Profits at Andor Technology hit record high

Pre-tax profits at digital camera manufacturer Andor Technology increased £1.7 million (€1.93m) last year to hit a company high of £12.7 million (€14.4m), latest financial results show. The west Belfast-based firm also grew its overall revenue by more than £9 million to £69.2 million during the 12 months to March 2017.

The company said its gross margins had increased over the period due to a “more favourable sales mix in the year, and the impact of foreign exchange movements”.

Andor, which was initially spun out from the physics department of Queen’s University, has been part of the London-listed tech company Oxford Instruments since 2014.

The Belfast company increased its research and development spend during its last financial year to £5.7 million, which represented 8.4 per cent of its turnover. It also had cash balances of £15.9 million by March 2017.

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In terms of outlook, Andor’s directors said the company had a significant number of customers based outside the UK, and as such net assets could be “adversely impacted by movements in foreign currency rates”.