In 2022, Randox, a significant supplier of Covid-19 tests, generated a £190 million pre-tax profit. down from its £275 million profit record from 2021.
June 2021 to June 2022 are covered by Randox Holdings' financial statements.
The County Antrim company continued to carry out Covid tests as part of the government's National Testing Program during this time.
Randox stated that work on that program slowed over the course of the year and was completed on June 22, 2022.
Private testing, though "at much reduced numbers," continued after the fiscal year ended, it was noted.
Group revenue increased from £619 million in 2021 to £626 million in 2022, but lower profits were realized as a result of higher costs and expenses.
22 contracts totaling up to £777 million were given to Randox or its strategic partner by the UK Department of Health between January 2020 and December 2021.
The National Audit Office (NAO) looked into those Covid testing contracts due to worries about lobbying and contracts chosen without a competitive tendering process.
The NAO came to the conclusion that "no evidence that the government's contracts with Randox were awarded improperly" had been presented.
The Department of Health "did not adequately document key decisions, disclose ministerial meetings with Randox fully, or keep full records of ministerial discussions involving Randox," it was added.
Dr. Peter Fitzgerald, who established Randox in 1982, is the company's owner.
Additionally, he is the owner of the 1,200 acre Dundarave estate in north Antrim, which he acquired in 2014.
