(Alliance News) - Oxford Instruments PLC on Wednesday lowered its annual profit guidance as it said it expects the Covid-19 outbreak to hurt business.
The stock was trading 1.4% lower at 990.00 pence each on Wednesday morning in London.
The medical tools and systems manufacturer said product shipments and installations are being delayed in the fourth quarter of its financial year ending March 31. It also has had an enforced site close in the California in the US.
Oxford Instruments said that although some sites in China have been reopened, the worsening situation in Europe and North America has led to it lowering its expected annual adjusted operating profit to between GBP47 million and GBP50 million, down from analysts forecasts of GBP53.3 million.
For financial 2019, the company posted adjusted operating profit of GBP49.7 million.
Looking ahead, Oxford Instruments said it expects the outbreak to hurt trading in the first half of financial 2021 but added it expects trading to recover in line with a reduction in disruption. It noted that it has net cash of over GBP50 million.
Full results for the financial year to the end of March will be published on June 9.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Oxford Instruments (OXIG)