ANDOR TECHNOLOGY PLC AGM and Trading Update

ANDOR TECHNOLOGY PLC AGM and Trading Update

Andor Technology plc, a global leader in the development and manufacture of high performance scientific digital cameras for academic, industrial and government applications, will hold its Annual General Meeting today at 12 o'clock at its company premises: 7 Millennium Way, Springvale Business Park, Belfast, BT12 7AL.

At the AGM Colin Walsh, Non-Executive Chairman will deliver the following update on trading:

"On behalf of the Board I am pleased to report that, in the first four months of the financial year, trading has been in line with the Board's expectations.  Asia Pacific continues to deliver strong revenue growth and Europe is performing well. The US was slower in the first quarter, largely due to uncertainty over funding allocations, however this situation has improved since December.

In January we released two major new products. Firstly, we launched the next generation iXon camera - the iXon Ultra. The iXon is the market leading high performance EMCCD camera and this latest version operates over 60 percent faster than the current iXon 3.  This is another market first from Andor and we expect to see strong demand for this product during the second half of the financial year.

Secondly, we launched a new version of our sCMOS-based Neo camera.  This aligns with our strategy of continued investment in sCMOS as the replacement technology for mid-priced scientific imaging cameras. This new camera includes feature enhancements and image quality improvements that have been well received by the market. We have also added further third party software support to expand the addressable market, adding channels that have proprietary software packages.

In addition to the product delivery from our core engineering resource, our technology acceleration centre continues to perform in line with expectation. This team was created to serve as an incremental engineering resource, challenged to deliver in a significantly reduced time to market.  The team's progress remains on schedule and we expect to launch product in the second half of this financial year.

Innovation and new product delivery is key to Andor's continued growth.  While market conditions remain challenging, your Board remains confident about the outlook for the business." 

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