Kildare medical supplier sees profits grow 11-fold amid Covid boost

Co Kildare-based medical and laboratory product supplier, AccuScience last year enjoyed a Covid-19 dividend as pretax profits increased more than 11-fold to €11.6 million.

The Naas medical and laboratory equipment provider, which was taken over earlier this month, was one of the main Irish-based suppliers of equipment to the HSE during the height of the pandemic.

New accounts show revenues at AccuScience Ireland Ltd increased almost four-fold from €16.89 million to €62.95 million in the 18 months to the end of June 2021.

The pretax profit of €11.59 million compared to a profit of €1 million in the previous 12-month period.

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The revenue and pretax profit increase is skewed as the prior period was for 12 months but on a pro-rata basis, revenues last year increased by 152 per cent and pretax profits increased by 610 per cent.

Figures previously released by the HSE show that the market-leading life sciences and med-tech distributor recorded HSE sales in 2020 of €48.4 million for equipment as part of the Covid-19 response.

AccuScience was taken over earlier this month by UK firm Diploma plc for £51 million (€59.9 million).

In a statement, Diploma said AccuScience is expected to contribute annualised revenue of £35 million and the business’s “growth prospects are exciting, underpinned by recent wins and a strong product pipeline”.

Prior to the sale, the ultimate controlling party of AccuScience was Declan Devine.

A breakdown of the firm’s revenues last year show that revenues from the Republic totalled €55.29 million and revenues from the North and Britain totalled €8.65 million.

Numbers employed by the company last year increased by one to 57 as staff costs totalled €4.25 million.

At the end of June 2021, the company had shareholder funds of €23.5 million. The company’s cash funds increased from €279,442 to €1.1 million.