Company Snapshot: Randox Laboratories Ltd
Randox Laboratories has its main manufacturing plant and headquarters at Crumlin in Co Antrim.
In the last decade the company has expanded steadily and has gained an international market for the range of diagnostic kits which are increasingly important in many laboratory applications to aid medical assessment and treatment.
Turnover has more than doubled in the last six years, from £31m in 2003 to over £63m in 2009. Critically, the business has been transformed from a position where operating losses were posted in 2003 and 2004 into a business which has consistently been reporting healthy pre-tax profits. Profits in 2009 were significantly lower than the exceptionally higher figures in 2008. The reduction is attributed to an unusually high provision against the value of stocks held.
A feature of the business has been the significant sums spent each year on the development of new products which, in 2009, cost £6.3m. In addition, the company has engaged in an on-going capital investment programme which, in most years, is larger than the depreciation allowance on existing assets.
The annual report points to the achievement of the company which can now claim that it has more diagnostic tests in development than any other similar company in the world. Exports are helped through 25 international direct sales offices and distributors in 130 countries.
Randox is the first manufacturer of an automated protein biochip array which facilitates a revolutionary multi-analyte testing platform. It allows laboratories to perform multiple tests simultaneously.
Employment in the company increased in the early part of this decade and has now remained stable at an average of over 730 people.