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.