Oxford Instruments to increase share buyback programme as profit falls

(Alliance News) - Oxford Instruments PLC on Tuesday announced its current share buyback programme will be increased, as it posted a higher dividend while interim profit and revenue declined.

The Abingdon, Oxfordshire-based provider of high technology products and services to industry and scientific research communities said pretax profit fell 39% to GBP20.3 million in the six months to September 30, from GBP33.3 million a year ago.

Revenue was down 9.2% to GBP185.5 million from GBP204.3 million.

Oxford Instruments said revenue was lower as it recovered from repricing order books and delayed shipments.

The company announced an interim dividend of 5.4 pence per share, up 5.9% from 5.1p a year prior.

Further, Oxford Instruments said its current share buyback programme will be extended by a further GBP50 million to GBP100 million. At the end of October, GBP32 million of the buyback was completed.

Oxford Instruments said it was recovering well after "significant disruption" in the early weeks of its first financial half. It added that second half Imaging & Analysis order momentum is in line with expectations, with cost control actions taken in the first half, especially in Belfast, helping expected margin improvement.

The firm said: "A number of product launches are also expected to contribute to a stronger H2 for the division.

"Within Advanced Technologies, strong positive momentum within the compound semiconductor business, driven by large commercial customers, has resulted in a robust order book to support another year of strong growth."

Chief Executive Officer Richard Tyson said: "In Advanced Technologies, we have had very strong order growth, with our new Bristol facility and leading technology helping us to secure orders from our target large commercial customers. We therefore expect the division to deliver another year of strong growth and improved margins supported by a full order book.

"I'm very proud of the commitment and drive shown by our teams globally. Thanks to their proactive response to disruption in our markets and the positive outcomes from our ongoing strategic programme, we expect to deliver an improved performance in the rest of the year."

Oxford Instruments shares rose 12% to 2,005.00 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News slot editor

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