Andor's six-month results showed operating profit up 102% over 1H08

APRIL 21, 2009--CEO Conor Walsh says "this has been an exceptional period," and the company intends to set "realistic and achievable expectations" for the business going forward.

APRIL 21, 2009--Andor Technology (Belfast, UK; www.andor.com, a developer and manufacturer of high-performance digital cameras for academic, industrial, and government applications, has announced its interim results for the six months ended March 31, 2009.

CEO Conor Walsh says, "In December 2007, we said the new strategy for the business would deliver from 2009 and onwards and to date that has been the case. We are seeing the benefit of many of the strategic initiatives launched at that time, but the better news is that there is more to come. Clearly, this has been an exceptional period, and it is important we set realistic and achievable expectations for the business going forward. There will be bumps in the road, but the business is now on a sound footing, delivering real profit and cash with a clear strategy and full product roadmap."

Financial highlights include:

  • Turnover up 40% to GBP16.1 million (1H08: GBP11.5 million)
  • EBITDA up 95% to GBP2.3 million (1H08: GBP1.2 million)
  • Operating profit up 102% to GBP1.6 million (1H08: GBP0.8 million; pre-exceptional item)
  • PBT up 107% to GBP1.7 million (1H08: GBP0.8 million; pre-exceptional item)
  • EPS up 99% to 5.12 pence (1H08: 2.57 pence; pre-exceptional item)
  • GBP2.5 million cash generated in the six month period

The company reports the following operational highlights:

  • US sales up 60% driven by focus on OEM
  • Systems division sales up 66% and first systems sales in China
  • Successful mid-range product launches (iVac, Clara) with more to follow
  • New design contract win worth US$2.1 million for delivery by 2010
  • Record order book entering second half of financial year
  • Well positioned to benefit from stimulus plans

-- Posted by Vision Systems Design, www.vision-systems.com

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