Andor boosts profit and turnover

High performance digital camera maker Andor Technology increased its turnover and operating profit in the six months ending March 31st 2008, the company said today.

Its interim results showed turnover was up 10 per cent to £11.5 million, while operating profit increased 14.8 per cent to £810,000

Profit before tax at the firm was up 22.2 per cent to £800,000. Earnings per share increased 9 per cent on the same period a year earlier, rising to 2.57 pence compared to 2.36 pence.

Andor, which is headquartered in Belfast and recently opened a new office in China, boosted sales across all regions. Investments in China and Osaka helped boost sales 34 per cent across Asia Pacific, while sales in the US grew 7 per cent despite increased pressure on research budgets. In the Europe, Middle east and Africa region, sales grew 3 per cent.

Sales to Andor's OEM (original equipment manufacturers) customers rose 6 per cent to £3.4 million. In the US, this figure was significantly greater at 23 per cent, a result of new focus on OEM sales in the region.

Meanwhile, Nikon has ad dded the company's products to its distribution range, potentially opening up new markets for the Queen's University spin-out venture.

Chief executive Conor Walsh said the firm was "encouraged" by the results and said they remained confident about the long term prospects for the business. "The building blocks for sustainable and profitable growth have been put in place," he said.