Norbrook Labs profit down 9%

Pre-tax profits at Northern Ireland-based pharmaceutical group, Norbrook Laboratories established by the late Co Louth native, Edward Haughey, last year decreased by 9% to £14.4m (€18.2m). 

The former Seanad Éireann member and chairman of the group, Mr Haughey (Lord Ballyedmond), died in a helicopter crash in thick fog in Norfolk in March of this year.

Edward Haughey was Northern Ireland’s richest man and the accounts show that he last year received emoluments from Norbrook Laboratories totalling £3.757m — an increase of 9% on the £3. 45m received in 2012.

The group — which employs 3,000 people — incurred the drop in profits in spite of increasing revenues by 4% from £180.65m to £188m in the 12 months to the end of August 2, 2013.

Mr Haughey was born in Kilcurry, north of Dundalk in Co Louth and educated by the Christian Brothers in Dundalk.

Documents lodged with the Companies House in the UK show that his widow, Mary Haughey and son, Edward were appointed to the board of Norbrook Laboratories Ltd in June.

Mr Haughey established his veterinary pharmaceutical business in 1968 and today it employs more than 1,500 in Northern Ireland and a further 1,500 worldwide selling to 120 countries with manufacturing plants in four continents.

The group also operates a subsidiary in Co Monaghan, Norbrook Laboratories (Ireland) Ltd where it markets and distributes veterinary pharmaceutical products.

The group’s operating profits last year decreased by 4% from £17.87m to £17m.

The directors’ report states that “the group saw continued improvement in its turnover across all of its business activities during the period”.

The directors state that the sales increase last year was “in line with our growth strategy. Sales have improved due to our broader product range, increasing customer loyalty and improved product quality and availability”.

The report states that “the group continues to follow a strategy of growth by organically growing its current portfolio of products”.

A factor in the drop in profits last year was interest payments totalling £3.8m compared to payments of £1.99m in 2012.

The group’s accumulated profits last year increased from £71.4m to £83.2m.