Craigavon pharmaceutical group Almac sees profits drop

Almac's global headquarters is in Craigavon, County Armagh

Craigavon-based pharmaceutical group Almac made a pre-tax profit of £12.6m in 2014, down from £19.2m in 2013.

The company said the fall in profit was mainly due to a one-off licensing fee of $9m (£5.93m) which it had received in 2013.

Turnover grew by 5% from £325m to £342m.

Almac employs more than 3,300 people in Northern Ireland and at facilities throughout the rest of the UK, the US and Asia.

It is aiming to add another 350 jobs over the next five years as it continues to expand.

In 2014, it paid salaries of £116m, with the highest paid director receiving £605,000.

The company provides services to other pharmaceutical firms, as well as developing its own products, mainly in cancer diagnostics.

It spent £3.6m on research during the year and benefited from almost £1.5m in research and development tax credits.

The firm is one of Northern Ireland's most successful exporters, and about 95% of its business comes from customers outside the UK.

Almac was formed in 2002, borne out of Galen Holdings, which was founded in 1968 by Sir Allen McClay.

Sir Allen died in 2010 and the firm is now owned by the McClay Foundation.

The pharmaceutical sector in Northern Ireland has been one of the strongest economic performers in recent years.

The most recent official figures show the sector growing at an annual rate of almost 10%.