Belfast Telegraph

Company Report: Bemis Healthcare

 

John Simpson

By John Simpson

Bemis Healthcare Packaging has been operating in Campsie since about 1984. It is a subsidiary of Bemis Co Inc in Neenah, US. The Northern Ireland company also consolidates the performance of a wholly-owned subsidiary in Malaysia -Bemis Asia Pacific.

The Malaysian business made a significant contribution to the latest profit figures with over £4.1m in 2018, compared to a small loss of £161,000 in 2017.

The company's main activity is the manufacture of sterile barrier systems for protecting medical devices and pharmaceuticals.

The Campsie plant has been put up for sale after a condition imposed by the European Commission. The parent company Bemis has been bought by Australian company Amcor Ltd on condition that three subsidiaries in the UK and Ireland are divested. Directors say they are confident the business will continue as a going concern.

In the last three years the Campsie plant, with the consolidated subsidiary, has registered improving results. In the last four years annual turnover has increased by 50% to reach £64m. In the same period, operating and pre-tax profits have almost doubled. Profit margins have improved.

However, no dividends have been paid to the shareholding owners. Post-tax profits have been retained in reserves. As a result, the balance sheet value of shareholders' funds has nearly trebled.

The balance sheet shows that the company, setting borrowed funds alongside bank deposits, has a modest reliance on borrowed funds. As a consequence the level of pre-tax profits is only slightly lower than operating profits.

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The unit enjoyed significant investment in capital assets which cost £2.9m in 2018.

Belfast Telegraph

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