Oxford Instruments FY revenue exceeds £500m for first time
reported adjusted revenue and operating profit growth in the 12 months ended 31 March, driven by "good" momentum and "robust" demand.
Oxford Instruments said FY revenues had grown 6.5% to £500.6m, exceeding £500.0m for the first time in company history, while operating profits were up 10.8% at £82.2m.
Pre-tax profits were 8.3% higher at £83.4m and basic earnings per share were up 3.1% at 112.4p. Operating profit margins dipped 70 basis points to 16.4%.
The FTSE 250-listed firm said it had delivered "good growth" in semiconductor and materials analysis, offsetting continued weakness in healthcare and life science, and also pointed to a "strong performance" across North America, Asia and Europe.
Oxford Instruments highlighted that "robust demand" and its resulting orderbook had provided it with "good visibility" for the year ahead.
Oxford Instruments also noted that it has entered into a binding agreement to sell its quantum business for £60.0m. It said the sale of NanoScience would accelerate progress to deliver its medium-term margin targets and enable it to launch a new £50.0m share buyback programme.
Reporting by Iain Gilbert at Sharecast.com
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