Company Shapshot: Randox Laboratories Ltd.
Development spending vital
In the last decade Randox Laboratories has grown and gained an international market for an increasing range of diagnostic kits which are increasingly important in laboratory applications to aid medical assessment and treatment.
The main production unit is at Crumlin, Co.Antrim.
Turnover has more than doubled in the last eight years, from £31m in 2003 to nearly £69m in 2011.
Business in 2011 more than recovered the one-year fall in 2010.
Profits in 2009 were significantly lower than the exceptionally high figure in 2008.
Whilst the business has remained satisfactorily profitable in recent years, the ratios of operating and pre-tax profits to turnover have fallen in 2010 and 2011. A feature of the business has been the significant sums spent each year on the development of new products.
The directors' report that the company invests in the region of 14% of its turnover in research and development.
180 staff is engaged on R&D type work.
Randox reports that, currently, it has more tests in development than any other diagnostic company in the world and its export strategy involves 25 international direct sales offices and distributors in 130 countries.
Randox is the first manufacturer of an automated biochip system which facilitates revolutionary multi-analyte testing.
For a lay reader this also allows laboratories to perform multiple tests simultaneously.
Employment in the company increased in the early part of the last decade to an average of over 730 people. More recently, employment has increased further to an average of 809 people in 2011.
The balance sheet value of shareholders' funds has quadrupled in the last five years to reach £17.9m at the end of 2011.