Vindon has more expansion in store

SCIENTIFIC storage company Vindon Healthcare has maintained revenue growth despite a “subdued” market and it still plans to roll out more satellite locations in the US and Europe.

The firm said it had maintained its margins despite less demand for its services as customers sought to make better use of in-house facilities and deferred investment decisions.

In the year to December 31 turnover at the Rochdale group rose by 8% to £5.9m while pre-tax profits dipped 4% to £1m reflecting the costs associated with its acquisition of US-based Westech Instruments in January last year for £180,000.

Vindon specialises in making controlled storage equipment and selling storage space. It caters for pharmaceutical and biotech firms and has the capability to store human stem cells, but also looks after priceless artefacts. Its client list ranges from drugs giants such as AstraZeneca and GSK to the Tate art gallery.

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Vindon saw a 27% increase in revenue to £606,000 from its site in Tramore, Ireland and plans to treble capacity this year. In the US, where Westech has been rebranded Vindonwestech, the year was spent equipping new premises in Atlanta which opened in November.

Chairman Liam Ferguson, Chairman, said: “Our well established business at Kingsway is consistently profitable and the strong performance in Ireland has demonstrated the potential for adding significant additional revenues and profits from satellite operations. 

“With our new storage facilities in Atlanta now open for business and with the progress being made in cryogenic storage, I am confident that the group is well placed to achieve strong growth.”