Oxford Instruments H1 revenues and adjusted operating profits grow

(Sharecast News) - Research tools manufacturer Oxford Instruments said on Tuesday that both revenues and adjusted operating profits had grown in the six months ended 30 September.
Oxford Instruments posted a 21.2% increase in reported revenues to £170.1m, leading to a 25.9% uptick in reported adjusted operating profits to £30.6m. On an organic constant currency basis, revenues and adjusted operating profits were up 26.8% and 28.0%, respectively.

Adjusted operating margins increased 70 basis points to 18.0%, adjusted pre-tax profits were 27.4% higher at £30.2m, and adjusted basic earnings per share were 25.6% firmer at 41.2p.

The FTSE 250-listed firm also reported a growth in its interim dividend of 7.3% to 4.4p per share.

Chief executive Ian Barkshire said: "We have emerged from the pandemic a stronger, more focused and efficient business, even more aligned to the needs of our customers in end markets with structural growth drivers. We are increasing our investment to take advantage of these growth opportunities, providing the foundation for good growth and medium-term expansion.

"Whilst supply chain pressures will moderate conversion of orders to revenue and drive cost inflation in the second half, our strategic alignment to a range of attractive end markets, combined with our strong opportunity pipeline and healthy order book, provides us with good momentum going into the second half. Our expectations for further progress in the year are unchanged."

As of 0945 GMT, Oxford Instruments shares were down 0.42% at 2,390.0p.