By Gordon Deegan
New accounts filed by the Co. Galway-based veterinary product company show that Chanelle Pharmaceuticals Manufacturing Ltd. enjoyed an increase in profits as revenues grew by 24% from €66.69 million to €82.6 million in the 12 months to the end of last April.
The business made a dividend payout of €10 million last year and this followed a dividend payout of €2.25 million in the prior year.
The directors said that “trading since the start of the new financial year has been encouraging”.
“The outlook remains positive with strong market demand for our products and delivery pipeline,” they said.
Chanelle Pharma
The directors added that they remain confident in their “future growth prospects”.
They stated that numerous marketing authorisations for product approvals have been achieved throughout the year as well as a number of licence and supply agreements.
They also said that “although none are material in their own right, they all strengthen the existing portfolio”.
The directors stated that they have undertaken a group reorganisation project to simplify the group structure and the reorganisation was ongoing at the date of approval of the financial statements.
Numbers employed by the Michael Burke-founded company increased from 354 to 390 as staff costs increased from €14.86 million to €18.29 million.
The company is one of a number of pharma entities owned by the Burke family and the main activity of Chanelle Pharmaceuticals Manufacturing Ltd. is the manufacture and sale of veterinary and medical pharma products worldwide together with associated research and development.
Results
The profit also takes account of non-cash depreciation costs of €2.7 million and research and development costs of €2.55 million.
Shareholder funds at the end of April 30, 2022 totalled €17.69 million, that included accumulated profits of €15.4 million.
The company’s post-tax profit last year was €14.9 million, after paying corporation tax of €2.2 million.
Directors’ pay last year decreased from €404,025 to €348,712. Key management personnel were paid €1.45 million.
A breakdown of the company’s revenues show that it generated revenues of €35.5 million in the Republic of Ireland, €39.17 million in Europe and €9.9 million in ‘rest of world’.
The company last year paid €3.69 million to acquire property, plant and equipment and this followed a pay-out of €2.8 million under that heading in fiscal 2021.