Oxford Instruments: A great story continues

Thursday, Nov 17 2011 by
Oxford Instruments A great story continues

Oxford Instruments (LON:OXIG), the leading provider of high technology tools and systems for industry and research announced cracking half year results for the six months to 30th Sept 2011. Revenue was up 41% to £159m including organic growth of 30%, adjusted profit before tax up 76% to £18.7m and adjusted earnings per share up 62% to 28.2p. The Group commented on continued growth in China with orders up 53% and order intake as a whole up 24% to £175m.  The interim dividend was lifted 10% to 2.77p. The shares have had a great time in 2011 rising over 90% over course of 12 months and the valuation at 16x 2013 estimates may now look a little stretched, but management continues to deliver on its plan as demonstrated by the more than 15% annual growth in sales (excluding acquisitions) and the rising operating margins which are now targeted to grow to 14% in 2014 from 11.9% currently.

Operating cash flow was positive with the Group holding net cash of £11.9m at 30th Sept. There were upgrades from several analysts post the results.

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Oxford Instruments plc is a provider of technology tools and systems for industry and research. The Company operates through two segments: Nanotechnology Tools and Service. The Nanotechnology Tools segment offers technology products serving research customers in both the public and private sectors. The Service segment contains the Company's service, rental and refurbished asset sales business. Its NanoAnalysis business delivers solutions and services that enable materials characterization and sample manipulation at the nano scale. Its products are used on electron microscopes and ion-beam systems in academic institutions and industrial applications, including semi-conductors, renewable energy, mining, metallurgy and forensics. Its products include AZtecOne and X-Max Extreme detector, among others. more »

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