Coleraine medical products specialist reports surge in profits on back of distribution deal
A COLERAINE-based medical products manufacturer has reported a surge in profits on the back of a major distribution deal.
Armstrong Medical saw its turnover rise 20 per cent to £14m last year. New accounts for the company show it contributed to a 199 per cent rise in pre-tax profits to £2.3m for the 12 month period ending May 31 2019.
The family-owned company, which supplies products for use in anaesthesia, respiratory and critical care, is owned by John Armstrong and his wife Ingrid.
Since it was set up in 1984, the company has developed into an operation that exports to more than 60 countries around the world.
In January, Armstrong Medical announced plans to create 24 jobs at an expanded 90,000 sq ft factory at the Wattstown business park in Coleraine, bringing its total workforce to more than 150.
It represents a total investment of £8m, with Invest NI offering the company £800,000 in financial support.
In the latest company report produced for the firm, the directors state that a continued investment in research and development is reaping the rewards for Armstrong Medical.
In a review of the performance of the last business last year, John Armstrong wrote: “The very satisfactory result for the financial year reflects the commencement of a strategic distribution partnership with a major international healthcare corporation, together with bringing the newly developed in-house manufactured neonatal product range to market.
“The company continues to reinvest profits to broaden its product offering and to vertically integrate as far as possible.”
Armstrong Medical says it is continuing to extend its anaesthesia, respiratory and neonatal products.
In recent days, the Coleraine firm revealed it had received requests from local health trusts seeking reassurance on supply amid the accelerated outbreak of the coronavirus.
The company said its investment in vertical integration and single site manufacturing means that more than 80 per cent of its products are made in Coleraine.
Armstrong Medical also revealed that it is planning for future expansion. It is currently in the process of acquiring another two acres of land at the Wattstown Business Park for future expansion plans.