OXIG13 Sep 2011 08:03
Chairman's AGM Statement 2011
Oxford Instruments plc, the high technology tools and systems company, is holding its Annual General Meeting today at which the Chairman, Nigel Keen, will make the following statement:
In June this year, we reported on our progress over a five year period that delivered significant growth and margin improvement. We achieved an average organic growth rate of over 12% per annum and improved our net margins from around 3% to over 10%. We also outlined the next strategic plan for the Group, our 14 cubed strategy. The plan seeks to achieve a compound annual growth rate of 14% and a return on sales of 14% by 2014. It is anticipated that this target will be achieved predominantly through organic growth and continuing internal efficiency improvements. It will also be supported by targeted, bolt on acquisitions. We announced the first two of these acquisitions, Omicron NanoTechnology GmbH and Omniprobe, Inc. on the 14th June this year. These businesses fit well with our Nanotechnology Tools sector and integration is proceeding to plan.
Our research markets continue to benefit from strong demand as customers use Oxford Instruments' equipment to develop new techniques and products in areas such as Micro-Electro-Mechanical Systems (MEMS), which are used in a growing number of applications including motion sensors for electronic devices and airbags.