Profits shrink for Kingsway's Vindon

Kingsway Business Park's Vindon Healthcare has seen profits fall by 40% in the six months to the end of June.

The blood bank and low temperature drug storage provider said the investment cost of moving to Kingsway had affected profits, which fell from £828,000 to £497,000 before tax last year.

Liam Ferguson, chairman, said: "The group's strategy is to increase the revenue streams from its in-house speciality storage services. The investment associated with this transition has had a short term impact on the first half results, as project based revenue is replaced with long term recurring revenue."

The company is set to open new facilities in the USA, as well as expand its European ventures.

At its Rochdale site, Vindon are storing pallets of old films on behalf of a British heritage institution as part of a five year contract and are set to store stem cells for a Spanish company at the end of this year.