Newry-based Norbrook Holdings reports 82% decrease in pre-tax profits after “challenging year”

Newry-based Norbrook Holdings has reported an 82% decrease in pre-tax profits to £8m after what it describes as a “challenging year”.

The veterinary pharmaceutical group also had a 14% fall in sales to £237m in the 12 months ending on August 2nd.

However, Liam Nagle, chairman and chief executive of Norbrook, said he remains “confident” about the future of the company.

The Norbrook chairman added that the company continues to plan for a potential hard Brexit, with Mr Nagle saying it had spent large sums in recent years to expand its Monaghan site at Rossmore Industrial Estate.

Mr Nagle blamed the failure of manufacturing equipment at its Newry site, as well as “supply-chain issues” for the downturn.