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Andor Technology

Companies: AND   
10/05/2005

Queens University spin-out Andor Technology, the developer of high performance digital cameras used for the measurement of light, joined AIM with a £4.5m funding at 90p in December. Debut interims to March showed strong growth, with sales surging up 47.2% to a record £7.5m and earnings sparking up 48% to 1.36p, although pre-tax profits slipped to £245,000 (£328,000) - in line with forecasts - as Andor beefed up sales and moved to a new state-of-the-art Belfast manufacturing facility. Significantly, Andor enjoyed record production figures in its last quarter following the move last November. Dr Hugh Cormican, managing director, flagged up strong growth across all sectors and geographic regions. Revenues were 56% higher in Europe, grew by 50.4% in Asia Pacific and would have been 42% higher in the US but for the currency effect of the weak dollar (which suppressed growth to a still-impressive 36%). In terms of sectors, the scientific research market remains the core area, with the life science and analytical instrumentation OEM market, and space and defence sectors also important. Cormican believes there's bags of growth left, with Andor pinching share from rival outfit Roper Industries and with a number of new products having recently launched, like the Newton, the world's first EMCCD (electron-multiplying charge-coupled device, which is an image sensor used in digital photgraphy) spectroscopy camera. For the full year, analysts predict turnover of £16.5m, up from last year's £11.6m, and growth in operating profits to £1.3m (£1.2m). A solid growth story.

Market cap: £28.8m
PE Forecast: n/a
Share price: 112.5p

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