Last checked at 18 Mar 2020 07:00
Oxford Instruments plc
Trading Update 18 March 2020
Oxford Instruments plc, a leading provider of high technology products and services to industrial companies and scientific research communities, is today issuing a trading update.
Given the current uncertainty from Covid-19 and the impact on trading, Oxford Instruments plc is issuing its pre-close for the financial year 2019/20 earlier than usual.
The severe disruption as a result of Covid-19 has impacted our customers, with a number of product shipments and installations in the final quarter of the financial year being delayed, in addition to an enforced site closure in California. While we are seeing some re-opening of customer sites in China, the situation in Europe and North America is deteriorating. As a result, the Group currently expects adjusted operating profit for the full year of between £47m to £50m.
Looking ahead, we expect current events to adversely impact trading during the first half of the financial year 2020/21, but at this stage there remains considerable uncertainty. The Group has a strong balance sheet and substantial liquidity, with net cash of over £50m. We operate in robust markets with a well-positioned portfolio of products and solutions for attractive end markets. We remain committed to our strategy and would expect trading to recover in line with a reduction in disruption from Covid-19.
Oxford Instruments' results for the year ended 31 March 2020 will be released on 9 June 2020.
Note: Oxford Instruments compiled consensus analyst forecast for adjusted operating profit (year to 31 March 2020) is £53.3m. This excludes analysts that have not updated forecasts following the disposals of OI Healthcare and our share in Scienta Omicron.
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Ian Barkshire, Chief Executive
Gavin Hill, Group Finance Director
MHP Communications Tel: 020 3128 8100
Rachel Hirst/Alice McLaren
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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 60 years, supporting its core purpose to address some of the world's most pressing challenges.
The first technology business to be spun out from Oxford University, Oxford Instruments is now a global company and is listed on the FTSE250 index of the London Stock Exchange (OXIG). Its strategy focuses on being a customer-centric, market-focused Group, understanding the technical and commercial challenges faced by its customers. Key market segments include Semiconductor & Communications, Advanced Materials, Healthcare & Life Science, and Quantum Technology.
Their portfolio includes a range 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; and advanced growth, deposition and etching.
Oxford Instruments is helping enable a greener economy, increased connectivity, improved health and leaps in scientific understanding. Their advanced products and services allow the world's leading industrial companies and scientific research communities to image, analyse and manipulate materials down to the atomic and molecular level, helping to accelerate R&D, increase manufacturing productivity and make ground-breaking discoveries.