REG - Oxford Instruments - Half Yearly Report <Origin Href="QuoteRef">OXIG.L</Origin> - Part 3

Oxford InstrumentsAnnouncement

10/11/2015 07:01

- Part 3: For the preceding part double click  ID:nRSJ1112Fb 

                                        issues are acted upon swiftly to avoid disruption. Where practical dual sources are  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                used for key components and services.                                                
 Pensions                     The Group's calculated pension deficit is sensitive to changes in the actuarial assumptions.                                                                                           Movements in the actuarial assumptions may have an appreciable effect on the reported pension deficit.                                        Additional cash required by the Group to fund the deficit.Reduction in net assets.                                                   'Delivering Shareholder Value'  'Liberating Cash'                       The Group has closed its defined benefit pension schemes in the UK and US to future  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                accrual.  The Group has a funding plan in place to reduce the pension deficit over   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                the short to medium term.                                                            
 People                       A number of the Group's employees are business critical.                                                                                                                               The employee leaves the Group.                                                                                                                Lower profitability and financial returns.                                                                                           'Adding Personal Value'  'Inventing the Future'                         The Group undertakes a regular employee survey and implements and reviews resulting  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                action plans. A comprehensive succession planning process is in place, together with 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                a talent network which identifies and manages contacts with people who could provide 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                external succession for critical current and future roles. A management development  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                programme provides exposure to key skills needed for growth. Regular individual      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                performance reviews take place.                                                      
 Routes to market             In some instances the Group's products are components of higher level systems and thus the Group does not control its route to market.                                                 The systems integrator switches supplier denying the Group's route to market.                                                                 Lower profitability and financial returns.                                                                                           'Inventing the Future'   'Realising the Brand'                          Use of the stage gate process and 'Voice of the Customer' to make sure that the      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Group's products are the best in the market. Co-marketing with system integrators to 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                promote the merits of the Group's products to end customers. Seeking to increase the 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                number of integrators supplied by the Group .                                        
 
 
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 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 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. 
 
Jonathan Flint, Chief Executive                Kevin Boyd, Group Finance
Director 
 
10 November 2015 
 
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 2015 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
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 2015 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 
 
10 November 2015 
 
This information is provided by RNS
The company news service from the London Stock Exchange