Northern Ireland firm reveals £15million expansion of camera making operation in Belfast following rising turnover and profits

Based in west Belfast, Andor, part of Oxford Instruments plc, announced its turnover for the year ending March 31 2023 increased by 24% from £62.3million to £76.9million, while its pre-tax profit increased by 11% from £17.8million to £19.8million. Staff numbers also grew over the year from 288 to 318, with the pay bill rising from £14.9million to £18.8million.

The business, which began as a spin-out from Queen’s University and specialises in scientific cameras, said its increasing performance was driven by strong growth in healthcare and life science applications, together with significant growth in Asia and the Americas with China now constituting 20% of the company’s total revenue.

It said that by adapting to market conditions and shifting its focus towards markets within China it was less impacted by ongoing UK export licence restrictions. That move, coupled with the end of the Covid-related lockdowns in China, contributed to the strong results. The firm also said increased profitability came despite significant investment in people, primarily to enhance operational capacity, as it scaled up to meet growing demand for its innovative solutions.

In line with its growth strategy, the firm revealed plans to invest £15m in the procurement and refurbishment of a neighbouring premises at Springvale Business Park in west Belfast.

The new building at 5 Millennium Way, which has a footprint of 23,000 sq ft, is expected to be up and running in autumn 2025.

​Managing director Kristian Laskey said Andor’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 acquisition of new premises in Springvale Business Park is 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. Our focus now is on working collaboratively with Belfast City Council and other stakeholders to progress this project within the desired timeframe.”

To sustain a robust product pipeline and preserve its prominent position in key markets, Andor has also invested £5.2m (2022: £4.5m) in research and development, representing 7% of revenue, as it continues to prioritise innovation.

A Invest NI spokesperson, said: “Over the last 10 years, Invest NI has been an invaluable partner to Andor Technology helping it to create jobs and invest in R&D with the development of its ground breaking BC43 microscope which will support it to achieve significant worldwide sales. We have continued to support the company, working closely with it to identify and subsequently purchase its new premises in Invest NI’s Springvale Business Park.”