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Strong growth reported for UK pharmaceuticals firm

The pre-tax profit at pharmaceutical company Actavis UK has soared past the £120m mark in the year of its multimillion pound takeover.

The firm, which produces around 5 billion tablets annually from its manufacturing facility in Barnstaple and provides around 10 per cent of the UK's generic medicines, was acquired by Intas Pharmaceuticals in a £600m deal and has since seen profit grow to £124.9m in the year ending 31 March 2017, up from £81m in 2015/16. Turnover also increased to £438.6m from £352.1m the year before.

The directors of the company attributed the strong underlying growth of the firm, despite the shake-up due to the takeover, as thanks to the launch of new products. They also praised "portfolio optimisation and diversification" as well as improved efficiency at their factory.

"The company has continued to expand its strategic position as a major supplier to the UK generics market and despite competitive trading conditions, the directors are confident that the company will maintain its current strong position."

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