Last checked at 13 Oct 2022 07:00
Oxford Instruments plc
Half Year Trading Update - 13 October 2022
In line with constant currency expectations for the full year
Oxford Instruments plc, a global provider of high technology products and services to many of the world's leading companies and scientific research communities, is today issuing a trading update for the half year ended 30 September 2022.
We have made good progress in the first half of the financial year, with continued strong demand for our products and services. On a constant currency basis, orders were ahead of revenue during the period and ahead of orders for the first half of last year. On a reported basis we expect strong revenue and adjusted operating profit1 growth for the first six months of the year, supported by a currency tailwind. Constant currency growth has been tempered in the first half by global supply chain challenges, as well as price rises not yet offsetting inflationary pressures due to phasing of the order book.
The business continues to see good order growth as we address cost inflation through active price management. We continue to invest in the business to drive future growth, including new product development, as well as enhancements to operational delivery and service to support our growing business.
Our pipeline remains robust across all our end markets. We anticipate higher production in the second half, combined with the positive impact of recent price increases as we convert our record order book. This provides good visibility for an expected improvement in trading in the second half, with full year trading at constant currency remaining in line with expectations.
Our balance sheet remains strong. Excluding leases, our net cash on 30 September 2022 was approximately £94m, up from £86m on 31 March 2022.
Oxford Instruments' results for the half year ending 30 September 2022 will be released on 8 November 2022.
Notes:
1. adjusted operating profit is before amortisation and impairment of acquired intangible assets, acquisition items, and the mark-to-market revaluation of financial derivatives
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Ian Barkshire, Group Chief Executive
Gavin Hill, Chief Financial Officer
Julian Wais, Head of Investor Relations
MHP Communications Tel: 020 3128 8100
Katie Hunt/Eleni Menikou/Veronica Farah
oxfordinstruments@mhpc.com
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Issued for and on behalf of Oxford Instruments plc
Notes to Editors
About Oxford Instruments plc
Notes to Editors
About Oxford Instruments plc
Oxford Instruments designs, supplies and supports high-technology products and systems which allow the world's leading companies and scientific research communities to image, analyse and manipulate materials down to the atomic and molecular level. The Group's products and services help its customers to accelerate R&D, increase manufacturing productivity and make ground-breaking discoveries across its key market segments: Semiconductor & Communications, Advanced Materials, Healthcare & Life Science, Energy & Environment and Quantum Technology.
Innovation is the driving force behind Oxford Instruments' growth and success, supporting its core purpose to enable a greener, healthier, more connected advanced society. Founded in 1959 as the first technology business to be spun out from Oxford University, Oxford Instruments is now a global company listed on the FTSE250 index of the London Stock Exchange (OXIG). Its customer-centric, market-focused strategy creates competitive advantage through understanding the technical and commercial challenges in markets with long-term structural growth drivers.
For more information, visit www.oxinst.com
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