Prof­its drop but turnover is up at med­i­cal firm TG Eakin

Belfast Telegraph - Business Telegraph - - News - BY RYAN MCALEER

CO DOWN med­i­cal firm TG Eakin has posted pre-tax prof­its of £16m, new ac­counts for the com­pany have shown.

Although down 12% on last year’s per­for­mance, the Comber-based firm, which makes med­i­cal skin­care prod­ucts for use in stoma and wound care, saw turnover rise 2% to £31.8m for the year to March 31 2018.

TG Eakin said the re­sults re­flect the com­bined im­pact of in­ter­na­tional mar­ket con­di­tions, the level of com­pe­ti­tion it faces and in­vest­ment in new pro­duc­tion fa­cil­i­ties at its Comber base, to­gether with an in­vest­ment in R&D.

The new re­port re­veals that the com­pany in­creased its work­force from 63 to 73 over the year, tak­ing on new pro­duc­tion, man­age­rial and ad­min­is­tra­tion staff.

Its wage bill in­creased to £2.5m as a re­sult.

Ear­lier this year, the firm’s founder, Co Down phar­ma­cist Tom Eakin, was named as one of North­ern Ire­land’s wealth­i­est busi­ness­men.

Ac­cord­ing to the Sun­day Inde- pen­dent’s 2018 Ir­ish Rich List, he is worth around £293m.

In the new com­pany re­port, TG Eakin’s di­rec­tors state that it ex­pects to con­tinue to make good progress in the medium term in spite of in­creased com­pe­ti­tion and down­ward pressure on pric­ing glob­ally.

The re­port states that TG Eakin will con­tinue to fo­cus on “os­tomy and wound care mar­kets in de­vel­oped geo­graph­i­cal ter­ri­to­ries”, adding that the firm ex­pects to see growth in turnover, profit and mar­ket share, with its prod­uct ranges also ex­pected to ex­pand.

“As the com­pany ex­pands, it is in­tended to re­duce any over-de­pen­dence on any one prod­uct or any one geo­graph­i­cal mar­ket, sat­is­fy­ing a key ob­jec­tive of the com­pany,” state the di­rec­tors.

“The ma­jor fo­cus in the short and medium term will be prod­uct de­vel­op­ment and in­no­va­tion, geo­graph­i­cal ex­pan­sion and in­creased au­to­ma­tion and pro­duc­tiv­ity to pro­tect the com­pany from in­creased com­pet­i­tive forces and down­ward pressure on pric­ing glob­ally at a time of un­cer­tainty of prices for cer­tain raw ma­te­ri­als.”

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