Health diagnostics manufacturer Randox, one of Northern Ireland’s bigger private sector employers, shed some 400 jobs in its most recent financial year, reducing its workforce by 17 per cent after another year of losses.
New accounts filed for Randox Holdings with Companies House in the UK reveal the group reported a £17.3 million loss for the 12-month period to the end of June 2025.
While losses narrowed from £50.5 million from the previous year, the Antrim-based sponsor of the Aintree Grand National has not reported a profit in several years, after generating combined profits of about £400 million in 2021 and 2022.
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Having employed in excess of 2,300 people in 2024, the group’s average number of employees in the 12 months to June 2025 was slightly more than 1,900.
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The cuts were centred mostly in Randox’s research and development (R&D) department, according to the accounts.
In the accounts, the directors said the performance was “within expectation”, against a backdrop of a “post-Covid realignment” of the business and “investment for future opportunity”.
The board is “exceptionally pleased” that Randox’s health platform grew its turnover by “more than 60 per cent” last year, the directors said. Overall group turnover increased by about 8 per cent to £190.4 million.
This performance “largely reflects” increased returns from investments in research and development, the directors added.
Randox continues to invest up to 25 per cent of its revenues each year in R&D activities, they said, employing some 600 research scientists and engineers.
The directors estimated that about 5 per cent of the global population received a medical diagnosis using a Randox product over the past 12 months. Randox also makes some 25 per cent of the world’s quality control serums and materials, according to the report.
Randox was founded in the early 1980s by Peter Fitzgerald and was a significant player in Britain’s Covid testing regime after developing its own coronavirus test shortly after the initial outbreak of the virus.
The group made sizeable profits from government contracts during that period, also opening testing facilities in Donegal and Dublin as part of its operations. These “returns generated during the pandemic period” have allowed the group to fund investments in Randox’s health and clinic business, the directors said in their report.
Outside of the island of Ireland, the group also has production facilities in India and West Virginia in the US. The directors said Randox significantly expanded its clinical network in the year to June 2025, to 43 locations across the UK and Ireland and a pilot clinic in California.
