Andor profits rise 67% to €3.9m

ANDOR Technology has marked its 20th year in existence with a strong set of results, including a 67% rise in pre-tax profit to £3.5 million (€3.9m).

The Belfast-headquartered company — which makes high-end industrial digital camera equipment for the scientific research market among other areas — also generated operating profits of £3.4m for the 12 months to the end of September, marking a 63% annual increase.

The company’s turnover rose for the 12th year in succession — by 34% to £33.1m and earnings per share (Andor has a dual share listing on London’s AIM market and the IEX in Dublin) were up by nearly 80% at 11.57p.

Andor’s management said, yesterday, that it will continue to grow the business via acquisition.

“We want to use the dual assets of our listing and our cash generation to deliver accelerated growth by seeking out acquisition opportunities that complement our existing business,” it said.

At the time of its half year results announcement, back in April — when a 40% first half increase in turnover, a 99% rise in earnings per share and a 107% jump in pre-tax profits were reported — the company said that current market conditions were creating opportunities for consolidation in its sector.

The company’s chief executive, Conor Walsh, added yesterday that management remains “cautious” about the economic outlook and Andor’s exposure to currency volatility but remains optimistic about delivering a strong performance in its current financial year.

Andor’s cash position remains strong, with net funds of £7.9m reported as of its year end.