Andor sales rise doubles profits

Belfast-based Andor Technology more than doubled its profits in the first half as sales reached record levels.

The AIM listed company, which makes the most sensitive digital cameras in the world, posted operating profits of £654,000 (€955,800) for the six months to the end of March, up from £290,000 in the first half of 2006.

The growth came as sales increased by 23 per cent to £9.2 million, with the bulk of revenues coming from high-end cameras that typically sell for $35,000 (€27,500) each.

Andor supplies fields such as drug discovery, medical diagnosis, defence and food-quality testing. It recently began selling into the space and surveillance market.

Over the past few months, the firm has also launched a number of mid-range cameras that sell for closer to $10,000. Chief executive Dr Hugh Cormican said that the firm hoped to sell these cameras through catalogues and, by next year, over the internet. He believes this will allow the company to save on expenses while pursuing new growth.

Margins improved over the first half, increasing from 3.8 per cent to 7.1 per cent.

Dr Cormican described the interim performance as "encouraging" and looked to continuing the firm's "long tradition of strong growth" in the remainder of the year. He indicated that news on acquisitions could come within the next six months.

The company maintained its policy of not paying a dividend in respect of the first half, but it is due to review its position on payouts at the end of this year.

Andor, which produces all its cameras in Belfast, makes about 40 per cent of its sales in the US.