Company Report: Andor Technology
The financial results for recent years are not straightforward for comparative statements. More recently, the new company has reported results for an 18-month period to March 2015. These have been registered to allow comparison with the previous year, to September 2013. However, the 2013 results have been restated, partly as a consequence of new ownership, so that the results originally published for 2012 are not strictly comparable with the more recent presentation.
Andor Technology, based in the Springvale Business Park in west Belfast, has been owned by parent company Oxford Instruments since early 2014. It continues to perform as a successful local company with expertise in the global markets for advanced scientific imaging and photographic equipment.
The latest trading period has produced results that show an increase in turnover but the operating and pre-tax profits are much lower than in 2013. The international recession is reported to have affected the research revenue earned which, in turn, is linked to government funding pressures in countries where Andor trades.
The takeover of Andor by Oxford Instruments has added significant one-off costs to operating expenses. Restructuring, brokering and legal fees of £3.7m were incurred and in 2015 further internal restructuring costing £1.9m was initiated.
Prior to the change in ownership, in October 2013, Andor acquired 100% of the share capital of two other companies in related fields of expertise: Spectral Applied Research, costing £9.5m, and Apogee Imaging Systems, costing £2.5m.
Andor continues to do business through three other subsidiaries; two in the USA and one in Switzerland.
During the most recent year, Andor issued 1.354m further shares at a small premium. This raised £28,000.
Employment in the company has continued to increase. It averaged 314 people in 2013 compared to only 203 as recently as in 2009. A feature of the remuneration package in the company is a well-established share option scheme for key personnel.
Former chief executive Conor Walsh was replaced by a new CEO appointed by Oxford Instruments. The whole board of directors has been refreshed.