Almac defend results despite profit fall

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Almac says its annual results have shown “an improvement in the underlying performance” despite a fall in statutory accounts profits last year.

In 2014 the group made a pre-tax profit of £12.6m, down from £19.2m on the previous year but group turnover increased from £325m to £342m.

Almac said 2013 was an “unusually profitable year” because the company received a one-off licensing payment of$9m for an oncology test it had developed. “No such significant deals” were completed in 2014, although some are expected in the not too distant future,” said Almac.

“2014 was a less profitable year because of the above and investment in a new global software system in addition to consolidation of a loss-making subsidiary into the group.”

Alan Armstrong, Almac chairman said, “The most recent results were impacted by statutory account adjustments which had no impact on the underlying profitability of the group. We are also delighted to announce that the first six months of the current financial year have been extremely successful and we are currently on track to exceed budget performance.”