Andor’s operating profits fall 36% in year to September
Turnover at digital camera manufacturer down 6.3% to £54.6m
Andor has been considering a takeover bid by Britain’s Oxford Instruments since an indicative cash offer of £5 per share was made in July.
Belfast-based digital camera manufacturer Andor Technology recorded an operating profit of £7.2 million (€8.7 million) for the year to the end of September, a 36 per cent fall on the previous year.
Despite the drop, the company, which manufactures scientific digital cameras for academic, industrial and government applications, said profits were “in line with revised expectations”.
Turnover was down 6.3 per cent to £54.6 million, while profits before tax fell 26 per cent to £7.4 million.
Earnings per share fell 23 per cent to 21.2 pence, but the recommended final dividend per share increased by 7.5 per cent to 2.15 pence.
Net cash at the group was up 34 per cent to £22.9 million.
The company’s financial statement said their full year order intake is at record levels, and the opening order book for 2014 is up 33 per cent.
Andor chairman Colin Walsh said the company was entering 2014 in a “strong and confident position”.
He said the company’s target market had been broadened with the acquisition of Spectral Applied Research and Apogee Imaging Systems since year end, which would enhance the company’s mid-range camera offering.
“Whilst challenges remain, a number of indicators are beginning to point to more positive conditions across our markets,” he said.
“Those indicators, coupled with our strengthened position and improved gross margins support our confidence in delivering on our expectations in the year ahead.”
Andor has been considering a takeover bid by Britain’s Oxford Instruments since an indicative cash offer of £5 per share was made in July. Andor confirmed today that it received a further letter last week but the offer has not increased.
“The Board of Andor has considered the possible offer and is disappointed that Oxford Instruments was not able to increase its offer price in light of the considerable management time that has been spent in helping Oxford Instruments understand Andor’s business and its future prospects,” the company said in a statement.
“The Board of Andor is mindful of its obligations and fiduciary duties to maximise value for the Company’s shareholders and, therefore, is in the process of fully evaluating the Company’s strategic alternatives.
“These include pursuing its long term stand-alone growth strategy as well as actively soliciting a recommendable offer from Oxford Instruments or any other third parties.”