Northern Ireland

Newry-based Norbrook's profits rise by 65% to £35.5m

Norbrook factory
Image caption Norbrook Laboratories, founded by the late entrepreneur Lord Ballyedmond in 1969, employs some 2,000 people

Norbrook Holdings, the pharmaceutical firm based in Newry, increased its pre-tax profit by 65% to £35.5m last year.

The performance was achieved on turnover of £239m, which was up by 11%.

Liam Nagle, the chief executive officer, said it had been "another strong year, where we have seen increasing revenue in all regions".

The firm specialises in veterinary medicines and is one of Northern Ireland's biggest exporters.

Non-UK sales account for more than 80% of the firm's turnover.

Five new products launched in the last year helping to drive business in the US and EU, up 16% and 24% respectively.

Mr Nagle said the firm has started a "significant multi-year capital investment programme."

It will include the upgrading and expansion of manufacturing facilities, new laboratories and the strengthening of IT infrastructure.

Norbrook was founded by Lord Ballyedmond who died in a helicopter crash at his estate in Norfolk in 2014.

His family continues to own the company, which employs some 2,000 people.

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