50% profit hike for Andor

BELFAST-based specialist technology company Andor Technology has reported a 50% increase in pre-tax profits — to £7.1 million (€8.4m) — for the 12 months to the end of September.

Operating profit rose by the same percentage to £7m, adjusted earnings per share were up by 32% to 19.55p and the company’s turnover levels increased by 29% to £42.7m. The firm also said that it generated £6.6m in cash from continuing operations and was able to issue a record two month’s salary bonus to each of its employees.

During the year, Andor — which makes high-end industrial digital camera equipment for the scientific research market among other areas — raised, via a share placing, £3m in additional funds and upped its operational reach through two acquisitions, namely US-based high-tech company Photonic and Swiss-based specialist software provider, Bitplane.

AIM-listed (and formerly IEX-listed) Andor has a five-year growth plan, which combines continued organic growth and selective acquisitions. On the latter front, the company is actively looking for opportunities.

The company’s chairman Colin Walsh said Andor is maturing into a world-class business and is “well positioned to capitalise on a number of exciting growth opportunities in 2011 and beyond,” adding that management has “complete confidence” in its ability to deliver shareholder value in the years ahead.

The company also added more than 60 employees to its staff, during the 12 months under review, bringing its total workforce up to 277.