News blog
Vindon Healthcare
- BY: Andrew Hore |
- POSTED: 02/09/2008 |
Vindon Healthcare has moved to its new premises.
The environmental control cabinets manufacturer and storage services provider has moved to the Kingsway Business Park in Rochdale. This increases the company’s manufacturing and storage capacity.
The move hasn’t had an effect on trading. Revenues improved from £2.11m to £2.56m in the first half of 2008. Pre-tax profits increased from £557,000 to £828,000.
The Irish business has moved into moved into profit during the period.
Net debt was £1.74m at the end of June. That should reduce substantially over the next year or so. The business is highly cash generative and the former premises at Diggle are available for sale.
Vindon already has committed revenues of £3.01m for its storage business. That includes £796,000 in the second half of 2008 and £1.1m in 2009.
House broker WH Ireland expects a 18% increase in full year profits to £1.69m and further rise to £2m in 2009.
The shares improved 0.25p to 19.25p each. They have risen by 24% over the past month. Vindon is valued at £17.1m.
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