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Despite a slight decline in revenue Norbrook Holdings have seen an increase in net profit for the 2024 financial year.
Revenue at the Newry based company was down 6% compared to 2023 at £219M while Net Profit was up 35.9% to £5.3M.
The decrease in sales revenue was largely driven by the impact of foreign exchange gains and growth in 2023, which had been bolstered by the release of existing backorders.
The company grew year-on-year in Ireland, UK, and MENA, despite facing significant price pressures that created a challenging environment in the USA.
Speaking about the 2024 results Andrea Iucci, Chief Executive Officer of Norbrook 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% increase in R&D investment to expand our differentiated product pipeline and a refined commercial strategy to extend market reach.”
In 2024 Norbrook launched Felanorm® (methimazole) Oral Solution in the USA, a revolutionary liquid treatment for hyperthyroidism in cats. The company invested £1.3m in a newly upgraded sterile injectable manufacturing suite in Newry and £2.5 million in a state-of-the-art facility in Kenya, designed with high-spec, World Health Organization (WHO)-compliant infrastructure.
Norbrook has made a significant investment in developing its commercial organisation with the appointment of 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. All these leaders bring a wealth of international sales and marketing experience to Norbrook.
Reflecting on his first year as CEO, Iucci adds, “We can already see clear signs of improvements as a result of the measures we are putting in place. I am proud of Norbrook’s progress and confident that, with our dedicated and skilled employees, we are well-positioned to achieve our goals for the year ahead.”
He adds, “I am particularly pleased that Norbrook is on track to achieve our first Environmental, Social, and Governance (ESG) certification – a journey that aligns well with our values. Today, we also published our Corporate Social Responsibility (CSR) report, highlighting our commitment to making a positive impact in the communities where we operate.”
