North East drug production company Quantum Pharmaceutical said it is focussed on growth after seeing a big rise in revenues and profits in its most recent accounts period.
The company – which is based on the Hobson Industrial Estate in Burnopfield, County Durham, with another site at Follingsby Park in Gateshead – has released accounts for 2022 in which revenues reached £118.9m, a growth of 48% on the same period a year earlier. Over the same period, the company’s operating profit more than quadrupled from £1.7m to nearly £7.1m.
Quantum is involved in the manufacture and supply of unlicensed medicines, and said investment in production facilities had helped it increase revenues. After growing its workforce by 10 during the year, it said it expected to create more jobs in 2023 and would aim to grow organically and potentially through acquisitions.
Source: Business Live
