Profits slide at Andor Technology in first half of the year

Pre-tax profits at Andor Technology, the Belfast company that manufactures high performance digital cameras, fell by 22 per cent in the first six months of the year, as revenues slid due to "challenging" market conditions.

In the six months ending March 31st, Andor saw its revenues decline by about 10 per cent ot £27.9 million (€32.8m), on the back of tough economic conditions and Government budget reductions and funding constraints which created “uncertainty within the research community and causing delays in purchasing decisions”. The camera manufacturer was particularly hit by falling demand in its OEM segment, which typically produces cameras for sale at between £150,000 to £500,000. However, the company noted that “funding at these price points has come under significant pressure”.

Profits fell to £3.8 million, down from almost £5 million in the similar period in 2012.

Nonetheless, Colin Walsh, chairman with Andor, said the company had made “good, strategic progress” in the first half of its financial year.

“We have driven sales of our newest products, continued to generate cash, and further invested in the next phase of innovations that will secure our long-term growth,” he said, adding that while its progress in the short term will be “constrained”, the strength of its products and the new opportunities they continue to unlock mean that its long-term growth plans “remain firmly in place.”

Following Andor’s inaugural dividend of 2.0p per share paid in February of this year, the company will also pay an interim dividend of 1.0p per share on August 29th.