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Home Industry News Orion sees sales increase

Orion sees sales increase

9th February 2009

Orion generated increased sales in 2008 compared to the previous year, it has emerged.

The group announced a net sales total of 710.7 million euros (619.6 million pounds) for the 12-month period, up from 680 million euros in 2007.

This represents a 4.5 per cent increase, although operating profit fell from 192 million euros to 185 million euros.

Research and development expenses rose by five per cent to 103.4 million euros. Chief executive officer Timo Lappalainen said this amount, plus the costs required to defend the company’s patents in the US, meant the overall figures fell below those of the previous year.

He also discussed the numbers in the context of the ongoing global economic slowdown.

“In December we took out a long-term loan of 85 million euros to ensure our liquidity … this significantly altered the structure of our balance sheet.”

Pharmaceuticals account for about 95 per cent of Orion’s net sales. It also operates a diagnostics business and an animal health company.

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