Andor spikes as H1 profits soar
Published 16/06/2010 | 05:00
SHARES in Belfast-based Andor Technology spiked yesterday as it emerged that half-year profits have almost doubled.
The share price, which started the day at 191p (229.5c), shot up to 211p within minutes of the London Stock Exchange opening. By mid-morning the share was up nearly 18pc and had reached a 52-week high of 230p. It closed at 225p. The company, which makes digital cameras for scientific equipment, reported an 85pc jump in adjusted operating profit to £3.2m (€3.85m) for the six months up to March 31.
Earnings per share stood at 9.32p compared with 5.39p for the corresponding period last year while revenue was up 24pc year-on-year at £20m.
Sales in China were up 71pc while Japan and the USA combined saw revenue increase to £10.3m (€12.4m). Andor's chief executive Conor Walsh describ- ed the results as "exceptional" while Goodbody Stockbrokers' Dan Cavanagh said the figures were "strong".
Mr Cavanagh cited the acquisition of Bitplane, a Swiss-based specialist in 3D and 4D imaging, in December as reason to expect further growth.
Bitplane realised an operating profit of £300,000 on revenue of £1m in the period from December to March.