Tech firm sees profits rise 39%

ANDOR Technology upped its full-year guidance for the second time on the back of a record set of first-half results.

The Belfast-based technology company reported a 39% year-on-year rise in pre-tax profits to £4.5 million (€5m) for the six months to the end of March.

It said trading continues to be strong and the momentum seen last year has carried through into the current financial year.

Andor chairman Colin Walsh said: “We said in March that we believed full-year performance would exceed current market expectations. We now believe full-year performance will exceed those revised market expectations.”

The company makes high-end industrial digital camera equipment, chiefly for the scientific research market, and sells its products in 55 countries.

It employs nearly 300 people in 16 countries.

Andor’s first-half figures also revenue up 42% year-on-year from £20m to £28.3m; a 40% rise in operating profit to £4.5m and a 35% increase in adjusted earnings per share to 12.62p.

Mr Walsh said management expects Andor’s most recent acquisitions to continue contributing well to group performance, and that the company remains “on the search” for further additions to the group.

“There is a momentum in the business that gives us confidence looking to the full year and beyond.

“We’ve expanded our distribution channels, adding some of the largest players in the industry and this has introduced new customers that wouldn’t have been exposed to Andor in the past.

“While we must remain cautious about our exposure to volatility in the currency markets and the developing situation in Japan, we’ve a full technology roadmap that’s aligned with customer need and we’ll continue to lead the innovation in the market.”