PHARMACEUTICALS Almac Group will invest £200 million in a massive global investment program over the next three years to meet growing demand for its business.
The Craigavon-based company, which today announced its highest ever revenue, profit and number of employees, said the year ending September 30, 2021 was the best year on record .
The group saw its turnover rise by £58m (8.6%) to £735m in 2021, with pre-tax profits up 27.1% to £81m sterling.
The company, which develops its own drugs and carries out manufacturing and testing for major global players, has created nearly 1,000 jobs since October 2020.
It now employs around 6,500 people worldwide and plans to grow to 8,000 over the next three years.
Some 1,000 of the new jobs are being created in Northern Ireland as part of an ongoing recruitment drive announced in November.
Almac said it was involved in the development of more than 300 lifesaving drugs spanning more than 20 therapeutic areas in the year through September 2021.
He said the group had also been instrumental in supporting more than 200 research projects for Covid-19 vaccines and treatments.
Almac has been among local manufacturers to actively promote its dual access to EU and UK markets under the Northern Ireland Protocol.
Called ‘The Almac Advantage’, the group in particular marketed itself as a ‘one stop shop’ for clinical trial support and testing in the UK and EU.
The group, which is owned by the charitable trust named after its founder, Sir Allen McClay, maintains a long-standing policy of reinvesting 100% of group profits back into the business.
With business and profits booming, the group has pledged to inject £200m into further expansion to meet increased customer demand.
Almac said the funds will be invested in existing sites in Northern Ireland, as well as sites in the UK, Europe, North America and Asia.
The group’s Craigavon campus is currently undergoing a multi-million investment program.
Almac said a further £20million will be invested in improvements to its headquarters, including two purpose-built catering centres, featuring restaurants, mixed-use dining and workspaces, al fresco dining covered, relaxation areas and seating for nearly 1,000 people at a time.
Subject to planning approvals, the hubs are expected to be completed in early 2023.
Other developments currently under construction include a new multi-level car park, while tentative plans are being made for a second phase of expansion to include a dedicated wellness centre, employee gym , a walking track around campus, and a third dining facility.
Group Chief Executive Alan Armstrong said: “I am extremely proud of our achievements over the last financial year.
“I am extremely grateful to each of our employees for their contribution to achieving these exceptional results as we continue our vital work of developing medicines that save and improve the lives of our customers and patients.
“Almac is committed to reinvesting all of our profits back into the business to ensure that we lead the market for customers and provide the best possible working environment for our employees,” he said.
“For our customers, we are investing £200 million in expansion to ensure we remain global leaders in our industry and provide them, and the patients around the world who benefit from these treatments, with the best possible deal. as possible from Almac.
“For our employees, we have already implemented a number of new measures; a bonus for all, reduced working time, flexible and hybrid work where appropriate.
“We are also committed to providing our employees with the best possible working environment and today’s announcement of the Craigavon campus expansion underscores our commitment.”