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Vindon seeks acquisitions
Vindon Healthcare (VDN) is on the lookout for complementary acquisitions to fuel further growth. The AIM listed counter designs equipment for large pharmaceutical companies, and also provides storage facilities for drugs that are used in testing.
In the year to 31 December sales nudged 8.5 per cent ahead to £5.9 million as pre-tax profits slipped 4.4 per cent to £1 million. Spending in its markets has remained sluggish as customers have deferred decision making, and in testing some clients have driven more work through their own in-house facilities.
Vindon has a large state-of-the-art operation in Rochdale, and is still trying to sell its smaller business in Oldham - in the books currently for £300,000. Having spent £3 million on kit, Vindon reckons it can double the existing capacity relatively easily. The client list includes nine of the top ten UK pharmaceuticals companies.
To drive expansion in 2007 Vindon opened a storage facility in Ireland, the success has been such that it plans to treble capacity this year to cope with new orders. The initial outlay of £451,000 has been money well spent as last year the operation delivered a pre-tax profit that nearly doubled to £298,000 on sales ahead 27 per cent to £606,000.
In the US it has moved to larger premises in Atlanta, though sales moved up 7 per cent to £331,000 the expectation is that with plenty of space it is poised to push more business through. Vindon has a support services arm that offers advice on efficient functioning and regulatory compliance - it achieved sales up a touch at £1.29 million.
In an interiew with Growth Company Investor chairman Liam Ferguson said 'vendor expectations are now a little more realistic so we are keen to acquire businesses that fit our model'. House broker WH Ireland predicts 2011 pre-tax profits of £1.18 million and EPS of 1.1p. Of significance for potential investors is that Vindon has £3.85 million of business in the hopper from existing contracts - this provides a great deal of comfort for forecasts. At 11.5p the shares are worth a look.
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