Andor Technology raise €6.5m after flotation

BELFAST-BASED digital camera manufacturer Andor Technology raised stg£4.5 million (€6.5 million) yesterday after floating on London’s Alternative Investment Market (AIM).

The company, which employs 145 in the Springvale business park in the west of the city, said it would use the money on further research and development, develop new sales channels and invest in equipment that would allow greater automation in its processes.

Yesterday’s flotation valued the company, which was set up in 1989 as a campus company operating out of Queen’s University, at approximately stg£23 million.