REG - Oxford Instruments - Half-year Report <Origin Href="QuoteRef">OXIG.L</Origin> - Part 4

Oxford InstrumentsAnnouncement

14/11/2017 07:06

- Part 4: For the preceding part double click  ID:nRSN3816Wc 

volatility  The Group's sterling cost basis is higher than its sterling revenue sources meaning that a significant proportion of the Group's profit is made in foreign currencies.                Adverse foreign currency movements                                                                                                                                                                                      Reduced profitability                                                                                                                  Natural hedging to offset foreign currency sales through procurement in foreign currencies; Hedging programme                                                                                                         Strategic procurement in USD, Euros & Yen.      Short-term exposure to   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             volatility is managed by hedging programme (forward contracts)           
 12  Legal / compliance risk      The Group operates in a complex technological environment and competitors may seek to protect their position through intellectual property rights                                     Infringement of a third party's intellectual property                                                                                                                                                                   Potential loss of future revenue;  financial compensation                                                                              Formal 'Freedom to Operate' assessment to identify potential IP issues during product development;                                                                                                                    Confirmation of 'Freedom to Operate' during new product development stage 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             gate process                                                             
 
 
Responsibility Statement of the Directors in respect of the Half Year Financial Statements 
 
We confirm that to the best of our knowledge: 
 
•      the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as
adopted by the EU; 
 
•      the interim management report includes a fair review of the information required by: 
 
(a)        DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have
occurred during the first six months of the financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining six months of the year; and 
 
(b)        DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken
place in the first six months of the current financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related party transactions described in the last
annual report that could do so. 
 
Ian Barkshire, Chief Executive                 Gavin Hill, Group Finance Director 
 
14 November 2017 
 
Independent review report to Oxford Instruments plc 
 
Introduction 
 
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report
for the six months ended 30 September 2017 which comprises the Condensed Consolidated Statement of Income, the Condensed
Consolidated Statement of Comprehensive Income, Condensed Consolidated Statement of Financial Position, Condensed
Consolidated Statement of Changes in Equity, Condensed Consolidated Statement of Cash Flows and the related explanatory
notes. 
 
We have read the other information contained in the half-yearly financial report and considered whether it contains any
apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. 
 
This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting
the requirements of the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority
("the UK FCA"). Our review has been undertaken so that we might state to the company those matters we are required to state
to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have
reached. 
 
Directors' responsibilities 
 
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA. 
 
The annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set
of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU. 
 
Our responsibility 
 
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the
half-yearly financial report based on our review. 
 
Scope of review 
 
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for
use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does
not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion. 
 
Conclusion 
 
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial
statements in the half-yearly financial report for the six months ended 30 September 2017 is not prepared, in all material
respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FCA. 
 
Greg Watts 
 
for and on behalf of KPMG LLP 
 
Chartered Accountants 
 
One Snowhill, Snow Hill Queensway 
 
Birmingham, B4 6GH 
 
14 November 2017 
 
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