RECORD SALES growth and a 67 per cent jump in pretax profits helped Andor Technology deliver a market-defying performance for the 12 months to the end of September 2009.
Latest full-year results show the west Belfast-based company, which manufactures high-performance scientific digital cameras, reported a 34 per increase in turnover to £33.1 million (€36.7 million).
Pretax profits in the year under review grew to a record £3.5 million, while earnings per share rose by almost 80 per cent to 11.57p.
The company, which celebrates two decades in business this year, delivered a robust set of results during what its chief executive, Conor Walsh, described as an “extraordinary year”.
Mr Walsh said unprecedented economic conditions combined with the fact that Andor had spent one-third of the year in an offer period reflected the strength of the brand and its business.
“Andor has charted a path through the uncertainty of the past 12 months and delivered a strong set of results.”
Mr Walsh said it was the 12th year in succession that the company had increased turnover.
“This year we recorded our largest ever full-year growth in operating profit before exceptional items, up 63 per cent to £3.4 million.”
He added that, over the past two years, operating profit before exceptional items had more than doubled.
The latest financial results show Andor incurred £124,000 in exceptional costs in the year relating to the offer period, which expired in January.
Andor Technology, which is listed on the London Stock Exchange Alternative Investment Market, is one of only two companies in the North with a stock-market listing.
The company recorded its largest yet cash generation in a 12-month period. It delivered cash conversion from operating profit of 176 per cent and actual cash generation of £5.8 million in the 12 months to September 30th, 2009.
Andor is currently in a strong cash position. It has net funds of £7.9 million and net assets of £16.4 million.
The company exports more than 90 per cent of its product and the weakening of sterling against other major currencies proved to be a significant advantage in the past year.
The strong balance book puts Andor in a good position to pursue potential acquisition opportunities, which it said it was keen to explore. The company said it had a clear strategy and wanted to grow the business “through investment and innovation”.
Looking ahead, Andor said it had seen a 30 per cent year-on-year growth in its opening order book for next year but warned that it remained “exposed to the volatility of the exchange rates . . . and specifically to a strengthening of sterling”.
