Vindon Healthcare posts net income of £888,000 - Vindon Healthcare news

Oldham-based Vindon Healthcare has reported a 34 per cent increase in net income after it opened a new facility in Ireland and made its first sales in the US and Belgium. It said 2008 has started well and announced the payment of its first ever dividend.

Net income was £888,000, up from £662,000 in 2006. Revenue meanwhile increased 30 per cent, to just under £5m. The company said it will pay a maiden dividend of 0.1p per share.

Vindon said trading in its core markets of manufacturing and stability storage remained buoyant during 2007. It said good progress had been made with its new disaster recovery services, for which the first major order was secured. In September Vindon opened a new facility in County Waterford, Ireland, which allows customers to perform stability storage trials and provides a local base for the group’s Irish service and validation engineers.

This year Vindon plans to consolidate all of its UK operations into one new site at Kingsway in Rochdale to facilitate a significant expansion in manufacturing capability, as well as offering independent facilities for stability storage.

Chairman Liam Ferguson said he believes Vindon is well positioned for the future. “The group has a distinctive business capable of substantial growth which is backed by a robust financial platform and an enviable client list and track record. This combined with its loyal and knowledgeable staff and excellent facilities means that Vindon can face the challenges of the future with confidence.”

Shares in Vindon rose 1.5 per cent, to 16.75p in early trading.

By Claire Shoesmith