Penn wins Queen’s Award and far exceeds target revenues
Photo: Penn CEO, Craig Rennie with Queen’s Award 2003
Leading player among integrated pharmaceutical outsourcing companies, Penn Pharmaceutical Services Ltd, has unveiled its 2002/2003 annual results showing the company nearly trebled its turnover since 2000.
The results were announced on the day when the company officially received its Queen’s Award for Enterprise 2003 in the International Trade category. The award recognises significant growth in exports for Penn, also over the three year period.
Turnover at the Tredegar-based company increased from £12.81m last year to £14.6m this year, while profitability increased in line with the growth in turnover.
The original aim of the management team, which acquired Penn through an MBO in September 2000, was to double the size of the company in three years from a 2000 turnover of £5.75m.
Penn exported an average of 59% of its total sales with export growth of 77%. Its overseas sales cover 14 International markets, with strong sales in the USA and Asia. In recent years, two new markets have also been opened up -- in Japan and India.
The company has invested more than £3m since 2000 to double production capacity, improve client facilities and acquire new plant and equipment. Penn recently increased its stability testing capacity threefold in order to service new business contracts for its analytical development team.
The continuing expansion has created 60 new jobs, with the workforce now at 169 and there are plans for further growth in 2003/2004.
Delighted to be celebrating both the presentation of the Queen’s Award and the further growth of his company, Craig Rennie, CEO of Penn (pictured with the Queen’s Award for Enterprise 2003) said: "The Award is the most prestigious honour that a UK company can win and it is a credit to the commitment and skills of everyone here at Penn."
Keywords : Penn Pharmaceutical Services Ltd, Wales, UK Queen's Award for Enterprise 2003 Annual results 2002-2003 Outsourcing Contract manufacturing
