Business

Larne medical company Terumo marks year with increased profits

PROFITS: Terumo NCT's profits for the year were just shy of the £1 million mark, recovering from making a loss the previous year
Andrew Madden

LARNE-based medical company Terumo BCT has capped off a successful year’s business with a profit of £920,000.

The company is owned by the Japenese Terumo corporation and specialises in products used in the blood transfusion sector.

The firm recorded a turnover for the year ending March 2016 of £27 million.

This follows a poor year in 2015 when the company made loss of £16,000.

In a strategic report filed with its accounts, Terumo’s directors said they expected their business to continue to grow into next year.

“Turnover increased in both Internal and External business areas in the year, as both the blood collection disposables market and solutions market showed steady growth,” they said.

“Sales revenue is forecasted to continue trending modestly upwards in the coming year.

“In line with the longer term group strategy, the key area of focus will be on further growth in the solutions market, where the company’s main expertise and global reputation is the strongest.”

Terumo also made reference to investment in in-house manufacturing assets for their products, which will see them becoming more vertically integrated and less reliant on outside sourcing for their production – therefore increasing future profit margins.

The company has been operating in Northern Ireland for over 10 years, steadily making a yearly profit upwards of £1m, however inward investments in the last two years have curtailed this trend.

The bulk of the companies turnover is generated in trade with United States, with business in the UK and the rest of Europe each accounting for around 15 per cent of the total.

Terumo has a staff of 285 people spread over production, administration and sales and distribution, nine more employees than in 2015, and their staff wage bill for the year came to £7.7 million.

The companies directors were paid a total of £160,000.

In 2014 the Terumo announced it would be creating an additional 416 jobs for Northern Ireland with huge investment in its research and development division.

The expansion was announced around the time of the G8 summit in which Japanese Prime Minister hailed Northern Ireland as a "treasure trove of challenge, openness and innovation."

The new jobs were supported with a £2m commitment from Invest NI and expected to generate a further £6m a year in salaries.

Terumo is headquartered in Colorado and operates factories in the US, Japan, India, Belgium and China, employing 4,700 people worldwide.

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