Profits drop but turnover is up at medical firm TG Eakin
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.”