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Randox gets a boost as 'novel' products inspire rise in profit

By Margaret Canning

Published 26/07/2016

Focus on exports: Dr Peter FitzGerald
Focus on exports: Dr Peter FitzGerald

Medical testing firm Randox has announced a 40% increase in pre-tax profits to just under £18m. The Crumlin-based company also recorded a 4% increase in turnover to just under £96m during 2015.

Employee numbers at the company, which was founded by Dr Peter FitzGerald in a chicken shed in his parents' garden in 1982, were also up from 1,081 to 1,129.

A strategic report filed with the company's accounts said its sales growth was due to diversification into new markets and the development of "novel" products.

It sells its products in 145 countries around the world.

The strategic report added: "Randox brings more new products to market in a single year than any other diagnostic company in the world.

"We are a dynamic, fast-growing group who are at the forefront of laboratory technology and diagnostic innovation and we look forward to supplying quality products for many years to come."

During a global sales conference in Northern Ireland earlier this month, Randox announced it had reached £1bn in sales, with a deal to supply respiratory infection biochips to a client in Saudi Arabia.

Speaking ahead of the EU Referendum, Dr FitzGerald said it would continue its focus on export whatever the outcome.

And asked about the impact of currency fluctuations on his business following the referendum result, the company boss said: "Currencies do tend to be volatile and can go in any direction, so we cannot - and will not - base our business model upon currency exchange rates.

"However, in circumstances where the pound has weakened, there is a benefit to UK exporters, such as Randox, in improving competitiveness in overseas markets."

The firm has established wellbeing clinics in locations around the world, including London and Los Angeles and is preparing to launch others in Dublin, Holywood, Bushmills, Edinburgh, Liverpool, Chelsea and Dubai.

The company recently announced it will be the new sponsor of the Grand National at Aintree.

In 2014, Randox also bought the country estate Dundarave close to Bushmills on the north coast for use for corporate hospitality, and as the location for a boutique health spa.

Belfast Telegraph

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