Resilient year at veterinary pharmaceuticals group

Norbrook Factory (Image credit: Norbrook Holdings)

Newry-headquartered veterinary pharmaceuticals business Norbrook Holdings has reported an increase in its global sales order intake and an increase in net profit, despite a slight decline in revenues.

Global sales order intake in the second half of 2024 was up 16 per cent compared to 2023, generating a net profit of £5.3m for Norbrook, compared to the second half of 2023, which represents an increase of £1.4m.

The company reported sales revenue of £219m in the year to 28 July 2024, reflecting a year-on-year decrease of 6 per cent. This was largely driven by the impact of foreign exchange gains and growth in 2023, which had been bolstered by the release of existing backorders.

Chief executive Andrea Iucci said: "In 2024, we turned around our global order intake growth, launched an Endocrinology Companion Animal product in the USA and a Large Animal Diagnostic product in the UK, started our first ESG certification, and published our first CSR report.

"Building on Norbrook’s strong foundation in quality, safety, and operations, we are now focused on commercial growth. Our new five-year plan is centred on strategic growth initiatives, including a 50 per cent increase in R&D investment to expand our differentiated product pipeline and a refined commercial strategy to extend market reach."

During the half, Norbrook opened a newly upgraded sterile injectable manufacturing suite, home to products critical in the treatment and prevention of infections in livestock and pets.

The project represented a £1.3m investment.

Norbrook also invested £2.5m in a state-of-the-art facility in Kenya.

A number of appointments were also made including Brian Hopkins, a seasoned leader in the animal health industry, as US vice president of regional sales and marketing; Ned Flaxman, regional head for Great Britain and Andrea De Marchis as regional head for Europe, LATAM and Asia.