Gulf starts at Sheikh Adi-2 25/05/2012
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Vindon in upbeat mood
After a sluggish start to the year, clean rooms specialist Vindon Healthcare (VDN) had enjoyed increasing orders for equipment and contracted storage.
Vindon provides clean storage for a range of uses, from regenerative medicine to the storage at ultra-low temperatures of products for biotech and biopharma companies. The AIM counter also manufactures kit for clients that wish to manage their own stability storage. This can range from small cabinets to huge stability chambers. The equipment sales business has picked up considerably, with a raft of new orders pushing its order intake up 9 per cent to £1.2 million.
Though Vindon has a significant facility in Rochdale it has expanded overseas in a bid to win new business. In Ireland it has trebled its operation after winning new orders, however the move to boost capacity has dented profits by 8 per cent to £142,000. The outlook for the coming months is positive as Vindon recoups its costs.
In a bid to replicate its success Vindon has opened a larger facility in the US, to augment future growth. In the first half sales chipped in at £280,000 - a significant hike on the £212,000 achieved in the five months following acquisition of the site. Orders have been secured with five new customers, so as this builds Vindon hopes to be cash generative across the pond by next Spring.
Vindon is close to selling its vacated site in Oldham, though this still depends on the buyer receiving suitable planning permission for new housing. It also continues to run its slide rule over acquisitions. Having looked closely at a £2.5 million deal earlier this year it decided to walk away due to price, leading to a one-off charge of £18,000. Speaking to Growth Company Investor chairman Liam Ferguson said 'we are keen to acquire companies with recurring revenue and those that operate in niche, complementary areas.'
Results for the six months to June reveal a 19 per cent jump in sales to £3.1 million and a 1 per cent rise in pre-tax profits to £416,000. The order book of contracted revenue is £4.2 million so provides a good level of visibility for the second half and beyond.
House broker WH Ireland predicts 2011 sales of £6.75 million, pre-tax profits of £1.18 million and EPS of 1.1p. At 9.75p, shares in Vindon have fallen with the market, but with long-term storage contracts and current trading good the price looks a bit mean.
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