(Alliance News) -Â Oxford Instruments PLC on Tuesday said it expects full-year trading will be slightly ahead of expectations following a strong year-to-date performance.
Shares in the FTSE 250-listed company, which makes scientific tools for research and industry, were up 4.7% at 2,475.00 pence in London early Tuesday.
Ahead of Tuesday's annual general meeting, Chair Neil Carson noted robust order and revenue growth in the first five months of the year, supported by positive underlying demand across its markets and from both commercial and academic customers.
It did flag currency headwinds, with the pound having strengthened against its key trading currencies, and this is expected to knock full-year revenue and operating profit by 4% and 3%, respectively.
Nonetheless, Oxford Instruments said it believes full-year trading will be slightly ahead of expectations, supported by a "healthy" pipeline, strong order book and the expected contribution from recently-completed acquisition, WITec.
Oxford Instruments bought microscopy imaging provider WITec GmbH for EUR42 million in June. Ulm, Germany-based WITec describes itself as a nano-analytical microscope systems specialist.
Oxford Instruments noted the average analyst consensus forecast for adjusted operating profit for its financial year to March 31, 2022, is GBP61.2 million. This figure is 7.9% higher than the GBP56.7 million posted in the 2021 financial year.
"Covid-19 continues to disrupt supply chains and is heightening uncertainty for forecasting," Chair Carson cautioned.
By Lucy Heming;Â lucyheming@alliancenews.com
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Oxford Instruments (OXIG)