Oxford Instruments Share News (OXIG)

By Jason Douglas Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Scientific instrument maker Oxford Instruments PLC (OXIG.LN) Tuesday said it is hunting for acquisitions to help meet its growth targets. A five-year growth plan set out in 2006 aimed to double Oxford Instruments' revenue and boost margins, Chief Executive Jonathan Flint told Dow Jones Newswires. Roughly a third of that growth was earmarked to come from acquisitions, but the company's plans were disrupted by the effects of the recession. It hasn't bought a business in two years, Flint said. However, after reporting a return to profit and growth for its fiscal year to end-March Tuesday, Oxford Instruments is returning to the acquisition trail, he added. The company, which makes analyzers, superconducting wires and similar high-tech instruments and components, is interested in acquiring businesses that sell different products to similar customers so it can add to revenue but keep costs down by combining operations, Flint said. Group Finance Director Kevin Boyd said Oxford Instruments has roughly GBP40 million of unused credit it can call on the help fund any deal. Shareholders are another potential source of deal finance, he said. Flint said the five-year target for the company's growth plans may be missed but the company "will get there." -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com (END) Dow Jones Newswires June 15, 2010 04:13 ET (08:13 GMT)