Norbrook paid out €9.1 million dividend to Lord Ballyedmond Family Trust last year
Pharmaceutical company Norbrook Laboratories Ireland paid out a €9.1 million dividend to its parent company, the Lord Ballyedmond Family Trust, last year.
The most recent set of accounts show that the company had pre-tax profits of €1.3 million in 2018, down from €3.3 million in 2017, based on sales that rose slightly from €18.2 million to €18.8 million in the same period. It had net assets of €7.8 million, down from €11.7 million.
The accounts also note that it received a capital contribution from its parent company of €4.1 million “as part of a group restructuring exercise”.
The accounts note that “the external commercial environment is expected to remain extremely competitive in 2018/2019 as national and international competitors continue to retain market share, however we remain confident that we will maintain our current level of performance in the future”.
Norbrook Laboratories Ireland’s parent company – Norbrook Laboratories, based in Newry – had sales of £228.6 million, according to accounts filed earlier this year, up from £223.5 million the year before. It generated a pre-tax profit of £38 million, pushing the company’s accumulated profits to £95 million.
Norbrook was founded by Dundalk-born Edward Haughey (pictured above), who was later made a life peer and took the title of Lord Ballyedmond. Haughey was killed in a helicopter crash in 2014, and left £339 million in his will.
The pharmaceutical group is today controlled by the Lord Ballyedmond Family Trust.