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Chanelle Pharmaceuticals’ pre-tax profit increases by 70 percent to 12.68 million euros

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Chanelle Pharmaceuticals’ pre-tax profit increased by 70 percent to 12.68 million euros last year despite the Covid 19 pandemic.

New accounts filed by Co. Galway-Veterinary drug companies reveal that Chanelle Pharmaceuticals Manufacturing Ltd enjoyed the profit surge as revenue rose 11 percent in the 12 months to the end of April to €66.69 million from €59.9 million.

About the effects of the pandemicDirectors explain that following the March 2020 lockdowns, “we have seen demand softening in some veterinary medicines markets, but we have seen demand recover in most markets as lockdown restrictions have been eased”.

Trading since late April “has been encouraging,” according to directors.

Notwithstanding the impact of Covid-19 and Brexit, Directors state that the signs are “positive with strong market demand for our products and supply pipeline”.

Founded by Michael Burke, the company’s workforce increased from 319 to 354 as personnel expenses rose marginally from €14.62 million to €14.86 million.

The company paid a dividend of 2.25 million euros last year and this followed to €2.25 million Dividend payment in the financial year 2020

The company is one of several pharmaceutical companies owned by the Burke family and Chanelle Pharmaceuticals Manufacturing Ltd’s principal activity is the manufacture and sale worldwide of veterinary and medical pharmaceutical products, as well as related research and development.

https://www.independent.ie/business/irish/chanelle-pharmaceuticals-pre-tax-profits-soar-70pc-to-1268m-41796239.html Chanelle Pharmaceuticals’ pre-tax profit increases by 70 percent to 12.68 million euros

Fry Electronics Team

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