Randox Farming reports £6.1 million losses

Northern Ireland based pharmaceutical firm Randox’s farming operations have reported post-tax losses of £6.1 million over the last year and a half.

The accounts for Randox Farming LTD., which were published this week, cover the 18-month period ended June 30, 2020.

The figure compares to a £1.2 million loss the year before.

The accounts explained that Dundarave Properties Limited transferred its farming trade to Randox Farming on January 1, 2019.

In March 2020, a restructure saw the parent company of the farming arm of the business change from Randox Land Limited to Randox Land (IOM) Limited. The ultimate parent company is Random (IOM) Limited, which is led by Randox founder Dr. Peter Fitzgerald.

Randox Farming includes CherryValley Estate, a farm set on the shores of Lough Neagh in Co. Antrim with herds of pedigree Irish Moiled and Beef Shorthorn cattle and a flock of sheep.

The farm carries out a significant amount of conservation work, including tree-planting and hedge-laying programmes and trials with herbal leys.

The accounts showed sales of £1.7 million had been made with costs of £1.2 million. £6.8 million had been noted as “administrative costs” with £4.5 million of that noted as “exceptional administrative costs”. However, no further detail was given on what was meant by this.

The company’s fixed assets were valued at £15.2 million and stock (mainly livestock) at £1.1 million.

Parent group

The strategic report added that the company’s parent group had been impacted by “exceptional losses”.

“However, the group is cash generative and is forecast to remain cash positive,” it stated, adding that the company had been “positively impacted” by the Covid-19 pandemic due to sales of its testing services and testing kit products.

Agriland contacted Randox Farming LTD.; however, no response was received.