Last checked at 11 Apr 2018 07:00
Oxford Instruments plc
Trading Update 11 April 2018
Oxford Instruments plc, a leading provider of high technology products and services to industrial companies and scientific research communities, is today issuing a trading statement ahead of entering its close period.
As predicted, trading in the second half of the year was supported by a growing order book, our normal second half seasonal bias and currency benefits. We expect performance for the full year to be in line with expectations.
Cash generation in the year is as anticipated with a strong reduction in net debt at 31 March 2018 against 30 September 2017. The phasing of shipments towards the end of the year for some of our higher value systems will lead to a short-term increase in trade receivables and moderate cash conversion for the year.
We remain confident in our ability to deliver good underlying growth from the continued implementation of our Horizon strategy. In the next financial year we expect to see an improvement in performance on a reported basis* after allowing for the impact of an anticipated currency headwind, based on current foreign exchange rates.
Oxford Instruments' results for the year ended 31 March 2018 will be released on 12 June 2018.
* before the adoption of IFRS 15 'Revenue for Contracts with Customers' and IFRS 16 'Leases'
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.