Andor Technology sees turnover increase 30%
A CO ANTRIM maker of specialist cameras which is one of the few listed companies in Northern Ireland has reported a 30% increase in turnover.
Andor Technology, which employs 210 people in west Belfast and specialises in advanced scientific imaging and photographic equipment, said turnover rose to £42.7m in the 12 months to September.
Profits before tax were up 50% to £7.1m while like-for-like revenue grew 18% to £39.2m.
Chief executive Conor Walsh said: "In the current climate especially, we are very pleased."
He said the company would pay a bonus of two months' pay to mark its success. "These results are a tribute to all our staff," he said.
Mr Walsh said Andor had developed a strategy and stuck to it. "We have stayed clear about what we want to do," he said.
"We understand the markets where the real opportunities are."
Mr Walsh said revenues at the company had been growing by at least 30% for 13 years. The company was founded in 1989.
"We have never seen revenues decline because we have always been growing. In the last three years we have actually performed better than in any other period over the last 21 years.
"The markets we are in are resilient to this sort of downturn. They are long-term funded and don't react too quickly."
Mr Walsh said the company was forecasting further growth, with its order book up 50% on the same period last year.
But he said he did not expect the company would benefit from a cut in corporation tax rates in Northern Ireland. "It might be nice but I don't think it will ultimately make a huge difference to our business."
He said it had secured a distributor in India, which would be a core strategic market for Andor.
Hal Catherwood, divisional director of investment managers Brewin Dolphin, said: "These are a very strong set of numbers, with turnover up 29% and profit before tax up 50% to £7.1m. Geographically the US was their strongest market while new products remain the key growth driver both internally and from acquisitions."
UTV is the only Northern Ireland firm listed on the main London Stock Exchange - though First Derivatives in Newry and Andor are listed on the second tier Alternative Investment Market.