BELFAST’S ANDOR Technology is to share £700,000 (€784,000) in profit-related pay among its employees after growing half-year pretax profits to a record £4.5 million.
The company, which develops and manufactures high performance, scientific digital cameras, boosted pretax profits by 39 per cent in the six months to the end of March of this year.
Andor, which began life in 1989 as a spin-out from Queen’s University, grew turnover in the same period by 42 per cent to £28.3 million. The results show Andor’s order book at March 31st was £15.5 million, up 48 per cent on the same time last year and 16 per cent up on the past six months.
Operating profit has grown by 40 per cent in the first half of the year to £4.5 million, while the balance sheet also highlights cash generation of £4.7 million from operations and £10.4 million in net cash in the period under review.
The company landed its largest ever single order from a US client in the period – for €2.1 million, for a camera used in DNA sequencing.
Chief executive Conor Walsh said Andor’s strong performance has been achieved on the back of underlying organic growth of 33 per cent and a 9 per cent contribution from acquisitions.
“We have successfully taken the momentum from last year through into the first six months of this year,” he said. The group, which employs 260 people in 16 offices worldwide, intended to build on its improved position by staying focused on “investment and innovation”, he added.
In its latest business review, Andor’s management team outlines how the company grew its core European market by 40 per cent in the first half of the year, while China and the rest of Asia expanded by 47 per cent.
Andor also increased sales in its “Americas” market by 46 per cent to £11.4 million. Revenue from Japan represented 14 per cent of overall revenue and growth.
Looking ahead, management said it is very confident about Andor’s full-year prospects, which it believes will “exceed” market expectations. The company is continuing the “search for further additions to the Andor group”.
