Company Snapshot: Andor Technology plc.
Andor continues its success story
Andor Technology, now based in the Springvale Business Park in west Belfast, continues to perform as a remarkably successful local company with expertise in the global markets for advanced scientific imaging and photographic equipment.
The company was originally a spin-out led by scientists from Queen's University.
The latest trading year has produced results that continue the pattern of each year improving on the last. The wider international recession does not seem to have adversely affected the demand for Andor products.
Turnover in 2011 at £57m was 34% higher than in 2010 and over five times the £11.6m in 2004. Operating profits and pre-tax profits both increased sharply last year. Operating profits have risen to nearly 15% of turnover from a reported 10% three years ago.
In 2010-11 the company expanded its activities through the acquisition of two other businesses, Bitplane and Photonic Instruments, costing over £10m. Further capital investment in the Belfast premises, costing £1.5m, was to be completed by the end of 2011 and should create space for an extra 70 employees.
In October 2011 the company launched a new research and development acceleration centre which facilitates the delivery of a new product that would not otherwise have been planned for this year.
Employment in the company has continued to increase and averaged 301 people in 2011 compared to only 203 people in 2009.
Chief executive officer Conor Walsh takes a cautious view of the outlook for the business. However, he refers to a number of new product releases which are scheduled for the current year which he believes will underpin the performance of the business: "the board remains confident in its expectations for 2012".