Eakin Holdings: Wound care company grows globally in recent expansion
Eakin Holdings is a local family-owned company based in Comber which has expanded successfully in the last three years.
The original T.G.Eakin company was first registered in 1973.
However, the original business seems to have grown modestly until the expansion that has been reported in the past decade. The financial results are consolidated in Eakin Holdings.
The group's principal activity is engaging in research and development as well as the manufacture and selling of ostomy and wound care products.
In a business review, the company notes it is anticipated that its growth will continue but it adds "despite increased competition and increasing downward pressure on pricing globally".
Modestly, the directors report that the performance in the most recent year as satisfactory.
In any comparison, other companies might describe the results in more congratulatory terms.
Looking ahead, the directors note that a major focus for the short and medium term will be increased automation and productivity "to protect the company from increased competitive forces and downward pressure on pricing globally at a time of uncertainty of prices for raw materials".
Successful business contracts have been secured on a world-wide basis.
Only a small part of sales are in the UK.
The nature of the market has meant that the company has been trading in many major currencies. Risk from foreign currencies has been minimised by drawing on forward exchange contracts.
Operating profits and pre-tax profits in the latest year were just short of 50% of turnover.
Post-tax profits have been retained within the business which has added further strength to the balance sheet.
The group has supported initiatives in the community, including charitable events, fundraising and involvement in the Young Enterprise initiative.
Critically, the group continues its research and development activity, endeavouring to achieve scientific and technological advances in the field of ostomy and wound care products.