Norbrook Holdings Ltd today announced its results for the year to 28th July 2023 which show Revenue of £238 million, up 4.4% year-on-year (fx adjusted), generating Net Profit of £3.9 million.
Over recent years the Company has invested heavily in the future of the business, with capital investment of £15 million in 2023, representing 6% of Revenue. This year, the benefits of the investment are starting to be realised with significant operational success, demonstrated by a 20% improvement in supply performance and a 90% reduction in backorder. This achievement is particularly noteworthy considering the difficulties faced by the Animal Health Industry during this period.
The Company did face hurdles in achieving the anticipated sales growth for the year, mainly due to the challenging global economic environment and heightened competition in the animal health sector. As a result, the Company implemented a robust cost reduction strategy in the latter half of the year which will leave us strongly positioned for FY24.
- The Company launched six new products during the year, with three in the US (Firox® tablets for dogs, Tauromox® and Tulieve® injection for cattle), Moxiclear® spot on in New Zealand for cats and dogs, and Thyronorm® Oral Solution in Australia. With further new product launches planned for the coming year, our new product pipeline continues to add to our significant product
- The Company invested in their Regional US Headquarters, expanding the warehouse capabilities, and centralising the US commercial team.
- The Company completed a significant £7 million CapEx project to ensure full sprinkler coverage of a major manufacturing site, ensuring the health and safety of employees and safeguarding the business.
Andrea Iucci, Chief Executive Officer, Norbrook said, “2023 was a transformational year for the Company. We had a strong number of new products launched continuing our focus on being the first generic to market with a high degree of differentiation. We continue to work with our Customers with whom we have strong, long-term, close relationships.”
“Our Team has tirelessly supported the business, delivering significant process improvements and recognised dedication to Quality. We supported our people through the difficult voluntary redundancy programme earlier this year, and are very appreciative of our employees’ continued support.”
Andrea, who has recently been appointed CEO, shared his initial findings of the Company “I feel Norbrook has a very unique offering, with a diverse portfolio and long-term view for success. At the very core of the business are our people, people who really care about this Company and who have a purpose not just a job. Looking ahead, I am optimistic that we have laid an excellent foundation that will set us up for future success. Key factors contributing to this optimism include our resilient customer relationships, continuous investment in the business, strengthening of our manufacturing capability and the delivery of our differentiated product pipeline.”