WEST Belfast manufacturer Andor Technology has reported a 15 per cent increase in pre-tax profit to £12.7 million on the back of a significant boost in sales.
Andor, which started out as a spin-out from Queen’s University, is a world leader in the design and manufacture of high-performance scientific imaging cameras, microscopy and spectroscopy systems. The company enjoyed a strong trading year according its latest set of accounts, with growth recorded across the board.
Overall company revenue grew by 16 per cent for the year ending March 31, 2017, up from £59.8 million to £69.2 million, while the gross margin increased from 48.6 per cent to 53.1 per cent in the year, due to what Andor describes as a "more favourable sales mix" and "the impact of foreign exchange movements".
The sizeable growth in revenue, predominantly driven by sales, was boosted by strong performances in the firm's major international markets. Business in the Americas, which accounts for almost 40 per cent, grew by 16 per cent, while the Asia-Pacific market, which makes up a third, jumped by 24 per cent over the year.
In addition to the 15 per cent increase in pre-tax profit, after taxation a net profit of £13 million was recorded in the year, a 29 per cent rise on the previous 12 months. The company also increased staff numbers by 11 from 279 to 290 at its Belfast base at Springvale business park, while the firm continues to invest in research and development in support of its product range. Investment in 2017 surpassed £5.7 million, a 25 per cent jump on the the 2016 spend (£4.6 million).
Andor Technology is a subsidiary of Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research. Oxford Instruments paid nearly £180 million to buy Andor in February 2014 and in 2017 the parent company reported a £25.5m loss in the year to March 31. This was a dramatic swing in fortunes for the company, which turned a profit of £9.7 million in 2016.
