “We are experiencing significant inflationary pressure and increased competitiveness in all our markets, however, we are cautiously optimistic for the future”.

 


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Posted by on Jan 3 2023. Filed under Business, Community. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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