Andor Technology Pre Close Statement
Posted: Wednesday, October 4th, 2006 at 1:06 pm
Andor Technology (AIM: AND.LN), The leading developer and manufacturer of high performance digital cameras, is pleased to announce the opening of its first representative office in Beijing, China, Andor Technology has been supplying equipment to leading research institutions and companies in China for many years and the new office will enable the company to maximise growth opportunities in the fast developing Chinese market. Key customers in Beijing already include Tsinghua University, Beijing University, the Chinese Academy of Sciences, Beijing Institute of Technology and the National Astronomy Observatory of China. The new office will work closely with Andor’s long established distributor in China, Beijing Oriental Scientific Development Company. The Board of Andor Technology plc (“Andor” or “the Company”) the global manufacturer of instruments for the scientific imaging and spectroscopy markets, today provides an update prior to entering the close period for the Company’s results for the year ended 30 September 2006.
The Board is pleased to announce sales have continued to grow across all sectors and anticipate reporting revenues in excess of £19M for the full year, an increase of 21% on the previous year.
Sales have grown across all sectors driven by new product launches, expansion of the sales channels and the development of strategic relationships with complimentary companies. We have continued to enhance our semi-automated production processes and are achieving record levels of output. New product development is focused on our strategy of building on the core high end scientific camera market and developing products and channels to address the mid-range. Further product releases are anticipated in early 2007 as we continue to invest for growth both in people and products however this investment decision will lead to costs being higher than anticipated.
Andor operates globally with over 40% of sales denominated in US dollars and 20% in Japanese Yen. The depreciation of both currencies in the second half of 2006 has had a negative impact on gross margins and the competitive environment remains tough as the market consolidates.
As previously announced we will report an exceptional profit of £340,000 realised on the sale of a minority holding in Avalon Instruments Limited.
Dr Hugh Cormican has transitioned to his new role of Director for Strategic Development and the recruitment of a new CEO for Andor is well underway. In the interim Dr Bryan Keating is continuing to act as Executive Chairman. The Board remain confident the position will be filled by early 2007.
It is expected that Andor will announce preliminary results on Tuesday, 5 th December 2006.
