Focus on innovation as profits fall at Co Down medical firm
Pre-tax profits at medical dressing firm TG Eakin in Co Down have fallen to £15.8m.
According to accounts filed at Companies House, turnover dropped from £29.5m to £27.9m in the year to the end of March 2015.
The family-run company makes various ostomy and wound care products for export around the world.
A strategic report from the directors said that it would continue to focus on new product innovation and more automation of its processes to improve productivity.
It added that it wished to protect itself from "increased competitive forces and downward pressure on pricing globally at a time of uncertainty of prices for raw materials".
And the firm said that although surgical techniques were improving, it believed its niche market was sustainable in the long-term.
Meanwhile, abbreviated accounts for Eakin Healthcare Group - the new name for holding company Eakin Holdings Ltd - show that the net assets of the group were £20.3m at the end of March 2015, down from £67.3m a year earlier.
Accounts filed by Eakin Holdings Ltd last year showed turnover of £60.4m and pre-tax profits of £25.6m.
Last year, TG Eakin acquired Cliffe Medical in England, bringing its workforce to 280.
The business was founded by Tom Eakin, and is now run by his sons Paul and Jeremy.
Mr Eakin was a pharmacist who formed the business after encountering ostomy patients who were having problems with their disposable ostomy pouches.