Andor Technology profits rise 65% on strong sales
Belfast-based specialist camera maker Andor Technology has posted a hike of 65% in pre-tax profits for the year to the end of September.
The company, which is based at Springvale Business Park in the west of the city, said its profit had amounted to £2.11m, up from £1.28m last year.
The annual results, which were published yesterday afternoon, showed that turnover was up by more than 16% at £24.7m, while earnings per share grew 47% to 6.45p. Conor Walsh, the chief executive, said that over the last year the company had reduced its exposure to single markets.
He added: “Today we report revenue growth of 16% and an increase in pre-exceptional profit before tax of 65%.
“Perhaps most encouraging is that many of the initiatives begun during 2008 are yet to deliver and this, together with a record order book, gives us confidence looking forward.”
Mr Walsh said Europe was Andor’s strongest growth region, with sales up 25.5% year
on year. In recent months Andor, one of just three stock market listed companies in Northern Ireland, has been embroiled in a takeover wrangle.
But at a recent EGM, shareholders voted down a management buy-out bid in which Mr Walsh had been involved.
Earlier, a rival takeover bid was withdrawn, but the independent directors of the company said last month they were talking to an unidentified third party about a possible deal.
Mr Walsh said “due process” had taken place at the EGM and that Thorndale Trading, the management buy-out vehicle, was prohibited from making a fresh bid for 12 months.
He said: “The management buy-out bid is finished, it was voted down at the EGM. I feel fine about it, that is due process.
“Our focus is on continuing to manage and grow the company, which now employs 192 people, a net increase of 11 year on year.”
He said that a contract win in the United States was expected to generate revenues of $3m a year, while a security contract — also for the US — had now successfully moved into test phase.