Randox: Losses widen at Covid-19 testing giant
Losses have widened at Randox, which was one of the major Covid-19 testing providers in the UK, just a few years after raking in a profit of more than £200m.
The Northern Ireland-headquartered business has reported a pre-tax loss of £51.8m for the year to 30 June, 2024.
The loss comes after Randox posted a pre-tax loss of £39.5m in its prior financial year.
In the year to June 2022, Randox achieved a pre-tax profit of £189.8m while it raked in almost £275m in the year before that.
The figures, which have been revealed in accounts filed late with Companies House, also show the firm’s turnover increased in the year from £173.2m to £176.3m.
Randox’s turnover had stood at £625.5m in the year to June 2022.
The company pointed to its latest turnover figure compared to the £18m it achieved in the last year before the Covid-19 pandemic.
The Department of Health awarded 22 contracts to Randox between January 2020 and December 2021 with a maximum value of £777m.
Randox was founded by Dr Peter Fitzgerald in 1982.
Randox ‘well placed’ for the future
A statement signed off by the board said: “Global trends indicate that the long-term outlook for the diagnostic sector remains very strong.
“The five years since the emergence of Covid-19 in early 2020 have seen a transformation in the public perception of diagnostic testing, with consumers increasingly opting to take control of their own health.
“New governments in both the UK and USA have placed diagnostics at the centre of their public health strategies, recognising the strategic, financial and medical advantages of preventative healthcare in an era of tighter public finances.
“As the global population increasingly turns towards recognising the importance of diagnostics, Randox has continued to invest heavily in R&D to ensure we remain at the centre of this healthcare revolution.”
Randox added: “Overall, the directors remain pleased with the company’s performance and, with the benefit of recent investments, consider it to be very well placed to continue to grow and to play a leading role in the global diagnostics industry.”