Belfast-based Andor Technologies became only the second Northern Ireland company to float on the Alternative Investment Market in London, when it was listed this morning.
Andor was set up in 1989 and now employs 145 people making high specification digital cameras which can measure light occurring in a time resolution of as little as one billionth of a second. Its products are used in fields as diverse as drug discovery, toxicology analysis, medical diagnosis, food quality testing and defence.
It supplies its products to customers in 29 countries and generated sales in excess of £11.4m in 2004.
This morning five million shares were placed at 90 pence a share raising £4.5m, before expenses. The company's existing institutional backers have also place over four million shares, raising about £3.7m.
Andor said the proceeds of the placing will be used to speed up research and development, to purchase capital equipment and to develop new sales channels.
'Our admission represents a critical step in the continued development of our company,' commented Andor Chief Executive Dr Hugh Cormican.
'This listing will raise the equity funds necessary for us to accelerate the company' strategic aims and will also raise Andor's profile among suppliers and both existing and potential new customers', he added.
Andor's Non-Executive Chairman Dr Bryan Keating said today's admission to the AIM is a real reminder of the real innovations taking place in Northern Ireland's universities and private sector.
