Thursday 30 March 2017

Andor full-year profits up 37pc

TECHNOLOGY

Peter Flanagan

Peter Flanagan

BELFAST-based Andor Technologies saw full-year profits surge last year, as the company was boosted by growth across its markets.

The medical camera company said profit before tax in the year to September 30 rose 37pc to £9.7m (€11.29m). That came on the back of a turnover of £57.4m -- a 34pc increase on the previous year.

Company chief executive Conor Walsh described the results as "exceptional".

"Each of our segments and all of our markets have delivered growth in excess of 20pc. As indicated in our half-year report, the largest single growth came from the sale of systems.

"There is no doubt that this has been boosted by the acquisitions of Bitplane and Photonic Instruments," he added.

European sales climbed 35pc to £22.4m while sales in the rest of the world soared 38pc to £28.3m. Business in Asia jumped 48pc to £5.8m.

The outlook for the company was the main dampener on the day, with the company claiming visibility for the sector was "relatively short".

Despite the results, AIM-listed Andor lost more than 5pc, closing down 5.54pc at 546p.

Irish Independent

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