Vindon Healthcare, the controlled environment storage specialist to the pharmaceutical industry, announced reasonable growth during its financial year to 31 December 2010. Against a fairly difficult year for its customers, Vindon was able to grow sales by 8.5% to £5.93 million and maintained a £1.0 profit before tax (FY 2009: £1.04 million) while establishing new operations in the US. Operating cashflow held steady at c. £1.4 million. Fully diluted EPS was 0.87p (FY 2009: 0.91p). Vindon intends to pay a dividend of 0.165 p per share (FY 2009: 0.165p). Net debt was reduced to £1.9 million (FY2009: £2.0 million).
Vindon Healthcare employs a split business model: in addition to selling controlled environment chambers used to test the “stability” of new and marketed drugs over time to pharmaceutical companies, it also rents storage space for the same using its own facilities. The company manufactures equipment and operates a storage facility from its headquarters in Rochdale, Greater Manchester. It also operates a storage/sales facility in Tramore, County Waterford, Ireland. This facility was opened in 2007. It became profitable in 2007, and this year achieved sales of £606,000 (FY 2009: £477,000), most of which was derived from the storage service. PBT on Irish operations was £298,000 (FY2009: £151,000). Vindon is greatly expanding storage capacity at this facility over the course of 2011.
Vindon acquired its US equipment distributor in 2010, and has since employed its storage facility/equipment sales model there. It opened a new facility in Atlanta, Georgia during December 2010, and the company anticipates that the combination of contracted storage and showroom facilities will boost US sales over the course of 2011.
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