(Alliance News) - Oxford Instruments PLC on Tuesday said Covid-19 has hurt trading in the first five months of 2020, but there has been modest order growth in the period.
The company designs and supplies high-technology tools and systems for use in research and industrial applications. It is holding its annual general meeting on Tuesday.
"The coronavirus has continued to have an impact on trading in the first five months of the year, with cumulative revenue down 2% against last year," Chair Neil Carson will tell shareholders, referring to the company's financial year that began on April 1.
Carson noted that revenue from academic markets for its scientific cameras, microscopy products, and electron analysers has fallen amid "continued disruption across these customers".
However, shipments of Oxford Instruments' compound semiconductor process solutions are up, as are installations of cryogenic and magnet systems. There also was carry-over of systems that had been unable to ship or install in the final weeks of the financial year that ended in March due to travel restrictions and other factors.
The company's balance sheet has improved with net cash as at Monday this week of GBP70.0 million compared to GBP67.5 million at the end of March.
"Although there remains considerable uncertainty as to the future impact and longevity of Covid-19 disruption, we have seen modest order growth over the first five months of trading and a good improvement in the order book. Strong order growth across commercial customers, particularly from our compound semiconductor process solutions, has offset a small decline in orders from academic customers, where we are seeing a slower rate of recovery," Carson said.
The firm will publish its interim results on November 10.
Shares in Oxford Instruments were up 2.1% at 1,586.00 pence in London on Tuesday.
By Anna Farley; annafarley@alliancenews.com
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Oxford Instruments (OXIG)