The value of Galen Holdings, the Northern Ireland pharmaceutical company, has soared by £73 million sterling to £810 million (€1.27 billion), following the publication of strong profit figures.

Profit before tax rose by 30.3 per cent to £19.1 million from £14.6 million in the year to September 30th, 1999. Although the results are in line with brokers' projections, the market responded positively by pushing the shares up 60p to a record 667.5p sterling on the London market.

"With the continued development of all parts of the business, we look forward to the millennium with much confidence" said chairman Dr Allen McClay. While the group has not made any forecast, it is on course to push profits up to about £23 million this year, representing growth of 20 per cent. Chief executive Dr John King said the development of the core businesses was most important to the group and investments were in place to develop them in Ireland, Britain and the US. The group would also continue to pursue acquisitions.

Asked about the possibility of a large acquisition like the proposed Ferring Pharmaceuticals deal, which was aborted, he said the logic of that deal, which would have substantially broadened the geographical spread for its products, still held, but if something similar arose it was likely to be in the US. The group, he said, had not identified any significant benefits in gaining a share listing on the Nasdaq. However, if it were "appropriate", this view could be reviewed. Galen's latest results showed a 37.1 per cent rise in sales to £67 million from £48.9 million, reflecting a boost in prescription medicines sales. A breakdown showed a 19.1 per cent increase in ethical pharmaceutical products and a 72.1 per cent increase in ethical pharmaceutical services. Acquisitions accounted for £2.76 million of the sales.

Earnings per share grew by 32.6 per cent to 12.6p from 9.5p and the shareholders are to get a bigger payout with a 25 per cent increase in the interim dividend to 1.65p from 1.32p. The group remains in a strong financial position, with gearing of just 32 per cent.

Galen invested £3.98 million in research and development, a 30 per cent increase on the previous year.