Award-winning results for Penn

Published: 1-Aug-2003


Penn Pharmaceutical Services, of Tredegar, one of the UK's leading integrated pharmaceutical outsourcing companies, has almost trebled its turnover since 2000. Turnover in 2002/03 was £14.6m (€21.1m) compared with £12.81m (€18.51m) the previous year. The management team, which acquired the company through an MBO in September three years ago, declared its intention at the time of doubling the size of the company during that period from an original turnover of £5.7m (€8.2m). The results were announced as the company officially received its Queen's Award for Enterprise 2003 in the International Trade category. Penn exported an average of 59% of its total sales with export growth of 77% over the three years since 2000. Overseas sales cover 14 international markets, with a strong presence in the US and Asia; two new markets - Japan and India - have also been opened up. The company has invested more than £3m (€4.34m) since 2000 to double production capacity, improve client facilities and acquire new plant and equipment, and most recently has trebled its stability testing capacity. The workforce now stands at 169 and there are plans for further growth in 2003/2004.

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