Belfast Telegraph

Randox Holdings in better health with profits back in black

Founder: Dr Peter Fitzgerald
Founder: Dr Peter Fitzgerald
Emma Deighan

By Emma Deighan

Northern Ireland medical testing giant Randox is back in the black with pre-tax profits of £167,000, its latest financial results have revealed.

In its annual report for 2018, Randox Holdings' profits of £167,000 compare with a loss in 2017 of £11.2m.

Last year's loss followed a series of impairments and exceptional items as well as a £2.5m bill for alleged data tampering at division Randox Testing Services.

Randox, headquartered in Crumlin and with centres in Donegal and Bangalore, increased its turnover by over 13% last year to £118.4m and boosted staff by almost 13% to 1409.

The rise follows on from Randox's announcement last November that it would add 25 new digital jobs to its base in Antrim. It said the specialist IT roles would range from software development to information security and web design at Randox Science Park at the former Masserene Barracks.

The company, which is led by founder Dr Peter Fitzgerald, was involved in a police investigation last year over alleged data tampering.

While Randox said it wouldn't comment further on this year's results, its report read: "The group's strategy is to continue to build on the philosophy of providing world class diagnostic products to improve healthcare and create shareholder value by investing for the long term and by positioning the group to be the leader in its chosen markets.

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"The performance for the year under review reflects further sustained progress towards achieving this long term objective and at the same time maintaining the group's strong balance sheet."

Citing Brexit uncertainty among risks it faces, it added: "The directors will continue to monitor the situation giving consideration to likely outcome scenarios and developing appropriate mitigation approaches."

Belfast Telegraph