Mar 19: Booming Vindon pays first dividend
OVERSEAS growth and a contract with the Tate Gallery to store works of art helped Vindon Healthcare to achieve record sales and profits last year, the Oldham-based company has announced.
Its core business involves storing drugs under development for pharmaceutical giants such as AstraZeneca, Glaxo SmithKline and Pfizer, to test whether they are affected by different temperatures and degrees of humidity. But AIM-listed Vindon has begun branching out into other areas, storing items such as chocolate, Fisherman's Friend lozenges, toothpaste, vitamins, make-up and perfume.
It has also secured an order from the Tate to store works or art, books and old films not on display.
These developments coupled with Vindon's first sales in to the United States and Belgium helped it achieve a 30 per cent rise in sales during 2007, from £3.84m to £5m.
Pre-tax profits surged 37.7 per cent, from £972,000 to £1.34. The firm is to pay a maiden dividend of 0.1p.
Shares in Vindon gained 4.3 per cent, or 0.5p, to 17p.
Vindon, which employs 50 staff, is to move later this year from its headquarters at Diggle to a purpose-built site on Rochdale's Kingsway Business Park.
The switch will give it six times its current storage space and more capacity to manufacture blood storage banks for hospitals and chambers for growing plants in research laboratories.
During 2007 Vindon opened a facility in Tramore, Co Waterford, and has secured several deals. It is eyeing sales in Italy, France and Germany this year.
Chairman Liam Ferguson said: "Vindon has made a good start to 2008 and the board is pleased with the present order book position and new business inquiry levels.
"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."
He said Vindon is benefiting from the trend towards outsourcing in the pharmaceutical, medical and healthcare sectors and from increasing life expectancy which is giving rise to greater demand for drugs to treat illnesses and for cosmetic purposes.
Vindon had £3.75m of revenues booked at the end of 2007 for annual contracts and storage trials, ahead of the figure a year earlier.
Anne Crow, an analyst at broker WH Ireland, said Vindon's results were ahead of expectations.
She has now revised her forecasts for 2008 and predicts profits of £1.69m on turnover of £5.88m.
ENVIABLE Liam Ferguson, chairman of Vindon, seen here with operations director Ian Gordon (left) and business development manager Pat Jackson (right) spoke of 'substantial growth'
kevin feddy
Manchester Evening News
(c) 2008
Its core business involves storing drugs under development for pharmaceutical giants such as AstraZeneca, Glaxo SmithKline and Pfizer, to test whether they are affected by different temperatures and degrees of humidity. But AIM-listed Vindon has begun branching out into other areas, storing items such as chocolate, Fisherman's Friend lozenges, toothpaste, vitamins, make-up and perfume.
It has also secured an order from the Tate to store works or art, books and old films not on display.
These developments coupled with Vindon's first sales in to the United States and Belgium helped it achieve a 30 per cent rise in sales during 2007, from £3.84m to £5m.
Pre-tax profits surged 37.7 per cent, from £972,000 to £1.34. The firm is to pay a maiden dividend of 0.1p.
Shares in Vindon gained 4.3 per cent, or 0.5p, to 17p.
Vindon, which employs 50 staff, is to move later this year from its headquarters at Diggle to a purpose-built site on Rochdale's Kingsway Business Park.
The switch will give it six times its current storage space and more capacity to manufacture blood storage banks for hospitals and chambers for growing plants in research laboratories.
During 2007 Vindon opened a facility in Tramore, Co Waterford, and has secured several deals. It is eyeing sales in Italy, France and Germany this year.
Chairman Liam Ferguson said: "Vindon has made a good start to 2008 and the board is pleased with the present order book position and new business inquiry levels.
"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."
He said Vindon is benefiting from the trend towards outsourcing in the pharmaceutical, medical and healthcare sectors and from increasing life expectancy which is giving rise to greater demand for drugs to treat illnesses and for cosmetic purposes.
Vindon had £3.75m of revenues booked at the end of 2007 for annual contracts and storage trials, ahead of the figure a year earlier.
Anne Crow, an analyst at broker WH Ireland, said Vindon's results were ahead of expectations.
She has now revised her forecasts for 2008 and predicts profits of £1.69m on turnover of £5.88m.
ENVIABLE Liam Ferguson, chairman of Vindon, seen here with operations director Ian Gordon (left) and business development manager Pat Jackson (right) spoke of 'substantial growth'
kevin feddy
Manchester Evening News
(c) 2008
Mar 18: Vindon Healthcare posts net income of £888,000
Mar 18: Vindon Healthcare FY Pretax Pft GBP1.3M
Dow Jones International News (c) 2008 Dow Jones & Company, Inc.
Vindon Healthcare Year ended Dec. 31, 2007
()=Loss/Debit Figs in GBP'000 and pence (p), unless otherwise stated.
Highlights:
• Record results
• Maiden dividend
• New facility in Ireland
• First sales to USA
• First sales to Belgium
• Excellent visibility of revenues
• Well placed for future growth
Edited Press Release LONDON (Dow Jones)--Vindon Healthcare announced Tuesday a full year pretax profit of GBP1.3 million compared with a profit of GBP1.1 million in the same period last year.
The company said that that 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.
| 2007 | 2006 | |
|---|---|---|
| Turnover | 4,986 | 3,840 |
| Operating profit | 1,382 | 1,105 |
| Pretax profit | 1,338 | 972 |
| Basic EPS(p) | 1.07 | 0.86 |
| Diluted EPS(p) | 1.04 | 0.84 |
| Final dividend | 0.1 | nil |
| Total dividend | 0.1 | nil |
Dec 13: £3.3m deal for Vindon HQ
VINDON Healthcare, which makes blood banks, plant and drug storage chambers, fridges and freezers for pharmaceutical, food and life science companies, has secured a £3.3m deal for new headquarters.
The AIM-listed business, which has a market value of £14m and employs around 40 staff, has outgrown its premises in Diggle, Oldham.
Now Vindon has signed a contract with developer Wilson Bowden for the construction of a purpose-built facility on Rochdale's Kingsway Business Park.
In a stock market statement, Vindon said the site should be ready for use by next autumn and will provide the firm with a platform for growth, enabling it to increase manufacturing capacity and provide a storage and disaster recovery service for pharmaceutical and biotech companies across Europe.
"The board is confident that it can, with this enhanced service offering, add to its burgeoning client base and capitalise upon the trend towards outsourcing," the company added.
Vindon, whose clients include AstraZeneca and GlaxoSmithKline, will fund the new headquarters with £1.4m of debt and the proceeds of a share placing last May, which raised £1.9m.
Kevin Feddy
The AIM-listed business, which has a market value of £14m and employs around 40 staff, has outgrown its premises in Diggle, Oldham.
Now Vindon has signed a contract with developer Wilson Bowden for the construction of a purpose-built facility on Rochdale's Kingsway Business Park.
In a stock market statement, Vindon said the site should be ready for use by next autumn and will provide the firm with a platform for growth, enabling it to increase manufacturing capacity and provide a storage and disaster recovery service for pharmaceutical and biotech companies across Europe.
"The board is confident that it can, with this enhanced service offering, add to its burgeoning client base and capitalise upon the trend towards outsourcing," the company added.
Vindon, whose clients include AstraZeneca and GlaxoSmithKline, will fund the new headquarters with £1.4m of debt and the proceeds of a share placing last May, which raised £1.9m.
Kevin Feddy
Dec 12: Healthcare company to act as a magnet
A UK healthcare company, which has just opened at the Riverstown Industrial Estate, Tramore, is to be promoted as the magnet to attract even more high profile national and international businesses to the seaside town.Vindon Scientific Limited, part of the Vindon Healthcare group and regarded as the leading supplier of controlled environmental testing chambers in the UK and Eire, selected Tramore because of its proximity to the regional airport and because of the links between the airport and Manchester.
Read More
Dec 12: Vindon Healthcare Buys Storage Facility
LONDON (Dow Jones)--Vindon Healthcare said Wednesday that they have signed contracts with Wilson Bowden for the construction of a manufacturing and storage facility on the 420 acre Kingsway business park, in Rochdale, Greater Manchester, for a cost of GBP3.3 million.
It also announced a new debt facility of GBP1.4 million.
The new facility (29,480 sq ft), which will be ready for use by the Autumn of 2008, will provide Vindon with a significant new platform for future growth, the company said.
It will enable it to not only expand its manufacturing capacity by two fold but also to provide a best-in-class storage and disaster recovery facility for the U.K. and European Pharmaceutical and Biotechnology Industry, it said.
The new storage capacity will be sufficient to store nearly five times existing utilised capacity.
Total costs for the project, including fit-out, are estimated to be GBP3.3 million.
This will be funded by a new debt facility of GBP1.4 million together with the proceeds of a placing which took place on May 9 this year which raised a net GBP1.9 million after costs.
There will be further funds available to the Group once the sale of the existing site in Diggle takes place, the company said.
It also announced a new debt facility of GBP1.4 million.
The new facility (29,480 sq ft), which will be ready for use by the Autumn of 2008, will provide Vindon with a significant new platform for future growth, the company said.
It will enable it to not only expand its manufacturing capacity by two fold but also to provide a best-in-class storage and disaster recovery facility for the U.K. and European Pharmaceutical and Biotechnology Industry, it said.
The new storage capacity will be sufficient to store nearly five times existing utilised capacity.
Total costs for the project, including fit-out, are estimated to be GBP3.3 million.
This will be funded by a new debt facility of GBP1.4 million together with the proceeds of a placing which took place on May 9 this year which raised a net GBP1.9 million after costs.
There will be further funds available to the Group once the sale of the existing site in Diggle takes place, the company said.
Dec 12: New manufacturing and storage facility for Vindon Healthcare PLC
Vindon Healthcare plc is pleased to announce that they have signed contracts with Wilson Bowden plc for the construction of a larger purpose built manufacturing and storage facility on the 420 acre Kingsway business park, which is close to the M62 in Rochdale, Greater Manchester. Read More
Sep 4: Vindon Healthcare 1H Pretax Pft GBP557,000
Vindon Healthcare
Highlights:
Edited Press Release
LONDON (Dow Jones)--Vindon Healthcare reported Tuesday a pretax profit of GBP,557,000 for six months ended Jun. 30, from a profit of GBP434,000 for the same period last year.
Chairman Liam Ferguson said: "The Group's immediate future prospects are underpinned by committed revenue arising on storage and service contracts. The Group currently has committed revenue of GBP2.0 million for the next 12 months with a further GBP2.0 million thereafter, giving total committed revenues of GBP4.0 million. This represents a GBP0.3 million increase since Dec. 31, 2006.
"We plan to continue as the UK's leading supplier to the pharmaceutical industry of controlled environment products by building a market defining facility in 2008.
"The pharmaceutical market is subject to positive influences from increasing wealth and lifestyle aspirations throughout the world. Our entry into the Irish and American markets are intended to extend the benefit we already derive from this market sector.
"We look forward to the future with enthusiasm and confidence.
"The Group is a provider of environmental control products and services to the pharmaceutical, life sciences and food sectors and has operational bases in the U.K. and Ireland. Vindon Healthcare provides products and services for the management of temperature, humidity and light where precise conditions are required.
"The product range includes controlled environment chambers, blood banks, plasma freezers and plant growth chambers. The Group's services include controlled environment storage and the service, maintenance and validation of controlled environment chambers, blood banks, plasma freezers and plant growth chambers.
"Financial Highlights: Turnover was GBP2,112,000 which is an increase of 16.6% over the corresponding period, and the gross profit margin was 63.7% against a corresponding 60.7%. This generated an operating profit of GBP603,000 which is an increase of 19.2% over the corresponding period.
"This reflects our focus on higher margin value added services. Costs include revenue expenditure on the establishment of a new storage facility in southern Ireland and the strengthening of our service, maintenance and validation capability.
"Activity levels in manufacturing were comparatively high in June 2007 and this temporarily raised working capital requirements at period end. July deliveries have reduced this to normal levels.
"The acquisition by the Group of Vindon Scientific Limited in 2005 involved deferred consideration of GBP350,000 payable in two equal instalments. During the period the final instalment of GBP175,000 was paid.
"The Company achieved a successful share issue of 10 million new ordinary shares which raised GBP1,910,000 after costs. These funds have been allocated to the development of a new U.K. facility close to our existing site which will, we believe, provide market leading capability in our sector and should enable the achievement of our growth plans. The precise timing of this development is subject to the successful conclusion of current negotiations.
"Current Trading: Activity levels have remained high during July and August, and demand remains strong across all product areas.
"The storage facility in southern Ireland is now open and is currently undergoing audit and inspection by prospective clients with a view to the first products going into store this autumn.
"Marketing: The opening of the new plant in southern Ireland has increased our ability to offer our clients an enhanced service capability and the initial response is encouraging.
"We are pleased to report our first significant manufacturing order from the USA. We consider that this market has considerable potential for us in the future."
| Six months ended 30 June | ||
|---|---|---|
| ()=Loss/Debit | ||
| Figs in GBP'000 and pence (p), unless otherwise stated. | ||
| 2007 | 2006 | |
| Revenue | 2,112 | 1,812 |
| Operating profit | 603 | 506 |
| Pretax profit | 557 | 434 |
| basic | 0.47p | 0.38p |
| diluted | 0.46p | 0.37p |
| Interim dividend | nil |
Highlights:
- Gross Profit GBP1.346 million (2006: GBP1.100 million)
- Record results
- Focus on higher margin value added services
- Final instalment of GBP175,000 for Vindon Scientific paid
- Successfully raised GBP1.9 million net to fund new U.K. facility
- First significant manufacturing order from the U.S.
- New plant opened in southern Ireland
- Total committed revenues of GBP4 million
- Strong demand across all product areas
- Looking forward to the future with enthusiasm and confidence
Edited Press Release
LONDON (Dow Jones)--Vindon Healthcare reported Tuesday a pretax profit of GBP,557,000 for six months ended Jun. 30, from a profit of GBP434,000 for the same period last year.
Chairman Liam Ferguson said: "The Group's immediate future prospects are underpinned by committed revenue arising on storage and service contracts. The Group currently has committed revenue of GBP2.0 million for the next 12 months with a further GBP2.0 million thereafter, giving total committed revenues of GBP4.0 million. This represents a GBP0.3 million increase since Dec. 31, 2006.
"We plan to continue as the UK's leading supplier to the pharmaceutical industry of controlled environment products by building a market defining facility in 2008.
"The pharmaceutical market is subject to positive influences from increasing wealth and lifestyle aspirations throughout the world. Our entry into the Irish and American markets are intended to extend the benefit we already derive from this market sector.
"We look forward to the future with enthusiasm and confidence.
"The Group is a provider of environmental control products and services to the pharmaceutical, life sciences and food sectors and has operational bases in the U.K. and Ireland. Vindon Healthcare provides products and services for the management of temperature, humidity and light where precise conditions are required.
"The product range includes controlled environment chambers, blood banks, plasma freezers and plant growth chambers. The Group's services include controlled environment storage and the service, maintenance and validation of controlled environment chambers, blood banks, plasma freezers and plant growth chambers.
"Financial Highlights: Turnover was GBP2,112,000 which is an increase of 16.6% over the corresponding period, and the gross profit margin was 63.7% against a corresponding 60.7%. This generated an operating profit of GBP603,000 which is an increase of 19.2% over the corresponding period.
"This reflects our focus on higher margin value added services. Costs include revenue expenditure on the establishment of a new storage facility in southern Ireland and the strengthening of our service, maintenance and validation capability.
"Activity levels in manufacturing were comparatively high in June 2007 and this temporarily raised working capital requirements at period end. July deliveries have reduced this to normal levels.
"The acquisition by the Group of Vindon Scientific Limited in 2005 involved deferred consideration of GBP350,000 payable in two equal instalments. During the period the final instalment of GBP175,000 was paid.
"The Company achieved a successful share issue of 10 million new ordinary shares which raised GBP1,910,000 after costs. These funds have been allocated to the development of a new U.K. facility close to our existing site which will, we believe, provide market leading capability in our sector and should enable the achievement of our growth plans. The precise timing of this development is subject to the successful conclusion of current negotiations.
"Current Trading: Activity levels have remained high during July and August, and demand remains strong across all product areas.
"The storage facility in southern Ireland is now open and is currently undergoing audit and inspection by prospective clients with a view to the first products going into store this autumn.
"Marketing: The opening of the new plant in southern Ireland has increased our ability to offer our clients an enhanced service capability and the initial response is encouraging.
"We are pleased to report our first significant manufacturing order from the USA. We consider that this market has considerable potential for us in the future."
Sep 4: AFX UK Focus
Vindon Healthcare H1 pretax profit up 28.3 pct; says demand remains strong
LONDON (Thomson Financial) - Vindon Healthcare PLC reported that its first-half pretax profit increased 28.3 pct, as revenues rose 16.6 pct, and said demand remains strong across all product areas, and it is confident about the future.
The company, which manufactures environmental control products, said pretax profit for the half-year ended June 30 was 557,000 stg, compared with 434,000 stg a year earlier, while revenues were 2.11 mln stg, up from 1.81 mln.
It said activity levels have remained high during July and August, and added that it has total committed revenues of 4.0 mln stg.
Copyright AFX News, 2007 All reproduction and presentation rights reserved.
TFN.newsdesk@thomson.com
LONDON (Thomson Financial) - Vindon Healthcare PLC reported that its first-half pretax profit increased 28.3 pct, as revenues rose 16.6 pct, and said demand remains strong across all product areas, and it is confident about the future.
The company, which manufactures environmental control products, said pretax profit for the half-year ended June 30 was 557,000 stg, compared with 434,000 stg a year earlier, while revenues were 2.11 mln stg, up from 1.81 mln.
It said activity levels have remained high during July and August, and added that it has total committed revenues of 4.0 mln stg.
Copyright AFX News, 2007 All reproduction and presentation rights reserved.
TFN.newsdesk@thomson.com
May 23: AIM Company of the week - Vindon Healthcare plc
Vindon Healthcare PLC
Report updated: 9th May 2007
INTRODUCTION
Vindon Healthcare listed on AIM in April 2005, raising £300,000 at 10p per share in exchange for shares representing 3.8% of the enlarged share capital.
Vindon Healthcare (which went through several name changes before acquiring its current name) was formed in April 2003 as a cash shell to attract companies seeking Admission to AIM. On 25th February 2005, it raised £1.2 million and on 28th February 2005 acquired Vindon Scientific Ltd.
Founded in 1967, Vindon Scientific manufactures controlled environment cabinets for the pharmaceutical, life sciences and food sectors - its core competence is the management of temperature, light and humidity controlled storage requirements. It also provides specialist controlled storage facilities for pharmaceutical companies - Vindon plans to expand the range of products and services which it offers its customers. Its clients include Glaxo SmithKline, AstraZeneca and Pfizer.
UPDATES
The maiden interim results to June 2005 showed sales of £1.1 million, pre-tax profit of £198,000 and EPS of 0.23p. Research shows a need for a Disaster Recovery Storage service - the company is launching such a service, SENTINEL, at an exhibition in September 2005. Tightening of the regulatory regime for pharmaceutical companies (eg widening the scope of stability storage trials into raw materials) is expected to benefit the company.
The final results to December 2006 (comparatives are for 10 months of trading) showed sales of £3.8 million (2005: £2.6 million), pre-tax profit of £982,000 (2005: £626,000) and adjusted EPS of 0.84p (2005: 0.53p) - compared with 2005 pro-forma results for 12 months, sales, gross profit and operating profit each showed growth of between 22% and 24%. The company reported that storage facilities increased by 250% to 330 cu metres; value added service revenues (comprising storage, validation and maintenance) represented 47% of sales - the commitment for 2007 is £1.7 million; gross margin was 67% (2005: 61%); operating margin was 28.8% (2005: 28.5%).
In May 2007, £2.0 million was raised at 20p per share in exchange for shares representing 11.3% of the enlarged share capital. The purpose is to to find or build a new facility to replace the current premises - this is anticipated to take place during Q1 2008 - discussions are under way regarding a potential site.
Research Standing
An interesting business achieving attractive growth and margins - its storage business converts its products into a service producing recurring revenues. In 2006, 81% of sales were in the UK - part of the growth strategy is to expand into overseas markets.
The company broker's note dated 20th March projects EPS of 1.1p for 2007 and 1.4p for 2008 representing P/Es of 21.4 and 16.8 respectively based on the share price of 23.5p at 9th May.
Report updated: 9th May 2007
INTRODUCTION
Vindon Healthcare listed on AIM in April 2005, raising £300,000 at 10p per share in exchange for shares representing 3.8% of the enlarged share capital.
Vindon Healthcare (which went through several name changes before acquiring its current name) was formed in April 2003 as a cash shell to attract companies seeking Admission to AIM. On 25th February 2005, it raised £1.2 million and on 28th February 2005 acquired Vindon Scientific Ltd.
Founded in 1967, Vindon Scientific manufactures controlled environment cabinets for the pharmaceutical, life sciences and food sectors - its core competence is the management of temperature, light and humidity controlled storage requirements. It also provides specialist controlled storage facilities for pharmaceutical companies - Vindon plans to expand the range of products and services which it offers its customers. Its clients include Glaxo SmithKline, AstraZeneca and Pfizer.
UPDATES
The maiden interim results to June 2005 showed sales of £1.1 million, pre-tax profit of £198,000 and EPS of 0.23p. Research shows a need for a Disaster Recovery Storage service - the company is launching such a service, SENTINEL, at an exhibition in September 2005. Tightening of the regulatory regime for pharmaceutical companies (eg widening the scope of stability storage trials into raw materials) is expected to benefit the company.
The final results to December 2006 (comparatives are for 10 months of trading) showed sales of £3.8 million (2005: £2.6 million), pre-tax profit of £982,000 (2005: £626,000) and adjusted EPS of 0.84p (2005: 0.53p) - compared with 2005 pro-forma results for 12 months, sales, gross profit and operating profit each showed growth of between 22% and 24%. The company reported that storage facilities increased by 250% to 330 cu metres; value added service revenues (comprising storage, validation and maintenance) represented 47% of sales - the commitment for 2007 is £1.7 million; gross margin was 67% (2005: 61%); operating margin was 28.8% (2005: 28.5%).
In May 2007, £2.0 million was raised at 20p per share in exchange for shares representing 11.3% of the enlarged share capital. The purpose is to to find or build a new facility to replace the current premises - this is anticipated to take place during Q1 2008 - discussions are under way regarding a potential site.
Research Standing
An interesting business achieving attractive growth and margins - its storage business converts its products into a service producing recurring revenues. In 2006, 81% of sales were in the UK - part of the growth strategy is to expand into overseas markets.
The company broker's note dated 20th March projects EPS of 1.1p for 2007 and 1.4p for 2008 representing P/Es of 21.4 and 16.8 respectively based on the share price of 23.5p at 9th May.
May 9: Vindon's £2m to move
OLDHAM-based Vindon Healthcare has raised £2m to fund a move to bigger premises.
The AIM-listed firm has placed 10m shares with institutional and individual investors and plans to use the proceeds to finance new facilities during the early part of next year.
Negotiations are under way over a possible site in Rochdale although no agreement has yet been signed.
Chairman Liam Ferguson said: "We are very encouraged by the significant interest shown in the company and welcome our new investors. The placing will significantly strengthen the company's balance sheet and create the necessary resources to pursue our strategy."
The shares ticked up 0.25p, or just over one per cent, to 23.5p after the announcement.
Vindon, which is currently based at Kiln Green, Diggle, manufactures blood banks, storage chambers, fridges and freezers for clients in the pharmaceutical, food and life sciences sectors. In addition, it stores drugs at various temperatures and degrees of humidity for customers such as AstraZeneca and GlaxoSmithKline as part of their trials for new products such as pills and inhalers.
This is a growing part of Vindon's business and has necessitated the move. Drugs typically need to be stored for up to five years and Vindon receives long-lasting contracts on that basis. Finance director Martin Burrill said: "We are bursting at the seams. We have some temporary facilities at another site in Oldham but we are looking for new premises which will significantly increase our capacity. We will be staying in the area."
He said Vindon, which employs 42 people, was looking to triple its capacity.
The company posted sales of £3.84m for 2006 and profits of £1.06m, but analysts are forecasting a rise in turnover to £4.47m this year, with profits of £1.26m.
A storage facility has opened near Waterford in the Republic of Ireland and a sales team in the United States has secured Vindon's first order.
Around half of Vindon's turnover comes from manufacturing, with the rest from its storage, repairs and maintenance operations.
Kevin Feddy ©MEN
Mar 28: Vindon may look for more cash from market
Plans to expand AIM-listed medical storage specialist Vindon Healthcare of Oldham may require a call on shareholders for more cash this year. Announcing healthy profit growth to £982,000 on £3.8m at the AGM in Manchester on Monday, chairman Liam Ferguson told shareholders that the business hasn’t ruled out a fundraising to finance the new premises in Milnrow and expansion to Ireland: “We haven’t made a decision to raise more capital in the market. We could borrow, but it would also make sense to get a broader shareholder base before the summer.”
Mar 21: Healthy outlook for Vindon
Oldham-based medical storage business Vindon Healthcare has grown turnover and profits in its first year since floating on the Alternative Investment Market. Turnover leapt from £2.6m in 2005 to £3.8m in 2006. Profits of £972,000 climbed from £602,000 in the previous year. Clients include GlaxoSmithKline, AstraZeneca and Pfizer and the business is planning an expansion into Ireland for late 2007 and a move to a new purpose-built facility in early 2008.
