REG - Oxford Instruments - Trading Update

Oxford InstrumentsAnnouncement

13/04/2023 07:00

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RNS Number : 0323W  Oxford Instruments PLC  13 April 2023

 

Oxford Instruments plc

Trading ahead of expectations for the full year

 

Oxford Instruments plc, a leading provider of high technology products and
services to industry and scientific research communities, is today issuing a
trading update for the year ended 31 March 2023 (FY23).

 

Ongoing global trends towards a greener, healthier and more connected advanced
society have continued to drive strong growth in orders and revenue. This has
resulted in good growth in a number of our chosen end markets, including life
science, compound semiconductor, advanced materials and quantum technology.

 

Our increased focus on US, European and Japanese markets, underpinned by
customer demand, has resulted in significant growth in orders and revenue
across all three geographies. Orders and revenue from China have remained
broadly in line with the prior year, despite Covid-related disruption and an
increase in UK Government export licence refusals.  Global supply chain
challenges have continued, although, as anticipated, these began to improve in
the second half of the financial year. As a result of these factors, Group
revenue growth for the year is expected to be around 22% (14% at constant
currency), with orders ahead of revenue for the year.

 

We anticipate that FY23 adjusted operating margin will remain broadly flat
year-on-year, despite cost inflation and the previously stated lag in recovery
through price increases, as well as our ongoing investment in delivery and
efficiency.  We continue to support our future growth ambitions and position
ourselves to deliver process and cost efficiencies, by investing in
reinforcing and extending capabilities across the business, including in
infrastructure, IT, and resources.

 

Given our strong revenue growth, and supported by a currency tailwind, we
expect adjusted operating profit for the full year ended 31 March 2023 to be
ahead of our previous expectations.

 

Oxford Instruments' results for the year ending 31 March 2023 will be released
on 13 June 2023.

 

 

Notes:

 

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

2.   This Update contains forward-looking statements. These have been made
in good faith based on the information available at the time of the directors'
approval of this Update.  The directors give no assurance that these
expectations will prove to have been correct.  Due to inherent uncertainties,
including economic and business risk factors underlying such forward-looking
information, actual results may differ materially from those expressed or
implied by these forward-looking statements. The directors undertake no
obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise.

 

Enquiries:

 

 Oxford Instruments plc                                                                                               Tel:  01865 393200

 Ian Barkshire, Group Chief Executive

 Gavin Hill, Chief Financial Officer

 Julian Wais, Head of Investor Relations

 MHP Group                                                                                                            Tel:  020 3128 8100

 Katie Hunt / Eleni Menikou / Veronica Farah

 oxfordinstruments@mhpgroup.com

 

 

 

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 

 

 

 

 

 

 

 

 

 

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