West Belfast specialist camera maker Andor Technology has reported that its turnover for the year to last March increased by 17% from £76.9 million to £90.1 million, driven by growth in international markets.
And it said that Asia remains by far its largest region by revenue, with China alone constituting 28% of total company revenues.
But despite the sales surge, the company’s pre-tax profit decreased by 63% from £19.8m to £7.4m, and on a bottom line basis, Andor retained £7.3m, less than half of the 2023 figure of £17.1m.
Net operating expenses increased by £16.8m, primarily due to a £9.8m rise in foreign exchange losses.
Additionally, the company incurred higher costs for royalty payments on software distribution rights and allocated shared costs from other entities within the group.
Established in 1989 as a spin-out from Queen’s University, Andor Technology is a subsidiary of Oxford Instruments, which acquired the business in 2014.
According to a directors report filed alongside its accounts, innovation remains central to the company’s priorities.
And to maintain a strong pipeline and retain its leading edge, it said it invested £6.2 million, or 7% of its total revenues, in R&D in its latest trading year (up from £5.2m previously).
At the end of the year Andor, which remains a leading provider of scientific technology and expertise to academic and commercial partners worldwide, had a net cash balance of £17m (double the 2023 figure of £8.5m) and has zero borrowings.
A year ago Andor pledged to expand its production facilities at Springvale business park to meet growing demand for its specialist camera products in China.
Its £15 million investment in acquiring and refurbishing a 23,000 sq ft premises next to its current Belfast base is expected to be operational by the coming autumn.
During the year the firm undertook a number of measures to manage its cost base during a period of weaker-than-expected demand in some if its key markets.
This included completing a redundancy programme which resulted in 33 Belfast-based workers being laid off, some 24 compulsory and the other nine leaving voluntarily. Additionally, parent company Oxford Instruments made eight overseas positions redundant.
Yet according to the accounts, overall staff numbers have record at Andor, rising from 318 to 370, pushing up the wages bill to £20.8m.
