Norbrook Laboratories parent company Norbrook Holdings Ltd have announced their financial results for the year to July 2016 which show a turnover increase of £23M taking revenue to £239m, up 11% year-on-year.
The year saw increased revenue in all main markets with strong organic growth and new product development contributing. Significant capital investment was made in many areas of the business throughout the year.
The company launched five new products in the last year helping to drive business in the US and EU, up 16% and 24% respectively with Asia Pacific and the Middle East and North Africa performing strongly.
Newry based Norbrook Laboratories farm and companion animal categories were up 8% and 15% respectively and total exports outside of the UK now account for more than 80% of Revenue.
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.”