Andor Technology reports 107% rise in profits

NORTHERN IRELAND-based Andor Technology has defied the global downturn and posted a record jump in interim pretax profits thanks to strong international sales.

The company, which manufactures high-performance scientific digital cameras, reported a 107 per cent increase in pretax profits, before exceptional items, to £1.7 million (€1.9 million) for the six months to March this year.

Andor, which this year celebrates its 20th anniversary, increased its sales by 40 per cent over the same period to deliver a market-defying turnover of £16.1 million.

Earnings per share also grew by 99 per cent to 5.12p per share in the six months to March.

Net cash generated by the Belfast company in the half-year period was boosted by “favourable working capital movements” to £2.5 million. However, Andor said the weakening of sterling had a “material impact” on profitability.

Last year Andor was the subject of several failed takeover bids. The latest financial accounts show the company was forced to shoulder a £100,000 pre-exceptional charge in the current half-year as a result of costs associated with the takeover bids.

Andor chief executive Conor Walsh said overall the company had delivered an “exceptional financial performance” against the backdrop of a difficult economic climate.

“Trading has been in excess of market expectations with every region and every sector delivering significant growth over the same period last year,” he said.

“Sales grew across all geographic regions. In the US sales have grown 60 per cent, in Asia Pacific sales increased by 28 per cent, while sales to Europe are up 38 per cent on the same period last year.”

Mr Walsh said Andor’s underlying business was strong and the outlook for the remainder of the year was good as the company was well positioned to benefit from stimulus plans announced for the US and Japan.