Medical-tech firm Andor boosted by strong results
Published 11/12/2012 | 05:00
SHARES in the Belfast-based medical devices company Andor Technology rose yesterday after the company reported strong annual results.
For the year to the end of September, Andor said pre-tax profits climbed 3pc to £10m (€13m) on the back of revenues of £58.3m, up marginally on the same period a year ago.
While growth was slower than 2011, investors were cheered by the company hitting its targets for the full year.
When publishing its half-year's results in June, Andor had warned that there were issues with two of its customers that would impact on profits.
Company chief executive Conor Walsh said he was pleased with the year, coming as it did against a difficult economic environment.
"We have had a good year, especially when taking into account the challenges in most of our main markets," he said.
"Most of our clients would be reliant on state funding to some degree and that has obviously been reduced by many governments. In the US as well, there has been the added concern about the so-called 'fiscal cliff', while we are all aware of the problems in Europe.
"Luckily for us we have a strong business in Asia and other emerging markets which are serving us well," he added.
Andor specialises in high-end digital cameras for the science and medical industries. It says it has more than 10,000 customers across 55 countries.
Sales fell sharply across the US, with revenue from there dropping 11pc, well ahead of Europe, which fell 2pc. Revenue from Asia surged nearly a third, albeit from a low base.
Analysts at Finncap said the results were "mixed", but were broadly positive on the business.
Shares in AIM-listed Andor closed up 2.4pc at 389p.