Scientific equipment manufacturer now sources 20 per cent of its revenue from the Chinese market.
A maker of scientific equipment has announced plans to expand its production facilities in West Belfast to meet growing demand for its specialist camera products in China.
Andor Technology said it will invest £15 million in acquiring and refurbished the 23,000 sq ft premises next to its base at Springvale Business Park.
The company expects the expanded facility be operational in autumn 2025, significantly enhancing its production and R&D (research and development) capacity in Belfast.
The announcement comes as Andor Technology announced a 24 per cent increase in annual turnover to £76.9m in the year to March 31 2023.
The scientific equipment manufacturer ended the last financial year with a pre-tax profit of £19.8m, an 11 per cent improvement on 2022.
Its workforce also increased by 30 last year to 318.
Established in 1989 as a spin-out from research developed at Queen’s University, Andor Technology was acquired by Oxford Instruments in 2014.
The Belfast firm said while the improved performance was driven by strong growth in healthcare and life science applications during 2023, it also experienced significant growth in Asia and the Americas, with China now constituting 20 per cent of the company’s total revenue.
The manufacturer said it had strategically shifted its focus towards markets within China that are less impacted by ongoing UK export licence restrictions.
It said the end of the Covid-related lockdowns in China had also contributed to the strong uptake in the Asian market.
Andor also said it plans to increase R&D spending by 15 per cent this year to £5.2m.
Managing director, Kristian Laskey, said the company’s financial success was underpinned by its strategy and people.
“Our headline strategy, which is focused on customer intimacy, innovation, operational excellence, and customer support, is driving sustainable growth and margin enhancement, while offering increased value for our customers,” he said.
“Delivery against our strategy is underpinned by our values and culture. We have achieved these results, despite some significant headwinds, due to the ingenuity and dedication of our people, and we will continue to invest in our employees by prioritising training, development, and by promoting equality, diversity, and inclusion.”
The managing director said the acquisition of new premises in Springvale Business Park marked another key milestone for the business.
“We are incredibly excited about exploring new ways of working, and taking advantage of the many opportunities that this investment will deliver for us and the local community,” he added.
“Our focus now is on working collaboratively with Belfast City Council and other stakeholders to progress this project within the desired timeframe.”
Source: Irish News (link opens in new window)