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Randox turnover climbs to £92m in the last 12 months

By Margaret Canning

Published 06/08/2015

Randox managing director Peter Fitzgerald
Randox managing director Peter Fitzgerald

Turnover at medical testing firm Randox Holdings has climbed to £92m in the past year though pre-tax profits have dropped slightly, its latest accounts show.

The Co Antrim company, which sells kits to 145 countries, said employment had increased by around 90 to 1081 in the 12 months to the end of December 2014.

Turnover was up to £92m from £90.9m last year while pre-tax profits were down slightly from £12.9m to £12.7m.

It spent £8.8m on research and development, describing research as "a significant focus of the group".

The group also made provision for bad debts of £2.2m - up from provision of £1.87m a year earlier.

Employment was made up of 668 production and distribution staff, 244 research and development scientists and 168 admin workers.

Looking ahead, the report said that current economic conditions created uncertainty over demand for its products, while the sterling/euro exchange rate created uncertainty on the cost of raw materials.

But the report said it would be able to continue to operate within its current banking arrangements, which were renewed in March.

The firm's strategic report inside the accounts said the increase in sales was due to "the impact of diversification in our current product offering into new markets and the introduction of novel products".

The report said the company was now one of the world's leading diagnostic manufacturing companies with over 2,000 products including lab analysers, reagents, food diagnostics and toxicology products.

It adds that its products and services "transform patients' lives and bring real benefits - early detection and accurate diagnosis of diseases".

And the report said it was bringing "more new products to market in a single year than any other diagnostic company in the world".

Managing director Dr Peter FitzGerald, (left) who founded the company in a chicken shed in his parent's garden in 1982, was not available for comment on the results.

Mr FitzGerald and chartered accountant Richard Kelly are the company's only directors - and according to the accounts, were paid £187,000 between them in remuneration and pension contributions.

The notes to the accounts list 18 international related companies, as well as nine incorporated in the UK.

Those nine companies include Randox Massereene, relating to its purchase of the former Army barracks in Antrim.

And two Dundarave companies, referring to its purchase of Dundarave House in Bushmills, Co Antrim, and the land surrounding it, for use as a corporate hospitality centre.

 

£8.8m

The amount spent by Randox on research and development

Belfast Telegraph

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