Vindon goes from strength to strength
SCIENTIFIC storage company Vindon Healthcare continued its strong growth path today as it reported record annual figures and lifted its dividend.
The company, whose client list ranges from drugs giants such as AstraZeneca and GSK to the world-renowned Tate art gallery, said today it had begun to build a new facility at its new Rochdale base for the cryogenic market to meet potential demand for the storage of stem cells.
Last year AIM-listed Vindon moved from Diggle near Oldham to the new purpose-built, bigger facility on the Kingsway Business Park.
Chairman Liam Ferguson said the move had been the “most significant accomplishment” of the past year, and said he was “cautiously optimistic” about further success in 2009.
“We are pleased with the results. The move to Kingsway was a big event and we had to make sure the wheels did not come off the business and the results show they didn’t.
“We keep looking over our shoulders to see what impact the recession is going to have, but so far we have no seen any big down sides. We are looking at broader markets so all our eggs are not in the one basket.”
Vindon invested £3.3m in its new 60,000sq ft facility and employs 50 people.
Mr Ferguson said the cyrogenic market represented the “most exciting medium term opportunity” for Vindon, and said the company had applied for a licence to allow it to store human tissue.
“There is good potential in this market and our track record in medical storage makes us a credible option.”
In the 12 months to December 31 Vindon’s profits jumped 12.1% to £1.5m on turnover 10.5% higher at £5.5m.
Having paid a maiden dividend 12 months ago, the company hiked it 50% today to 0.15p per share.
Other highlights included strong growth in international markets. The group’s Irish facility, which was opened in 2007, is now trading profitably and is well-placed for further growth, while group sales in America grew from £46,000 last year to £289,000.
