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Norbrook, the Newry-based pharmaceutical manufacturer, saw pre-tax profits fall by 80% last year to just under £4m.

The firm produces veterinary medicines and had a difficult year, including over 100 voluntary redundancies.

It said profits were hit by a tough global economic environment and heightened competition.

The firm's new chief executive, Andrea Iucci, is preparing a five-year plan for the business.

He said despite the reduced profits, the operational performance of the business has significantly improved following several years of investment.

He said: "I am optimistic that we have laid an excellent foundation that will set us up for future success.

"Key factors contributing to this optimism include our resilient customer relationships, continuous investment in the business, strengthening of our manufacturing capability and the delivery of our differentiated product pipeline," he continued.

The firm's turnover was up 4.4% from £232m to £238m.

The investments during the year included expanding the firm's US warehouse while it also launched six new products, three of those in the US.

Official data released on Thursday suggested that Northern Ireland's broader pharmaceutical sector had a difficult year with output far below the peaks reached during the pandemic.

Ulster Bank economist Richard Ramsey said the figures showed that "output in this recently booming sector is at its lowest in 10-and-a-half years and has more than halved since the record high in the fourth quarter of 2020".