Almac Group, the global contract pharmaceutical development and manufacturing organisation, has today announced its financial results for year ending 30 September 2023.
Figures released show the company recorded a £118 million (14%) rise in revenue, up from £840 million in 2022 to £958 million in the period. Operating profit rose again – final pre-tax profits were recorded at £93.8 million, down slightly from £97 million (3.3%) in the previous year, due to a significant exchange rate adjustment1.
The numbers released cover the second year of Almac Group’s £400M global expansion plans, announced in November 2021. This global expansion programme announced the creation of 1,800 new roles at Almac. 1,200 of those have already been filled and current Almac Group employee numbers now exceeds 7,300.
Almac is at the forefront of developing, manufacturing, testing and distributing essential medicines to patients around the world. During this financial year the group was involved in the development of hundreds of life-saving drugs spanning more than 20 therapeutic areas including oncology, cardiology, immunology, gene therapy and neurology.
Alan Armstrong, Almac Group Chairman and CEO said: “We are a privately-owned and independent company, committed to re-investing all our profit back into the business. We continuously innovate and expand our business offerings, enabling us to support our clients while advancing human health.
“Today’s announcement is a welcome continuation of growth for the Almac Group, and I would like to thank everyone within the organisation for playing their part. Our valued global workforce is Almac’s greatest asset providing the foundation for our success.
“Almac is dedicated to ensuring we remain a global leader in our industry, giving our clients and ultimately patients across the world the best possible offering. We continue to play our part as a valued and trusted member of the communities in which we operate.”
#ENDS#
1Profit before tax in 2023 is stated after a foreign exchange loss of £6.4m as compared to an equivalent foreign exchange gain in 2022 of £10.1m, accounting for £16.5m of additional cost comparing 2023 with 2022. These notional foreign exchange gains and losses arise from retranslation to pounds sterling of balances denominated in foreign currency, which are re-measured at each financial year end, at the exchange rates ruling at that time.
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