COMBER-based medical devices manufacturer TG Eakin has posted a 18 per cent drop in profits to £12.8 million.
The family owned company had turnover of £27.9m over the year to March 2015, down 6 per cent on the previous period.
TG Eakin is one of the world's leading medical device manufacturing and distributors of stoma and wound care products.
Directors said they expected the company had "performed well over many years and it is anticipated that growth will resume over the medium term, despite increased competition and increasing downward pressure on pricing globally".
In their strategic report filed with annual accounts at Companies House in Belfast, the directors said they "expect that growth in turnover, profit, market share and expansion of product ranges and markets is set to resume based on the business plan for the company".
"A major focus in the short and medium term will be new product innovation 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 raw materials," they added.
The firm had been growing steadily over the past decade thanks in part to a series of acquisitions.
It is part of the wider Eakin Group and is ultimately owned by Eakin Investments which is incorporated in the Isle of Man.
Related company Eakin Healthcare Group meanwhile showed an equity payout dividend totalling £57.8m. Shareholders' funds ended the year at £20.3m from £67.3m in the previous 12 months.
Last year, Eakin paid an undisclosed sum to purchase Cliffe Medical in Nottingham.
The deal increased Eakin's UK workforce by an additional 55 people to 280, of which 80 are employed in the north.
The company was founded in 1974 by pharmacist Tom Eakin to produce medical ostomy products, particularly skin protection and wound drainage products.
