THE parent company of west Belfast scientific camera maker Andor Technology has swung from a £9.6m loss to £13.m profit in the year to March, despite its revenues slipping back by nearly 5 per cent.
And Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research and which bought Andor in 2014, anticipates further growth into 2017, with sales for first two months of trading in line with last year and profits already marginally ahead.
Among its financial highlights, Oxford said its adjusted profit before tax at £37m - which was up £3.6 per cent from £35.7m - was in line with expectations.
A 4.9 per cent fall in revenues (from £380.1m down to £361.6m) was driven by structural changes within the superconducting wire market and completion of a service contract.
The company reported a "strong cash" performance, with operating cash flow up 27.5 per cent, and the dividend to shareholders was maintained at 13.0p for the full year.
Oxford's order book at year-end was also 12.1 per cent improved on the previous year.
New chief executive Ian Barkshire said he was “excited" about the opportunity to capture the long term structural growth in demand for high performance nanotechnology tools.
"Our focus on new product development, customer service and cost optimisation gives us confidence that we are on track to make progress in the year ahead," he said.
“We will continue to invest in growing the business in our core markets of physical and material science, and exploiting convergence to expand into life sciences.”
Operationally, Oxford reported an improved profit performance in nanotechnology tools and service sectors, though there was a decline in industrial products due to "market softness".
Revenues were broadly flat in North America, where it acquired Medical Imaging Resources during the year, while there was a decline in Europe due to sale of Omicron and also Asia, where it was hit by currency fluctuations.
Andor Technology, set up in 1989 as a spin-out from the laboratories at Queen's University, continues to operate from Springvale Business Park in west Belfast, where it employs 300 staff.
Despite its acquisition, it continues to perform as a successful local company with expertise in the global markets for advanced scientific imaging and photographic equipment.
