GET THE BELFAST TELEGRAPH NEWSPAPER DELIVERED TO YOUR DOOR EVERY DAY

Belfast Telegraph

  • nijobfinder
  • nicarfinder
  • propertynews.com
  • Classified

Record profits at Andor thanks to year of growth

BY LINDSAY FERGUS
Wednesday, 25 November 2009

Andor Technology has posted record profits after a year of major growth for the Belfast-based firm.

Its pre-tax profit to the end of September rocketed 67% from £2.1m in 2008 to £3.5m, while turnover climbed 34% from £24.7m to £33.1m.

Andor, one of just two Northern Ireland companies listed on the London Stock Exchange, manufactures high-performance scientific digital cameras. The company, which employs 215 people, also said cash generation was up 411% to £5.8m.

Andor chief executive Conor Walsh said: “Andor has charted a path through the uncertainty of the past 12 months and delivered a strong set of results.

“As we look forward to 2010 we remain cautious about the economic outlook, the exposure we have as a global business to currency volatility, and the competition for business.

“But we are also optimistic, buoyed by the strength of our brand and our business, the technology we offer and will deliver over the coming year, and most of all the skill and diligence of our staff.”

Following Andor’s announcement of its preliminary results to the stockmarket yesterday its share price climbed 10% to £1.43. Its share price has more than doubled from £0.60 in May.

Mr Walsh, who is delighted with the results, said Andor was bucking the trend caused by the global downturn.

He attributed the company’s success to its evolving technology and new product launches, which have contributed to 36% growth for Andor year on year.

“For the last 12 years we have grown turn over every year on average by 30% and in the last two years we have grown profitability by 150%,” explained Mr Walsh.

Andor, headquartered on the Springfield Road but with offices in Europe, US and the Far East, exports 95% of its products.

“Over the last couple of years we have invested very heavily in new products and new technology and over the next 12 months we will be launching more new products,” said |Mr Walsh.

“The market has grown by between 5% and 10%, we have grown our markets by 30% and we have achieved that by taking market share from others,” he added. “China accounts for 10% of all our sales.”

Andor has also managed to boost its workforce by 30 this year at a time when many local companies have been forced to |reduce their head counts.

The company’s success at generating cash has also put it in a strong position to consider acquisitions.

Mr Walsh said: “We have bought a couple of small things over the years but we will now be looking at something a little bit more substantial.”

Although Andor has attracted interest from other investors, Mr Walsh made it clear that the successful company is not for sale.

“The underlying business still has lots of growth potential and it is not on our roadmap to sell. We are about growing the company and acquiring other businesses,” said Mr Walsh.

Post a comment

Limit: 500 characters

View all comments that have been posted about this article

Comment
Your details

* Required field

Offensive or abusive comments will be removed and your IP address logged and may be used to prevent further submissions. In submitting a comment to the site, you agree to be bound by BelfastTelegraph.co.uk's Terms of Use.

Posts submitted in UPPERCASE letters will be rejected.

NI Travel and Tourism Awards

  • Sean Crummey entertains guests at the Northern Ireland Travel and Tourism Awards 2009
  • Sean Crummey, Maureen Ledwith and Nan Short with Craig Doyle at the Slieve Donard Resort and Spa at the Northern Ireland Travel and Tourism Awards 2009
  • Rowan Devereux and Ciaran Mulligan of Blue Insurances with Craig Doyle at the Slieve Donard Resort and Spa at the Northern Ireland Travel and Tourism Awards 2009

NI Travel and Tourism Awards

Deloitte Technology Fast 50 Awards

  • From left to right, Daniel McRitchie (Andor Technology, placed 48 in this year?s Fast 50 ranking); Mark McCusker (Texthelp Systems Ltd, placed 40th in this year?s Fast 50 ranking); Trevor Jordan (Andor Technology); and Seamus Scullion (Texthelp Systems Ltd).
  • James Greer, proprietor of Greer Publications, presents the ?Rising Star? award to Mary McKenna and Paul McElvaney of Learning Pool Ltd.
  • From left to right: Daniel McRitchie and Trevor Jordan of Andor Technology.

Deloitte Technology Fast 50 Awards

CEF Construction Awards 2009

  • CEF Construction Awards 2009
  • CEF Construction Awards 2009
  • CEF Construction Awards 2009

CEF Construction Awards 2009

Newry Chamber of Commerce Banquet

  • Newry Chamber of Commerce Banquet. Thursday 8 October 09
  • Newry Chamber of Commerce Banquet. Thursday 8 October 09
  • Newry Chamber of Commerce Banquet. Thursday 8 October 09

Newry Chamber of Commerce Banquet

Connecting Employers to Communities

  • The Connecting Employers to Communities event hosted at Hillsborough Castle by Business in the Community on 23 September 2009.
  • The Connecting Employers to Communities event hosted at Hillsborough Castle by Business in the Community on 23 September 2009.
  • The Connecting Employers to Communities event hosted at Hillsborough Castle by Business in the Community on 23 September 2009.

Connecting Employers to Communities

Ulster Tatler Awards 2009

tatler awards.

In pictures: Doing the business

  • The Management & Leadership Network (MLN) is about to ?take off again? as a private sector supported initiative, funded by ?champion? firms in various sectors. Previously funded by the Department for Employment and Learning, the business initiative offers free support and resources to managers. MLN facilitator Bill Manson of Podiem was joined by champions Aaron Shimmons of Tartan IS and Jack McIlduff of Europa General for the relaunch.
  • New Weekly Farmers' Market @ Belmont Tower - East Belfast, Every Saturday starting 6th Feb 2010 from 8.30am
  • Paul Mayne, managing director of EOS Systems, and Mandy Martin, director of the Park Avenue Hotel, at the launch of EOS?s Target email marketing software which aims to turn email lists into sales for businesses. EOS Systems has launched the software to help |businesses to send effective email marketing campaigns easily. The east-Belfast based company provides IT support, maintenance and solutions to hundreds of Northern Ireland businesses, including The Park Avenue Hotel.

Cream of the crop in the business world

NI's Top 100 Companies

Top 100 Companies

Who's up and who's down in 2009


Business Digest by Email


Sign up for your free weekly business newsletter