Andor cautious despite continued strong trading

ANDOR Technology — the Belfast-based specialist technology company — has noted a continued strong performance in trading for the first four months of its financial year, including record new orders, but is cautious regarding continued economic volatility.

In a trading update for the four months up to the end of January (Andor’s financial year runs to the end of September) the company said, yesterday, that trading has continued to be strong, “with all regions showing growth over the same period last year”.

The AIM-listed former Queen’s University campus company makes industrial digital camera equipment, chiefly for the scientific research market, and sells in 55 countries around the world. It also employs nearly 300 people in 16 countries. Ahead of its annual general meeting, in Belfast, next month, the company said that its current order book is at a record level. However, management added that volatility in the currency markets remains a concern.

“We have new technology in the pipeline and will benefit from the full-year contribution from our acquisitions. While we remain cautious in relation to currency volatility, the board is confident it’s on track to meet market expectations for the financial year,” it said.

It added: “Andor is conscious of strengthening of sterling and the acquisition of Bitplane has introduced exposure to the Swiss Franc (Andor bought the Swiss software firm in 2009). While we have a strategy of hedging foreign currency inflows, it’s not possible to eliminate exposure in full.”