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Randox hits £1bn in sales as founder calms Brexit fears

By Lisa Smyth

Published 05/07/2016

Global impact: Dr Peter FitzGerald
Global impact: Dr Peter FitzGerald

The founder of Randox has said he does not believe Brexit will damage his company as he announced it has surpassed £1bn in sales of medical tests.

Dr Peter FitzGerald said he is optimistic about the future of the Co Antrim company despite the ongoing economic uncertainty related to the UK leaving the EU.

And he also welcomed any reduction in corporation tax as good for business.

Dr FitzGerald, who founded Randox 34 years ago, was speaking ahead of today's revenue announcement at the company's global sales conference in Templepatrick.

"I'm very excited about the future and delighted with the success to date," he said.

Randox sold its first ever diagnostic blood test to Aberystwyth University Hospital. And now a contract supplying its respiratory infection test-kits in Saudi Arabia has brought it to £1bn in sales.

This technology, which is unique to Randox, not only improves antibiotic prescribing, but it also reduces the risk of growing antimicrobial resistance - a major global healthcare threat.

Dr FitzGerald added: "Reaching £1bn in sales is probably significant psychologically and we believe that in the next five years we will continue to grow.

"I think the success of Randox reflects the quality of our products and our staff.

"The success of the company is down to re-investing through research and development and market development, as well as recruiting very good people.

"Northern Ireland has a particularly strong talent base and I think we need to continue developing those products and selling them to the world."

Reacting to the controversial Brexit vote, Dr FitzGerald said he believes it is too early to assess whether it will damage the UK economy.

However, he said he believes any impact on Randox will be minimal.

"We sell all over the world and probably less than 20% of our products are sold in the EU itself," he said.

"A lot more would go to America and the Far East.

"We're very excited about the future, in many ways it is an opportunity to use to find ways to sell to customers.

"Corporation is good for companies in the sense, especially if they keep re-investing back into the company, that there will be more money to invest in the company."

Dr FitzGerald said he is primarily driven in his bid to save lives through the development of medical testing technology.

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

Dr FitzGerald said: "These centres are regularly saving lives.

"That's a wonderful feeling and it makes it all worthwhile.

"Of course the business must make a profit, but our main objective is trying to improve people's lives," he added.

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