Randox, previously one of the º£½ÇÊÓƵ's major Covid-19 testing providers, has seen its losses widen significantly, reporting a pre-tax loss of £51.8m for the year ending 30 June, 2024.
This follows a pre-tax loss of £39.5m in the previous financial year, marking a stark contrast to the profit of over £200m it reported just a few years earlier, as reported by .
In the year to June 2022, Randox had recorded a substantial pre-tax profit of £189.8m, following an even higher profit of nearly £275m the year before.
Despite the losses, the company's turnover saw a slight increase from £173.2m to £176.3m within the year.
However, this is a significant drop from the £625.5m turnover Randox reported in the year to June 2022.
The firm also highlighted its turnover growth compared to the £18m achieved in the last year before the pandemic struck.
Between January 2020 and December 2021, the Department of Health awarded Randox 22 contracts worth up to £777m.
Founded in 1982 by Dr Peter Fitzgerald, Randox remains optimistic about its future prospects.
Randox 'well placed' for the future
The board released a statement asserting that "Global trends indicate that the long-term outlook for the diagnostic sector remains very strong."
They further noted the shift in public attitude towards diagnostics since the onset of Covid-19, stating, "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 º£½ÇÊÓƵ 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."
