Northern Ireland

Norbrook: Newry-based firm makes 2014 profits of £22m

Norbrook Image copyright Pacemaker
Image caption Norbrook's turnover was down from £203m to £199m

Norbrook, the County Down-based pharmaceutical company, made pre-tax profits of £22m in 2014, up slightly on its 2013 performance.

Turnover was down from £203m to £199m, which the Newry firm said reflected exchange rate movements.

The company said it anticipated further growth in key markets as it launches new products this year.

Employment was up during the year and Norbrook now employs more than 2,000 people.

The business is owned by the family of the late Lord Ballyedmond.

During the year they appointed Liam Nagle as the firm's new chief executive.

'Expectations'

Mr Nagle is an experienced corporate manager who ran the Dublin-based Sisk Group, one of the largest privately owned companies in Ireland.

The management of the business was also reinforced by the appointment of Richard Palmer who previously held a senior role at Novartis, the multi-national pharmaceutical group.

Mr Nagle said the results were in line with expectations and there is "a strong pipeline of new products under development".

Norbrook specialises in the development and manufacture of veterinary and animal health medicines.

It is one of Northern Ireland's biggest exporters and has doubled its sales over the past seven years.

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