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Oxford Instruments revenue jumps but operating margin takes hit

Tue, 16th Apr 2024 10:07

(Alliance News) - Oxford Instruments PLC on Tuesday said revenue growth in its recent financial year was strong, but its operating margin took a hit.

Oxford Instruments is an Abingdon, England-headquartered company that provides technology and services to industrial companies and scientific researchers. Its shares were down 3.7% to 2,013.31 pence each in London on Tuesday morning.

In the financial year that ended March 31, Oxford Instruments said revenue growth was "strong" and is expected to be around 9% at constant currency.

"Our differentiated positions are driving positive momentum, with growth across all our geographies in our key sustainability-driven and structurally growing end markets, including advanced materials, life science and semiconductors. While orders were lower against a strong comparator year and due to a slowdown in life science OEM orders, our underlying book-to-bill remains positive," the company said.

However, operating margin is expected to be approximately 100 basis points behind last year, reflecting losses incurred in its quantum business as a result of ceasing commercial activities in China, and continued operational investment.

Looking ahead, Oxford Instruments said it has entered the new financial year with a "strong order book providing good visibility to planned revenues and a good pipeline of growth opportunities in structurally growing end markets".

Oxford Instruments plans to release full-year results on June 11, together with an update on company strategy.

By Sophie Rose, Alliance News senior reporter

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