Vindon sees healthy profits rise
VINDON Healthcare, the pharmaceutical storage business listed on AIM has seen a 48% rise in pre-tax profits to £828,000 in the six months to June 30 on sales up by 21% to £2.56m.
The AIM-listed company also said that it had spent close to £2.8m on its new headquarters at Kingsway Business Park in Rochdale over the period, which meant that its net debt rose to £1.74m despite a “strong” cash inflow of £806,000.
Vindon added that it had banking facilities in place to cover the rest of its planned capital expenditure for 2008.
Chairman Liam Ferguson said that the new HQ was important to the company’s ambitions as it allowed the firm to obtain more regulatory approvals and therefore broaden the range of drugs it stores as well as building an onsite cryogenic facility.
The group’s subsidiary that opened recently in Ireland has passed break-even point and is already in profit, while a recent £96,000 manufacturing deal for the US market meant the firm was “confident the group will continue to make progress in this market”.
“Whilst progress was made in all areas of the business, particular benefit has been derived from the continued focus on providing higher margin services,” he added.
