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19 Jan 2012 07:00
Oxford Instruments plc
Interim Management Statement
19 January 2012
Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research, today issues an Interim Management Statement which covers the period from 1 October 2011 to date.
Orders within both our Research and Industrial markets remained robust with the exception that, as expected, orders for High Brightness LED related equipment within our Plasma Technology business unit have fallen as overcapacity in this industry takes effect. Despite this, orders, sales and profits for the Group for the year to date and for the third quarter are ahead of the corresponding period last year and consistent with our expectations.
On 20 October 2011 the Group disposed of a non-core Industrial product line that we produced for a single customer, to that customer. A consideration of £7.1 million was paid on completion, with a further £1.0 million receivable on the completion of a Transitional Services Agreement.
On 4 November 2011 the Group announced the acquisition of Platinum Medical Imaging LLC (Platinum) for an initial debt free, cash free consideration of US$18 million with a deferred element of up to US$37 million payable over three years dependent on its performance over that period. The combination of Platinum with our existing MRI Service business in North America significantly strengthens the Group's Service Sector offering, and its integration is progressing to plan.
Save as described in this statement, there has been no significant change in the financial position of the Group in the period.
Our broad spread of geographies and technologies, and our strong pipeline of new products should help us to remain resilient in the event of a global economic downturn. The Board anticipates that Oxford Instruments will continue to make good progress in line with its expectations for the remainder of the financial year and consistent with its 14 cubed objectives.
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Jonathan Flint, Chief Executive
Kevin Boyd, Group Finance Director
MHP Tel: 020 3128 8100
Rachel Hirst / Ian Payne
This Interim Management Statement contains certain forward-looking statements which have been made by the Directors in good faith using information available up until the date they approved the Statement. Forward-looking statements should be regarded with caution as by their nature such statements involve risk and uncertainties relating to events and circumstances that may occur in the future. Actual results may differ from those expressed in such statements, depending on the outcome of these uncertain future events.
Notes to Editors
Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. It provides solutions needed to advance fundamental physics research and its transfer into commercial nanotechnology 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 over fifty years ago, Oxford Instruments is now a global company with over 1900 staff worldwide and is a member of the FTSE250 index 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.
This involves the combination of core technologies in areas such as low temperature, high magnetic field and ultra high vacuum environments, Nuclear Magnetic Resonance, X-ray, electron and optical based metrology, and 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 and health.
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