Last checked at 12 Sep 2017 07:00
Embargoed until 7.00 am on 12th September 2017
Oxford Instruments plc
Chairman's AGM Statement 2017
Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research, is holding its Annual General Meeting today in which the Chairman, Alan Thomson, will make the following statement:
"This is my first AGM as Chairman of the Group and it is a privilege to lead the Group as it becomes increasingly customer-focused, while retaining its leading edge technical solutions. I would like to welcome Stephen Blair, who joined the Board in July as Senior Independent Director. Steve was most recently Chief Executive of e2v prior to its acquisition by Teledyne Technologies.
"As previously reported, in the year to March 2017, the Group delivered a profit performance in line with expectations. We made good progress in developing and announcing the new Horizon strategy to reposition our Group for long-term growth. In July we completed the sale of Industrial Analysis. The management team is now implementing the next phase of the Horizon strategy as we commence the structural changes required to move the business towards sustainable growth.
"Turning to trading for the first five months of the current year: reported revenue is in line with last year, supported by favourable currency benefits. In the same period, revenue and operating profit at constant currency is behind last year due to lower optical microscopy sales and an increase in the proportion of customised magnet and cryogenic systems with longer production lead times.
"Looking ahead, we expect the second half of the financial year to benefit from the timing of new product introductions and the normal seasonal bias, as well as from the favourable currency impact. Overall, expectations for the full year remain unchanged."
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Ian Barkshire, Chief Executive
Gavin Hill, Group Finance Director
MHP Communications Tel: 020 3128 8100
Rachel Hirst/Luke Briggs
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Issued for and on behalf of Oxford Instruments plc
Notes to Editors
About Oxford Instruments plc
Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. Innovation has been the driving force behind Oxford Instruments' growth and success for over 50 years, and its strategy is to effect the successful commercialisation of these ideas by bringing them to market in a timely and customer-focused fashion.
The first technology business to be spun out from Oxford University, Oxford Instruments is now a global company and is listed on the London Stock Exchange (OXIG). Its objective is to be the leading provider of new generation tools and systems for the research and industrial sectors with a focus on nanotechnology. Its key market sectors include nano-fabrication and nano-materials. The company's strategy is to expand the business into the life sciences arena, where nanotechnology and biotechnology intersect.
This involves the combination of core technologies in areas such as low temperature and high magnetic field environments; Nuclear Magnetic Resonance; X-ray, electron, laser and optical based metrology; atomic force microscopy; optical imaging; advanced growth, deposition and etching.
Oxford Instruments aims to pursue responsible development and deeper understanding of our world through science and technology. Its products, expertise, and ideas address global issues such as energy, environment, security and health.