Shareholders of Northern Ireland pharmaceuticals group Galen have been told that the outcome for the current year is positive. At the annual general meeting in Belfast yesterday, chairman, Mr Allen McClay said that turnover and operating margins in the first quarter of the year were in line with budget and the board viewed the outcome for the year with confidence.

Galen reported exceptionally strong results for the year to the end of September, with pre-tax profits up 58 per cent to £11.4 million sterling on turnover up 26 per cent to £39.3 million. Since the results announcement, Galen shares have risen strongly from 388p sterling to 439p sterling at yesterday's close.