Comber-based medical devices manufacturer TG Eakin continues to be one of the most profitable companies in Northern Ireland.
New figures filed at Companies House show that the family-controlled firm, which since its formation in 1974 has specialised in the manufacture of ostomy and wound care products, had sales of £41.4 million in the year to March 2024.
And despite its operating profits dipping by nearly 15%, on a bottom line basis its retained profit rose again to stand at £15.9 million - a ratio of well over a third.
But the annual trading performance was less spectacular for Eakin’s sister company, the Coleraine device manufacturer Armstrong Medical, which it acquired in December 2020.
Although sales at Armstrong rose from £14.9m to £16.2m, it posted a bottom line loss of close to £3m.
Directors at Eakin said the firm had performed “satisfactorily” during the year and will continue to make progress over the medium term, despite increased competition, downwards pressure on pricing in many markets, and inflationary increases impacting costs.
The company continues to focus on ostomy and wound-care markets in developed geographical territories, and says a major focus will be on new product development and innovation, as well as increased automation.
Eakin’s products are currently available in more than 60 countries and it has employees spanning across regions including France, Germany, the Netherlands and Japan.
Less than £3.5m of Eakin’s sales are now conducted in the UK, with the bulk in Europe (£20.1m) and the rest of the world (£17.9m).
During the trading year Eakin invested £19m in research and development (R&D) to establish an Ostomy Centre of Excellence at its international headquarters in Comber, enabling it to add pilot lines including skin friendly medical adhesives and the creation of the next generation of ostomy pouches.
Staff numbers at the company rose over the year to 138, and its wages bill came in at £5.5m.
Meanwhile while sales at Eakin’s sister company Armstrong Medical lifted and losses doubled from £1.5m to £3m, accounts showed that its cash-flow position improved significantly from a 2023 negative of £1.8m to a positive of £194,000.
Armstrong is focuses on respiratory and anaesthesia product ranges in the areas of critical care, perioperative and neonatal in the UK and export markets.
The directors say that, in the medium term, they expect growth in turnover, profit, market share and the expansion of product ranges.
Armstrong has 190 employees on its books and a wages bill last year of £7.1m.
The accounts for both companies - who now share the same duo of directors in Padraic Dempsey (chief executive) and Owen Tiernan - confirm that the firms’ ultimate parent is now Dunrogan Ltd, based in the Isle of Man.
Dunrogan is controlled by members of the Eakin Family Trust.