Andor shares dip as profits rise
SHARES in the tech firm Andor Technology dipped yesterday, despite the company doubling its annual profit before tax.
For the year ending September 30, the Belfast-based company increased pre-tax profits by 50pc to £7.1m (€8.4m) on the back of turnover which was up 29pc to £42.7m. Those figures equated to earnings per share of 19.55p -- a 32pc increase on 2009. Andor said the integration of its two acquisitions during the year, Bitplane and Photonics, was proceeding in line with expectations.
Company chief executive Conor Kelly brushed off the 4pc fall in the stock, calling his company's performance "magnificent".
"I can't control the share price but since we went public the market capitalisation of the company has grown by 30pc annually. This year has been a learning curve for us, especially because we had to integrate our first two acquisitions as a public company but we're very happy with how they've performed so far," he added.
Iain Staples, an analyst at Altium Securities, described the results as "very good", but said the marginal tax rate of 21pc would "put a brake on the scale of upgrades at the EPS level".