Belfast-based Andor Technology more than doubled its pretax profits to £1.69 million (€2.5 million) for the year to the end of September 2006.

Turnover at the firm, which makes high performance scientific digital cameras, rose by 22 per cent to £19.2 million, according to preliminary results.

Operating profit was up by 85 per cent to £1.45 million, while the operating margin rose to 7.5 per cent. Diluted earnings per share were up 79 per cent to £0.063.

Profits for the year were boosted by exceptional earnings, largely accounted for by the successful disposal of its minority shareholding in Avalon Instruments to Perkin Elmer Corporation.

However, the company said it had achieved sales growth in each of its core markets and was satisfied with trading since the start of the new financial year with over £4 million worth of new orders in the pipeline. Camera manufacturing volumes rose by 24 per cent to 1,500 units last year, it said.

"Over the past nine years, we have had an annual compound growth rate of over 30 per cent. That means we are doubling every two to three years," said Andor finance director Conor Walsh.

The US is now Andor's largest single market with sales increasing by 31 per cent to £8 million. Europe increased by 15 per cent to £7.5 million and Asia Pacific increased by 21 per cent to £3.7 million. Earlier this week, the company announced that it had opened its first office in Beijing in China.

The year also saw Andor release two mid-range cameras as it seeks to gain a foothold in other markets.

"Our traditional products are high-end cameras in the $25,000-$250,000 range. Now we are looking to sell more in the mid-range of $5,000-$15,000 range. To keep growing at the pace we want to grow, we need to start moving into areas other than high-end cameras," said Mr Walsh.