REG - Oxford Instruments - Half Year Trading Update

Oxford InstrumentsAnnouncement

12/10/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231012:nRSL8500Pa&default-theme=true

RNS Number : 8500P  Oxford Instruments PLC  12 October 2023

Oxford Instruments plc

Half Year Trading Update - 12 October 2023

 

This announcement contains inside information.

 

Robust overall demand and order book visibility. Full year trading anticipated
towards the lower end of expectations

 

Oxford Instruments plc, a global provider of high technology products and
services to many of the world's leading companies and scientific research
communities, is today issuing a trading update for the half year ended 30
September 2023.

 

Our differentiated positions in key structural growth markets including
advanced materials, life science, compound semiconductor, and quantum
technology are continuing to generate positive results overall.

 

Revenue is ahead of the first half of last year, with particularly good growth
in Research & Discovery. Growth in Materials & Characterisation has
been tempered by some softness in higher margin segments. Orders for the first
half of the financial year are expected to be slightly behind a strong
comparator period (HY23: up 18.7%), with some timing delays to anticipated
customer orders impacting the first half. However, we expect to report good
order book growth for the half year, reflecting a positive book-to-bill of
approximately 1.07.

 

A currency headwind and continued investment in infrastructure, operational
capability and capacity means that adjusted operating profit(1) for the first
six months of the year will be broadly in line with last year. We anticipate
that this will result in a slightly reduced margin for the half year.

 

While we remain mindful of the current macro-economic and political climate,
our order book for the remainder of FY23/24 is strong and supported by a
robust pipeline. Our operational improvement programme is expected to support
an increase in production alongside our normal seasonal second half weighting.
This provides good visibility for an expected improvement in trading, with
full year trading towards the lower end of expectations.

 

Oxford Instruments' results for the half year ending 30 September 2023 will be
released on 14 November 2023.

 

 

Notes:

 

1.     Adjusted operating profit is before amortisation and impairment of
acquired intangible assets, acquisition items, and the mark-to-market
revaluation of financial derivatives

2.     Oxford Instruments compiled analyst forecast range for adjusted
operating profit (year to 31 March 2024) is £78.6m to £84.3m, with consensus
at £82.8m

 

Enquiries:

 

 Oxford Instruments plc                                                                                                 Tel:  01865 393200

 Richard Tyson, Chief Executive

 Gavin Hill, Chief Financial Officer

 Julian Wais, Head of Investor Relations

 MHP                                                                                                                    Tel:  020 3128 8100

 Tim Rowntree/Katie Hunt/Eleni Menikou

 oxfordinstruments@mhpgroup.com (mailto:oxfordinstruments@mhpgroup.com)

 

- Ends -

 

Issued for and on behalf of Oxford Instruments plc

 

Notes to Editors

 

About Oxford Instruments plc

Oxford Instruments designs, supplies and supports high-technology products
and systems which allow the world's leading companies and scientific research
communities to image, analyse and manipulate materials down to the atomic and
molecular level. The Group's products and services help its customers to
accelerate R&D, increase manufacturing productivity and make
ground-breaking discoveries across its key market segments: Semiconductor
& Communications, Advanced Materials, Healthcare & Life Science,
Energy & Environment and Quantum Technology. 

 

Innovation is the driving force behind Oxford Instruments' growth and success,
supporting its core purpose to enable a greener, healthier, more connected
advanced society. Founded in 1959 as the first technology business to be spun
out from Oxford University, Oxford Instruments is now a global company
listed on the FTSE250 index of the London Stock Exchange (OXIG). Its
customer-centric, market-focused strategy creates competitive advantage
through understanding the technical and commercial challenges in markets with
long-term structural growth drivers.

 

For more information, visit www.oxinst.com 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTNKDBNFBDDCKD