ANDOR TECHNOLOGY has posted a strong set of results which defy the global economic slowdown to show a 65 per cent leap in pretax profits.

Belfast-based Andor reported pretax profits before exceptionals of £2.11 million (€2.61 million) on a turnover of £24.7 million - also up by 16.2 per cent.

Andor develops and manufactures high-specification equipment for scientific imaging and spectroscopy research.

Its results for the 12 months to the end of September show earnings before interest, tax, depreciation and amortisation rose 35.7 per cent to £2.9 million, while pre-exceptional earnings per share jumped 47.6 per cent to 6.45 pence.

The company, listed on the London Stock Exchange's Alternative Investment Market (Aim), has been the subject of several potential offers since June. This has had some impact on the results. Exceptional costs in the period under review are detailed in the accounts as "costs associated with the ongoing offer period" and amount to about £600,000.

The various offers - one tabled by a company comprising senior Andor Technology executives and private equity investors and another by a company controlled by Eugene and Paul Murtagh and featuring a founder and former chief executive of the company - had a detrimental effect on final earnings per share. This fell from 4.37 pence in 2007 to 4.22 pence in 2008. Andor remains in an offer period following an approach from an unidentified third party late last month.

Chief executive Conor Walsh said the company has delivered a record turnover for the 11th year in a row. "Despite these turbulent times, we don't see any impact of that. Twelve months ago, we presented a roadmap for the company that would reduce the exposure to single markets, seek out innovation and champion superior cost advantage to deliver growth and improved profitability.

"Most encouraging is that many of the initiatives begun during 2008 are yet to deliver and this, together with a record order book, gives us confidence looking forward."

Andor recorded its strongest growth in Europe where sales were up 25.5 per cent. It also saw good demand from China for its products where sales increased by 20 per cent year-on-year. In 2008, the group's research and development expenditure grew by 28.1 per cent and now amounts to 10.5 per cent of revenue.