Norbrook Holdings has announced an 8% rise in net profits for 2024 from a slightly decreased total sales revenue.
Global sales order intake in the second half of 2024 was up 16% compared to 2023, generating a Net Profit of £5.3 million for Norbrook, compared to the second half of 2023 (8% increase full year), which represents an increase of £1.4 million or 35.9% versus last year.
Sales revenue reached £219 million, reflecting a year-on-year decrease of 6%. 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.
Norbrook’s sustained profit levels highlight resilience and support optimism for future profitability as revenues recover. Improvements in operational excellence and quality metrics, combined with cost reduction initiatives have seen overall improvements in efficiencies ensuring sustainable business success. The company grew year-on-year in Ireland, UK, and MENA, despite facing significant price pressures that created a challenging environment in the USA.
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.”