Galway Bay fm newsroom - There's been a major surge in profits at Loughrea-based firm Chanelle Pharmaceuticals.
Pre-tax profits increased by almost 40 percent last year, despite an initial slowdown in demand due to the emergence of Covid-19.
Despite the onset of the Covid-19 pandemic, pre-tax profits at Chanelle Pharma rose by 39 percent last year, finishing at €6.8m.
According to The Irish Times, overall revenue was just shy of €60m - an increase of 16.5 percent on 2019.
Directors noted that following lockdowns in March 2020, there was a softening of demand in some markets for veterinary products.
However, they said they have seen demand recover in most markets as lockdown restrictions are eased.
It's also stated that while Covid has heavily impacted on day-to-day activities, Chanelle has continued to operate successfully at all locations throughout the pandemic.
The firm now employs 339 people - that's an increase of 21 throughout the year.
It says trading since the start of 2021 has been encouraging, but the longer term impact of Covid-19 and Brexit is yet to be established.
