Chanelle Pharma profits fall more than 40 per cent ahead of Exponent deal

Sale volumes had increased 5 per cent but profits dropped as rising interest rates hit the holding company’s bottom line

Chanelle Pharma was founded almost 40 years ago by Michael Burke. Picture: Michael Dillon

Profits at Galway-based Chanelle Pharma dropped by more than 40 per cent ahead of a deal with Exponent Private Equity.

Accounts for Chanelle Pharma Limited, the group’s investment holding company, show in the 12 months to the end of April operating profit dropped from €26.6 million the previous year, to €14.3 million despite sales increasing by 5 per cent.

The profit margin halved from 16.4 per cent to 8.3 per cent as rising interest rates ...