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Andor optimistic despite profit dip

By Margaret Canning

One of Northern Ireland's few listed companies said it expects pre-tax profits for the first six months of its financial year to be down on the period before.

West Belfast-based Andor Technology plc, which employs 300 people in making scientific digital cameras for academia and industry, said trading conditions for the first six months of the year ending September 30 had been similar to the six months before.

While revenue to the end of March would be slightly ahead of the six months before, pre-tax profits could be down slightly.

Yet it expected cash generation to grow to over £20m from £18.4m in the six months to the end of September last year.

The company, which started life as a Queen's spin-out in 1989 and floated on the Alternative Investment Market (AIM) five years later, said orders had increased in the six months to the end of March 2013.

Two new orders – at $2.6m and $2.1m respectively – came in from existing customers who buy Andor equipment to sell under their own brand, and sometimes still using the Andor name, a sales stream known as OEM (original equipment manufacturer).

But the company said drawdown of orders was "less than expected" in the first half though expected to pick up in the second half.

In preliminary results for the full year to September 2012, the company announced a 3% increase in pre-tax profits to £10m.

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