Vindon Healthcare believes that the US market will provide growth opportunities for its environmental control cabinets manufacturing and storage services business.
Sales were flat at £5.47m in 2009 and profits fell by 32% to £1.04m. Services revenues continued to grow and this offset a decline in sales of equipment. New services such as Cryogenics and film stock storage helped to grow services revenues. Costs increased because of the move to new premises.
The US storage services operation should start operations in the summer. The facility is in Atlanta and if it is successful there could be scope for other facilities.
The final dividend was increased 10% to 0.165p a share.
Net debt was £2.04m at the end of 2009. Strong cash flow should reduce this debt level significantly over the coming years.
House broker WH Ireland forecasts a small improvement in profit to £1.1m in 2010. At 10.5p a share, Vindon is valued at £9.29m.
Vindon is looking at acquisitions in the healthcare services sector.
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