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(Sharecast News) - Analysts at ShoreCap reiterated their 'buy' recommendation for shares of Oxford Instruments on the back of the company's update on trading at its annual general meeting.
In particular, they highlighted the scientific instrument manufacturer's net cash position as at 7 September, which had improved to £70m thanks to a "robust trading performance and balance sheet protection".
"Clearly, Oxford is well-positioned for future success as this represents a very strong position but also gives us comfort that the Group can address any unexpected challenges," they said.
On a similar note, they forecast that the firm would ultimately emerge in good financial health and generating cash for its 2021 financial year and a return to normalisation during the subsequent financial year.
They also noted that the disruption from Covid-19, which had led to the closure of many academic institutions across the globe who purchase the firm's scientific cameras, microscopy products and electron analysers, had been offset by strong order growth among commercial clients.
The situation of its academic customers should also begin to normalise in the back half of FY 2021, they said.
Oxford Instruments was due to publish its next set of interims on 10 November.
2 Sep 2021 14:55