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(Alliance News) -ÃÂ Oxford Instruments PLC on Tuesday reported a rise in profit for its first half, and said its full-year performance is expected ahead of current market forecasts.
Shares in Oxford Instruments were up 8.6% at 1,913.88 pence in London on Tuesday.
Revenue for the half-year to September 30 amounted to GBP140.3 million, down 11% from GBP157.6 million a year before. Oxford Instruments said revenue was hit by customer site closures and the introduction of new Covid-related working practices.
However, the firm's pretax profit rose 6.9% to GBP20.2 million from GBP18.9 million, helped as selling & marketing costs fell 15% to GBP19.8 million from GBP23.4 million.
The Abingdon, England-headquartered company, which makes products, systems and tools for research and industry, said its order book stood at GBP204.6 million, up from GBP175.0 million at the end of March.
"We are adjusting to the external and internal effects of the pandemic and expect uncertainty to remain high. However, robust trading during the first half, combined with a strong order book, gives us confidence for the second half, absent a material increase in Covidââ¬ârelated disruption that could impact facility or customer site access. We expect full-year performance to be a little behind last year on a constant currency basis, ahead of current analyst forecasts," said Chief Executive Ian Barkshire.
The company proposed a dividend of 4.1 pence after its interim performance, compared to no interim dividend the year prior.
"Following the high uncertainty created by the impact of Covid, the board decided not to pay the 2019/20 interim dividend of 4.1p per share and then did not declare a final dividend. A better than expected trading performance, growth in the order book and good cash generation has resulted in the board proposing an interim dividend of 4.1p," said Oxford Instruments.
By Lucy Heming;ÃÂ lucyheming@alliancenews.com
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