Andor Technology unveils annual profits rise

Andor Technology delivered a two per cent increase in profits last year following strong sales in the Asia Pacific region, the company revealed Wednesday in its annual report.

The group, which develops scientific digital cameras, posted an adjusted operating profit of £58.3m for the year to September 30th, compared to £57.4m the previous year.

Adjusted profit before tax was £10m, up 3.0% from 2011 results.

Chairman Colin J Walsh said difficult market conditions in the Americas, Europe, African and the Middle East proved challenging during the period. It constrained scientific research budgets which impacted sales, he said.

However, a 32% rise in sales in the Asia Pacific region offset the weakness in less lucrative areas.

Results were also buttressed by the newly launched Zyla and iXon Ultra cameras and the completion of the upgrade of its production facility in Belfast.

Gross margin increased to 55.7% while net cash increased 35% to £17.1m for the period.

"Andor's management and staff have delivered real progress in difficult market conditions and your board is grateful to them all," Walsh said in a statement to shareholders.

"Having the best products, structures and people in place positions us well and your board remains confident in the outlook for the year ahead."

Shares fell 1.86% to 382.75 at 10:43 Wednesday.

RD