REG - Oxford Instruments - Preliminary Results
13/06/2025 07:00
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RNS Number : 7533M Oxford Instruments PLC 13 June 2025
Oxford Instruments plc full-year results 2024/25
Strong results and good momentum
Strategic execution on track and sale of quantum business
Oxford Instruments plc, a leading provider of high technology products and
systems for industry and research, today (13 June 2025) announces its
preliminary results for the
12 months to 31 March 2025.
Summary
Adjusted(1) Statutory
2025 2024 OCC growth(2) 2025 2024
Revenue £500.6m £470.4m +6.5% £500.6m £470.4m
Operating profit £82.2m £80.3m +10.8% £39.2m £68.3m
Operating profit margin 16.4% 17.1% 7.8% 14.5%
Operating profit margin OCC 17.8% 17.1% +70bps
Profit before taxation £83.4m £83.3m 8.3% £39.8m £71.3m
Basic earnings per share 112.4p 109.0p 3.1% 44.8p 87.7p
Cash conversion(3) 89% 64%
Net cash(4) £84.4m £83.8m
Dividend per share(5) 22.2p 20.8p 6.7%
Highlights
· Revenue exceeds £500m for the first time, up by 6.5% at OCC(5),
driven by:
- Good growth in semiconductor and materials analysis, offsetting
continued weakness in healthcare & life science
- Strong performance across North America, Asia and Europe, with
successful pivot to new markets in China, now complete
- Double-digit revenue growth from commercial customers (c.50% of
revenue, up from 45% in 2024) as we leverage our strength in our priority
technologies from academia to commercial and applied R&D
· Adjusted operating profit of £82.2m, up 10.8% OCC, and adjusted
operating profit margin of 17.8% OCC, up 70bps, supported by operational
efficiencies and new, simplified Group structure:
- Imaging & Analysis: OCC margin 24.7%, up 60bps - in the upper
range of medium-term guidance, reflecting early results in strategic action,
and despite market headwinds in life science holding back growth and operating
leverage
- Advanced Technologies: constant currency margin of 4.5%, up 360bps
- fix and improve action plan on track, with continued double-digit growth in
compound semi business scaling and quantum returned to profitability
· Robust demand and resulting orderbook provide good visibility for
year ahead
· £84.4m net cash (2024: £83.8m) after £15.4m acquisition
consideration; normalised cash conversion improved to 89% from 64% in 2024
· FX headwind of £8.5m on adjusted operating profit, largely due to
USD weakening
· 6.7% increase in the total dividend to 22.2p (2024: 20.8p)(5)
Sale of quantum business and £50m share buyback programme launched
· Binding agreement to sell NanoScience, the Group's quantum business,
for consideration of £60m, of which £3m deferred. One-off transaction costs
expected to be £2m-£3m.
o Enables the Group to focus on businesses with strong growth and margin
characteristics where it is best placed to deliver value for shareholders
o Accelerates progress to deliver the Group's medium-term margin targets
· Strength of balance sheet and proceeds from the sale of NanoScience
enable up to £50m share buyback programme which will commence shortly
Richard Tyson, Chief Executive Officer of Oxford Instruments plc, said:
"The Group has had a good year, reporting strong revenue, profit growth, and
constant currency margin progression. It was also a year of significant
progress with our strategic initiatives to improve our operational and
commercial outcomes. We have turned around the profitability of our
NanoScience business, and subsequently crystallised an attractive value
through the sale of the business for £60m, announced this week. The sale is
in line with our strategy to focus and invest in the best areas of opportunity
to grow the Group and create value for shareholders, and accelerates our
progress to our medium-term margin targets. I am really pleased with the
agility and performance of the whole Oxford Instruments team as they have
responded to the new strategy and navigated the current market environment.
"This year's results demonstrate the benefits of the long-term drivers of our
business model, founded on the growth dynamics in the markets where we
operate, and the demand for our market-leading products and solutions. Looking
ahead, whilst acknowledging the level of macro uncertainty, we have a strong
and more focused business; there is a lot we can control, and we are well
placed to mitigate any direct impact from tariffs. There are further benefits
to be realised from our strategic initiatives to transform the business, and
our revenue visibility is healthy. Our strong balance sheet, and the proceeds
to come from the sale of our quantum business, allow us to return capital to
shareholders via a share buyback that we've also announced this week. We are
confident that our differentiated higher margin business will continue to
deliver attractive profitable growth."
Notes
1. Adjusted items exclude the amortisation and impairment of acquired
intangible assets, acquisition items, business reorganisation costs, other
significant non‑recurring items, and the mark-to-market movement of
financial derivatives. A full definition of adjusted numbers can be found in
the finance review and Note 2.
2. Organic constant currency (OCC). References to year-on-year
movements and margin percentages are shown at OCC or constant currency (CC) as
appropriate. Constant currency numbers are prepared on a month-by-month basis
using the translational and transactional exchange rates which prevailed in
the previous year rather than the actual exchange rates which prevailed in the
year. Transactional exchange rates include the effect of our hedging
programme.
3. Normalised cash conversion measures the percentage of adjusted cash
from operations to adjusted operating profit, as set out in the finance
review.
4. Net cash includes total borrowings, cash at bank and bank
overdrafts but excludes IFRS 16 lease liabilities,
5. Proposed dividend per share, to be confirmed at the annual general
meeting on 28 July 2025.
The financial information in this preliminary announcement has been prepared
in accordance with UK adopted international accounting standards. The Group
has applied all accounting standards and interpretations issued relevant to
its operations and effective for accounting periods beginning on 1 April 2024.
The UK adopted IFRS accounting policies have been applied consistently to all
periods.
LEI: 213800J364EZD6UCE231
Oxford Instruments management will present its full-year results at Deutsche
Numis, 45 Gresham Street, London EC2V 7BF, to analysts and investors at 10:00
today (13 June 2025). The presentation will be streamed live at
https://brrmedia.news/OXIG_FY24/25 and a recording will be made available
later today at www.oxinst.com/investors/financial-reports-and-presentations
(http://www.oxinst.com/investors/financial-reports-and-presentations) .
The financial information for the year ended 31 March 2025 does not constitute
statutory accounts as defined in sections 435 (1) and (2) of the Companies Act
2006. The auditor has reported on these accounts; their report was
unqualified, did not include a reference to any matters to which the auditor
drew attention by way of emphasis of matter and did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006. Statutory accounts for
the year ended 31 March 2024 have been delivered to the Registrar of Companies
and those for 2025 will be delivered following the Company's 2025 Annual
General Meeting.
Enquiries:
Oxford Instruments plc
Richard Tyson, Chief Executive Officer
Paul Fry, Chief Financial Officer
Stephen Lamacraft, Head of Investor Relations 07776 433916
s (mailto:stephen.lamacraft@oxinst.com) tephen.lamacraft@oxinst.com
(mailto:stephen.lamacraft@oxinst.com)
MHP Group 07710 117517
Katie Hunt/Tim Rowntree/Veronica Farah oxfordinstruments@mhpgroup.com (mailto:oxfordinstruments@mhpgroup.com)
Notes to Editors
About Oxford Instruments plc
Oxford Instruments provides academic and commercial organisations worldwide
with market-leading scientific technology and expertise across its key market
segments: materials analysis, semiconductor, and healthcare & life
science.
Innovation is the driving force behind Oxford Instruments' growth and success,
supporting its core purpose to accelerate the breakthroughs that create a
brighter future for our world. The vigorous search for new ways to make our
world greener, healthier and more productive is driving unprecedented levels
of R&D investment in new materials and techniques to support productivity
and decarbonisation worldwide, creating a significant opportunity for Oxford
Instruments to grow.
Oxford Instruments holds a unique position to anticipate global drivers and
connect academic researchers with commercial applications engineers, acting as
a catalyst that powers real world progress.
Founded in 1959 as the first technology business to be spun out
from Oxford University, Oxford Instruments is now a global, FTSE250
company listed on the London Stock Exchange (OXIG).
For more information, visit www.oxinst.com
Cautionary statement
Certain statements in this announcement constitute, or may be deemed to
constitute, forward-looking statements, projections and information (including
beliefs or opinions) with respect to the Company and its subsidiary
undertakings ("the Group"). An investor can identify these statements by the
fact that they do not relate strictly to historical or current facts. They
include, without limitation, statements regarding the Group's future
expectations, operations, financial performance, financial condition and
business. Such forward looking statements are based on current expectations
and are subject to a number of risks, uncertainties and assumptions that may
cause actual results to differ materially from any expected future results in
forward-looking statements. These risks, uncertainties include, among other
factors, changing economic, financial, business or other market conditions.
These and other factors could adversely affect the outcome and financial
effects of the plans and events described in this announcement.
Other than in accordance with its legal or regulatory obligations (including
under the Market Abuse Regulation, the UK Listing Rules, Disclosure and
Transparency Rules of the Financial Conduct Authority) no undertaking is given
by the Group to update any forward-looking statements contained in this
announcement, whether as a result of new information, future events or
otherwise. Accordingly, no assurance can be given that any particular
expectation will be met and investors are cautioned not to place undue
reliance on the forward-looking statements.
This announcement has been prepared for the Group as a whole and therefore
gives greater emphasis to those matters which are significant to the Group
when viewed as a whole.
Any forward-looking statements made by or on behalf of the Group speak only as
of the date they are made and are based upon the knowledge and information
available to the Directors on the date of this announcement.
Chief Executive Officer's Review
I am pleased to report on an excellent full-year performance for Oxford
Instruments. The actions we have taken to simplify the Group, improve
commercial execution and realign our regional presence have resulted in strong
growth in revenue and profit, and increased margins in both divisions. As
signalled at half year, our targeted actions underpinned a strong second half
performance, a particularly encouraging achievement in the context of a
challenging geopolitical and macro environment.
Demand for our market-leading technology, led by commercial customers, has
resulted in strong double digit revenue growth in both compound and silicon
semiconductor markets, and continued growth in materials analysis
applications, which together have more than offset ongoing weakness in
healthcare and life science.
With good growth in orders and a robust order book, we have good visibility of
planned revenues for the coming year, with order book to revenue ratios in
line with historical patterns. We have mitigated the direct impacts of tariffs
on existing orders through positive engagement with customers. With key
semiconductor product lines currently exempt from the 10% US universal tariff,
and with further mitigating actions at our disposal, we are confident we can
continue to navigate this dynamic situation.
Group 2025 2024 growth OCC growth(1)
Orders £463.7m £459.1m +1.0% +0.9%
Revenue £500.6m £470.4m +6.4% +6.5%
Adjusted(2) operating profit £82.2m £80.3m +2.4% +10.8%
Adjusted(2) operating margin 16.4% 17.1% (70bps)
OCC adjusted operating margin 17.8% 17.1% +70bps
Statutory operating profit £39.2m £68.3m
Statutory operating margin 7.8% 14.5%
1. For definition refer to note above.
2. Details of adjusting items can be found in note 2 to the
financial statements.
The outcomes we have achieved reinforce our confidence in our ability to
achieve the mid-term outcomes outlined in June 2024, which are as follows:
· Organic revenue growth of 5-8% CAGR
· Adjusted operating margin improvement to 20%+
· Cash conversion of over 85%
· Continuing to invest in growth, including 8-9% on R&D
· Strong return on capital employed (currently 27%)
· Selective acquisitions bringing complementary capabilities.
Positive strategic and operational progress
As we set out in June 2024, our exceptional technology, strong talent base,
well-distributed regional infrastructure and exposure to attractive markets
give us a strong platform from which to grow, as well as providing valuable
resilience to external dynamics.
We highlighted then the significant opportunities ahead - and the fact that to
capture them in full and achieve industry-leading margins, we needed to
structure Oxford Instruments differently.
A key focus of the year, therefore, was to simplify and streamline the Group,
reconfiguring it into two new divisions, each with separate and distinct
characteristics and opportunities. Both divisions have delivered strong
progress. Our strategic actions to target enhanced growth and profitability
through a customer-first approach have gained real traction, and have started
to generate many of the outcomes we set out to achieve.
In Imaging & Analysis, which represents 66% of the Group's revenue, and
93% of profit, our actions to integrate multiple business units and drive
operational excellence have enabled the division to improve on an already
strong position. The resulting synergies, cost reductions and productivity
enhancements have supported the delivery of a 60bps improvement in OCC margin
to 24.7%, at the upper end of our medium-term guidance of 23-25%. Ongoing
demand remains strong, with our semiconductor and materials analysis end
markets more than offsetting the continuing weakness in life science.
Advanced Technologies, representing 34% of revenue and 7% of Group profit, has
delivered strong double digit revenue growth as our compound semiconductor
business continued to increase returns from its new state-of-the-art facility,
while our quantum business, Oxford Instruments NanoScience, returned to
profitability as a result of cost savings and the first installations of an
ongoing programme for a key global technology customer. Together, these
actions have resulted in a strong increase in CC margins in the division to
4.5% (2024: 0.9%).
We have this week exchanged contracts to sell NanoScience to Quantum Design,
International Inc for a £60m total consideration, including up to £3m of
deferred consideration linked to growth in quantum scaling systems. The
divestment will enable the Group to focus its capital deployment on business
capabilities with higher margin and potential to create shareholder value.
The sale, which is expected to complete in the third quarter of FY2025/26, is
also consistent with our focus on our three core markets: materials analysis,
semiconductor, and healthcare and life science
For further details on each division's performance, see the divisional
overviews below.
The delivery of our operational transformation programme has also enabled us
to identify further growth and margin opportunities, which we are already
capturing in FY2025/26, giving scope to build on progress already made.
Across both divisions, we have reduced the cost base, with a 70bps improvement
in both gross profit margin and operating profit margin. Further efficiencies
are anticipated across the Group as we continue with our operational
programme, and with the ongoing streamlining and simplification of processes.
Strong management of inventory has contributed to an improvement in cash
conversion in both divisions, with a strong net cash balance of £84.4m after
£15.4m acquisition consideration, up from £39.3m at the half year. The
strength of our balance sheet and the returns to come from the sale of
NanoScience enable us to return capital to our shareholders via a share
buyback, to commence shortly.
Driving a step change in operational performance and productivity
Alongside our actions to streamline and simplify Oxford Instruments, we have
continued with our operational transformation programme, beginning at our
Imaging & Analysis facility in Belfast and our quantum facility in
Oxfordshire. The programme seeks to improve our customers' experience and
drive a step change in operational performance and productivity, ultimately
putting all the Group's manufacturing sites on to a much stronger operational
footing. We have introduced leaner processes, improved quality and lead times,
and transformed planning and forecasting. As the programme progresses, an
increasing number of colleagues are upskilled, with team members subsequently
deployed to further sites to pass on their learning.
· The first wave of the programme, in the Belfast camera lines, has
boosted camera output by more than half, from a smaller direct workforce, as
well as delivering a significant improvement in first time pass rates through
the build process. Wave one revealed further scope for quality improvements
and efficiencies than had been anticipated, with work continuing as we go
through FY25/26. A facility-wide product review in April 2025, as part of wave
two of the programme, focused on systems, and has identified a small number of
product lines where high material costs, heavy labour requirements and poor
delivery performance has led to low profitability and questions over the
competitiveness and potential of these products. Having considered performance
improvement actions and potential returns, we will be discontinuing those
which are a drag on the business, taking out the related cost, and refocusing
our efforts on products with core leading technology with strong market
potential, and alternative commercial strategies to create value. Together
with improvements already made, and with new leadership, we expect to see
significant further opportunity for growth and margin enhancement for this
facility.
· Wave two of the programme is also under way at our Advanced
Technologies quantum facility in Oxfordshire, targeting productivity, quality,
lead time and cost engineering improvements on the Proteox suite of cryogenic
dilution refrigerators, the facility's leading product range.
· Our Raman facility in Ulm, Germany, will be the subject of wave
three, beginning in July, helping the facility to scale to meet growing
demand.
The impact of the programme to date is clear, and we will continue to roll it
out to further sites.
Execution of our regional pivot
Our actions to rebalance our regional focus, by moving the sales force to
address less sensitive commercial customers in China, and strengthening our
presence elsewhere in Asia, and in North America, have contributed to the
Group's strong revenue growth. Growth in Europe, East and Southeast Asia and
North America have more than offset the reduction in revenue in China
resulting from our pivot away from sensitive quantum and certain semiconductor
applications, and the ensuing cancellation of orders.
Our pivot in China is now complete, and the local team have delivered 8%
year-on-year growth in orders by targeting structurally growing commercial
markets. Our recovery in the country has been supported by cross-training
sales and service teams on multiple products, in combination with strong
representation in key territories.
All regions are now focusing their marketing and sales efforts around a
targeted, customer segment-based approach, rather than a product-first
approach. This is particularly beneficial in the Imaging & Analysis
division, where we take an increasingly product-agnostic approach, offering a
whole suite of analysis techniques to help customers deliver the outcomes they
need for their specific use cases.
Bolstering the bench strength of the Americas team, and investing in more
effective marketing channels, has resulted in strong double digit revenue
growth for the region and a 20% increase in sales per head. With a strong
pipeline of qualified opportunities, ongoing activities to optimise revenue
and profitability, and supportive engagement with customers on tariffs, the
team is agile, close to its customers and well placed to mitigate the impacts
of the new US administration's positioning on tariffs and academic funding.
Strong revenue growth of 25% CC in East and Southeast Asia has been supported
by the consolidation of separate teams for Japan, East and Southeast Asia, and
Australia under one leadership team, with shared processes and increasingly
aligned approaches to segmentation, as set out above. Revenue growth in the
region has stemmed largely from strong semiconductor sales as customers move
their operational capability out of China and new investment increases in the
region. The growth is broadly split between materials analysis capabilities
and compound semiconductor fabrication equipment and was able to completely
offset the £20.2.m reported reduction in China resulting from the decision to
exit selling of certain sensitive technologies in that territory.
We are continuing to share best practice and streamline processes in our
regional sales and marketing structures and anticipate generating further
productivity benefits as we do so.
Positioned in structurally growing markets
Materials analysis, semiconductors and healthcare & life science remain
our three primary markets. They all have high structural growth potential.
Quantum technology, a much smaller contributor to our current revenue, also
represents a growth opportunity, primarily within our Advanced Technologies
division. This has begun to crystallise this year, although the trajectory of
the quantum computing market remains less clear.
The strategic priorities within each division reflect our decision to focus
our product development and marketing activities on addressing these
structurally growing markets.
We have delivered strong year-on-year revenue growth in semiconductors, up
16.4% CC to £144.8m, generated from both divisions, with a roughly 60/40
split between our growing Advanced Technologies compound semiconductor
business and our Imaging & Analysis capabilities. As semiconductor design
and manufacture reshoring programmes take place, customers are increasingly
using our Imaging & Analysis tools for quality control in final assembly,
among other tasks. In Advanced Technologies, our fabrication equipment is used
to accelerate the development of next generation semiconductor capabilities
which are fundamental to enable advances in technology, including AI chips,
augmented reality, 3D sensing and the hyperscale data centres needed to
support growing demand for data.
As well as advancing our customers' capabilities, we play a vital role in
supporting the delivery of more good quality wafers at a lower cost per wafer.
Materials analysis has continued to grow steadily and remains the largest end
market for the Group, with revenue of £203.7m, up 3.4% CC, as customers use
our technology to understand, improve and test the properties of materials
across a wide range of markets, from development of structural materials and
polymers to quality control in automotive and food industries.
Growth in these markets has more than offset continued weakness in healthcare
& life science, which has seen an 11.6% CC reduction in revenue year on
year due to the dual headwind of original equipment manufacturers (OEMs)
pausing deliveries to use existing stocks built up during the Covid pandemic,
and overall sales of microscopes slowing in response to wider market dynamics,
as we indicated at H1. Demand has stabilised, with order demand flat between
the second half and the first half of FY25, and book to bill for the year
ending at 1.O2.
Revenues from other markets have seen a 44.6% CC increase to £73.8m, largely
derived from quantum applications. This included the first installations under
a key ongoing quantum partnership for Advanced Technologies, which were the
key drivers of this significant growth.
Overall demand remained positive throughout the year with 3% growth in orders
at constant currency. The order book provides visibility consistent with
prior years at Oxford Instruments. Imaging and Analysis has c.5 months of
order cover for FY26 and had a underlying book to bill of 1.0x in FY25
excluding China cancellations. Advanced Technologies has c.9 months of order
cover for FY26 and a book to bill of 0.9x in FY25 excluding China
cancellations, reflecting the normal lumpiness in quantum orders in Advanced
Technologies. Our pipeline of new opportunities is strong, whilst
acknowledging the increased timing uncertainty given macro conditions.
Focusing on our key strengths
We have maintained levels of investment in R&D at 8.2% (2024: 8.3%) and
launched new products in every part of our business, recognising that our
differentiated technology is a key source of strength. The principles of
maintaining and developing new leading-edge capabilities, combined with
increasing ease of use, are common to the whole Group's R&D programme. As
we develop our combined innovation roadmap for the Imaging & Analysis
division, we are applying an increasingly commercial lens to the investments
we make, to ensure that new products address a genuine gap in the market, are
cost-effective to manufacture and can generate an attractive profit margin. We
will also limit the number of custom builds we produce, recognising that
modular, repeatable assembly benefits both productivity and profitability.
In Imaging & Analysis, new semiconductor-specific capabilities in Raman
and atomic force microscopy have gained significant traction, while our tools
for electron backscatter diffraction microscopy have proved popular with
industrial customers. A number of OEMs have integrated our products into their
own new ranges.
In Advanced Technologies, the first installations of our largest modular
dilution refrigerator and the increasing adoption of our latest atomic layer
deposition equipment for compound semiconductor have significantly contributed
to growth.
At a Group level, commercial customer revenues have increased as a proportion
of total Group revenues, with our focus on growing our presence in this much
larger market driving double digit growth. Revenue from academic customers,
who remain the bedrock from which our commercial growth stems, was broadly
flat year on year.
Imaging & Analysis
The Imaging & Analysis division develops and manufactures microscopes,
scientific cameras, analytical instruments and software, with manufacturing
bases in the UK (High Wycombe and Belfast), Europe (Aix-en-Provence, Ulm and
Zurich) and the USA (Santa Barbara).
Key highlights
Imaging & Analysis 2025 2024 growth OCC growth(1)
Orders £318.6m £306.6m +3.9% +3.0%
Revenue £330.5m £328.1m +0.7% +0.2%
Adjusted(2) operating profit £76.2m £79.0m (3.5%) +2.8%
Adjusted(2) operating margin 23.1% 24.1% (100bps)
OCC adjusted(2) operating margin 24.7% 24.1% +60bps
Statutory operating profit £40.8m £69.2m
Statutory operating margin 12.3% 21.1%
1. For definition refer to note above.
2. Details of adjusting items can be found in note 2 to the
financial statements.
Imaging & Analysis market dynamics
Created in 2024, the Imaging & Analysis division maintains strong
positions in each of our three core markets: materials analysis,
semiconductors and healthcare & life science, due to our differentiated
product ranges and ongoing investment in innovation. Notably strong growth in
semiconductor and growth in materials analysis more than offset the continued
weakness in the healthcare and life science market.
The division supports silicon semiconductor development and production, where
the breadth of our capabilities across the lifecycle, from supporting
early-stage academic research through to quality assurance and failure
analysis in production settings, provides resilience to cyclicality in the
silicon semiconductor market. Specific semiconductor editions of our Raman
microscope (capable of analysing 300mm wafers) and our atomic force microscope
have helped us to increase traction in the commercial sector, with both
technologies enabling customers to work on new capabilities and maintain and
enhance wafer quality.
Divisional revenue from semiconductors was up 35% CC, with orders up by a
similar amount at 32% CC. This reflects strong continued demand for our highly
differentiated product suite, as new applications are creating growth
opportunities for electron microscopy, coupled with companies establishing new
product manufacturing lines across Asia, Europe and the USA.
Materials analysis applications also performed well, with orders up 8% CC on
the year, with strong growth in structural materials R&D, commercial
applications in nuclear and solar energy, and the development of new, advanced
materials such as graphene and other 2D materials, where our ability to
analyse at the nanoscale is key. We also saw strong growth in sales to service
labs for core facilities, centralised shared resources where cutting-edge
equipment is made available for scientists to carry out a wide range of
analysis. Here, as elsewhere, the ease of use, accuracy and speed of the
results generated by our tools are key differentiators.
In terms of technology adoption, both Raman and electron backscatter
diffraction (EBSD) products have achieved strong growth year on year. EBSD has
gained particular traction with industrial customers, such as a tier 1
automotive manufacturer in China which is using our product to speed the
development of faster charging EV batteries. The addition to our portfolio of
nanoindentation, a technique which enables customers to test the hardness of
materials, with the acquisition of FemtoTools, has also contributed to revenue
growth across both semiconductor and materials analysis.
The weakness in the healthcare & life science market continued in the
second half of the year, with full-year revenue 12% CC below a strong prior
year comparator. This downturn primarily reflects a reduction in imaging
revenue, together with OEM and wider destocking, and is concentrated largely
on our Belfast microscopy and scientific cameras facility, where historic
operational challenges have been an additional factor in the reduction in
revenue. Healthcare & life science orders reflect similar weakness, ending
the year 8% CC down versus the prior year, lower than anticipated at half
year, with some customers in the US deferring orders in the final quarter due
to the actions of the US administration. However, demand has stabilised, with
orders broadly flat across both halves of the year and book to bill at 1.02.
Revenue from our Imaris software remained strong, while Raman microscopy for
life science has delivered strong double-digit growth, generating 8% of
divisional life science revenue (up from 4% last year).
Overall, the division has made significant progress in growing revenue to
industrial customers (up 12% CC year on year), in line with our strategic
ambition to extend our reach in the much larger commercial R&D and
production sector. Academic revenue was marginally down year on year.
Strategic and operational progress
The newly created division brings together a suite of product lines with
strong synergies and a track record of success, manufactured from six sites
across the UK, Europe and the US which were previously run as separate
business units (including FemtoTools, acquired at the start of the year).
Focused on small-scale imaging and analysis equipment and software, they share
common business models, go to market strategies and margins, and address a
similar client base in their three key markets in materials analysis,
semiconductors, and healthcare & life science. We therefore saw a clear
opportunity to enhance growth and profitability, taking the businesses in the
division from good to great, by simplifying our operating model and maximising
existing synergies through greater collaboration.
Over the course of the year, we have integrated five materials analysis
businesses under one leadership team. This has facilitated a degree of
delayering, resulting in £1.9m of cost efficiencies as well as streamlining
processes. We have also developed a shared innovation roadmap for the
division, enabling us to target new product development based on the Group's
strategic goals rather than at a business unit level.
The realignment and integration programme has enabled us to more effectively
realise the potential of our recent acquisitions, most notably the WITec
business, acquired in 2021, which specialises in Raman microscopy. Raman
product lines have delivered strong double digit revenue growth year on year,
and almost 50% growth in orders, concentrated on semiconductor and life
science applications. Our bolt-on acquisition in June of nanoindentation
specialist FemtoTools has brought a new complementary technique to the Group's
portfolio and is performing to plan, while First Light Imaging, acquired in
the prior year, has been integrated with our cameras and microscopy business,
extending its capabilities, notably in high speed, low noise and infrared
scientific cameras. Both of our most recent acquisitions have now launched
their first products under the Oxford Instruments brand.
We see opportunities to achieve even closer integration across the Imaging
& Analysis division and are actively pursuing these in FY2025/26. A
further key focus for the division has been the two waves of our operational
transformation programme focused on cameras and systems in Belfast, details of
which are set out above.
Our strategic actions to consolidate and streamline the division's product
lines, and to embark on our operational excellence programme, have underpinned
a strong divisional performance, with growth in revenue, profit and orders. We
were particularly pleased to have extended Imaging & Analysis' excellent
operating profit margin by 60 basis points to 24.7% OCC, at the upper end of
our medium-term target range for the division. We were able to deliver this
strong margin growth despite the weakness in the division's life science
market, and having identified the limited profitability of a small number of
product lines, primarily in Belfast, which is now being addressed.
Advanced Technologies
The Advanced Technologies division develops and manufactures compound
semiconductor fabrication capital equipment (Severn Beach, UK), cryogenic and
superconducting magnet technology (Oxford, UK), and X-ray tubes (Scotts
Valley, USA).
Key highlights
Advanced Technologies 2025 2024 growth CC growth(1)
Orders £145.1m £152.5m (4.9%) (3.3%)
Revenue £170.1m £142.3m +19.5% +21.3%
Adjusted(2) operating profit £6.0m £1.3m +351.1% +486.5%
Adjusted(2) operating margin 3.5% 0.9% +260bps
CC adjusted(2) operating margin 4.5% 0.9% +360bps
Statutory operating profit/(loss) (£0.7m) £2.2m
Statutory operating margin (0.4%) 1.5%
1. For definition refer to note on page 3.
2. Details of adjusting items can be found in note 2 to the financial
statements.
The two larger businesses in Advanced Technologies each benefit from a
dedicated, focused approach to reflect their specialist markets (compound
semiconductor and quantum), unique growth drivers and principally separate
customer bases. The division has a different profile from Imaging &
Analysis, selling much lower product volumes of larger-scale complex systems.
Our strategic priorities for Advanced Technologies are to 'fix, improve and
grow', leveraging the well-invested base in both key businesses, delivering
improved margins and growing our commercial customer revenues. Both businesses
have made good progress following our targeted actions, resulting in strong
growth in both halves of the year. Revenue was up 21.3% CC year on year, and,
as predicted, the division delivered a profitable full-year performance.
Our compound semiconductor business continues to scale as it reaps the
benefits of its new, state-of-the-art facility, which has tripled capacity to
address structural growth in datacomms (including AI datacentre scaling),
power electronics, and augmented reality. Strong double-digit growth in both
revenue and orders reflects the business's increasing foothold in carefully
diversified and profitable niches within the burgeoning compound semiconductor
sector. Greater focus on fewer product lines has supported improved
productivity.
Our quantum-focused facility has delivered a good year of recovery, returning
to profitability as it leveraged a reduced cost base and installed the first
orders for a key global technology customer as part of a major technology
demonstration programme. We have crystallised the performance improvement
through the sale of the business, due to complete in the third quarter of
FY2024/25.
The division's strong growth is particularly notable in the context of our
regional pivot, which saw us end new quantum sales to China and target
alternative customers and applications in compound semiconductor in the
country. At a divisional level, we have delivered strong growth in revenue as
we gained traction in North America and East and Southeast Asia, and rebuilt
our position in China, with more than 50% CC order growth year on year.
Orders overall were slightly behind last year, reflecting the lumpy order
profile of the large capital equipment typically sold in the division, and a
large biannual framework order that our X-Ray Technology business received a
few days into the new financial year.
Compound semiconductor operational developments and market dynamics
Our compound semiconductor business has completed a successful first full year
at its new facility at Severn Beach, near Bristol, UK. Growth plans are firmly
on track, with 13% CC growth in both revenue and orders, as the business takes
advantage of the improved layout and process flow of the new site, and
simplified production. A key development in the year has been the completion
of the site's cleanroom, which is one of the most advanced in the world for
compound semiconductor process development, and is now fully signed off and
operating to ISO5 specifications. Final systems, including showcasing our
Imaging & Analysis metrology capabilities, are being installed and tested.
The sale of our legacy site is expected to complete in H1 of FY2025/26.
Our exceptional high-tech facilities have increased our ability to partner
with leading blue-chip manufacturers. Customer demonstrations are up 30% year
on year, and our qualified pipeline of opportunities has grown by 7% year on
year, with improved conversion rates.
The business has grown revenue by successfully focusing on carefully chosen
subsets within the growing compound semiconductor market where we have
leading-edge capabilities, and where we are able to deploy pricing power to
command a higher margin than in more standardised processes. We enable next
generation device architectures for better performance, helping our industrial
customers to accelerate their own growth by improving wafer performance, yield
and therefore cost per wafer.
Our market applications range from datacomms to augmented reality, next
generation power electronics and quantum, the blend of which provides valuable
resilience to fluctuations in any single area. This year has seen strong
growth in applications for datacentres, including a significant and ongoing
partnership with global advanced chips manufacturer Coherent Corp. to support
Coherent's 6" InP fab ramp in Europe and the US for AI datacentres.
We have also successfully grown revenue from quantum applications, as
customers (ranging from blue chip global technology companies to leading
universities and start-ups) use our equipment to make qubits, and develop
their capabilities in quantum sensing and quantum communications.
Gallium nitride applications (GaN), which enable customers to increase power
and drive efficiency, have delivered significant revenue growth over the year,
with Tier 1 blue chips in Japan deploying our technology into 5G and 6G, and
other customers using GaN to enable more efficient power in energy-hungry data
centres. We continue to target growth in GaN power applications for the year
to come.
In silicon carbide, where we have strong capabilities but limited exposure
(representing 2% of FY2024/25 orders for this facility), we have delivered
modest revenue growth despite the downturn in the electric vehicle market, as
customers invest in R&D for next generation silicon carbide performance.
In tandem with the move to the new site, and the strategic decision to focus
on the technologies where we have a significant competitive edge, we have also
generated efficiencies by streamlining the product portfolio of this business.
More than 80% of orders in the year came from sales of three core platforms -
Plasma Pro, IonBeam and ALD (atomic layer deposition) - with modular assembly
carried out in dedicated bays, and fewer complex and resource-hungry one-off
products.
A strengthened focus on service has also contributed to the business's growth,
with service revenue up 18% CC year on year.
Quantum operational developments and market dynamics
We are pleased with the progress made at our quantum-focused facility, Oxford
Instruments NanoScience, based just outside Oxford, with the business having
achieved a return to profitability, delivering the first systems of a key
commercial partnership with a globally significant technology player and
benefiting from reductions in its cost base made in the first half.
The key partnership is founded on the strength of our modular Proteox
proposition, which delivers vital cooling capabilities to support the scaling
of this customer's quantum computing programme. The customer has received the
first of our largest Proteox QX systems to be installed anywhere in the world.
Our products, including ongoing deliveries of our smaller Proteox MX, are key
to enabling our customer to scale significantly past current cryogenic
refrigeration limitations to deliver its quantum roadmap.
A further contributor to the business's recovery in FY2024/25 was our action
to address the operational challenges which have hampered growth in recent
years. We made progress with productivity initiatives, and addressed supply
chain management and inventory challenges which became apparent following the
introduction of a new ERP system. This allowed us to strengthen output through
the first half and deliver a record final quarter, with more systems shipped
than in any previous period.
As set out above, we have now agreed the sale of Oxford Instruments
NanoScience to Quantum Design. The divestment will enable the Group to focus
its capital deployment on business capabilities with higher margin and
potential for shareholder returns, and is consistent with our focus on our
three core markets: materials analysis, semiconductor, and healthcare and life
science.
Capital allocation priorities
We have a strong balance sheet which provides good optionality for the
business to support our growth aspirations. Our net cash position improved in
the second half, with net cash increasing to £84.4m from £39.3m at the half
year. We are committed to continuing to invest 8-9% revenue in R&D and to
making targeted operational investments to support our growth, whilst also
being mindful of shareholder returns, taking account of underlying earnings,
dividend cover, currency movements and demands on our cash.
Our acquisition pipeline remains healthy, and is focused on adding
capabilities in Imaging & Analysis.
Our recent acquisitions, most notably WITec and FemtoTools, have benefited
from the integration of business units under Imaging & Analysis, with
WITec's performance notably accelerating during the year.
We will continually assess the appropriateness of additional returns to
shareholders in the form of dividends and/or buyback of the company's shares,
such as the programme announced this week.
Positive impact and progress to net zero
The markets we serve are carefully chosen to support the development of a more
sustainable planet. Our products support a range of positive outcomes, from
enabling the development of personalised treatments for cancer to facilitating
the path to decarbonisation through our extensive role in the battery
ecosystem. We are equally committed to running our own operations
sustainably.
We took an important step forward this year, securing validation and approval
from the Science-Based Targets initiative of our science-based near and
long-term targets, through which we have committed to reach net zero across
our whole value chain by 2045, and to tackle our Scope 1 and 2 emissions even
earlier, by 2030.
Our targets are stretching, putting our goal five years ahead of the UK
government's own commitment. Given our purpose, to accelerate the
breakthroughs that create a brighter future for our world, and the
contribution our technology makes to developing sustainable solutions to
global challenges, I have every confidence in the commitment and talent of the
Oxford Instruments team to deliver them.
Our commitment to operating sustainably also encompasses the social impact we
have on our employees and our communities, and our ethical approach to doing
business. We reconfirmed our approach to each of these areas through the
launch of a new Code of Conduct in November 2024, and via a new rolling
programme of enhanced and extended compliance training.
Talented global workforce addressing strategy
The strong progress we have made this year has been driven by the energy and
expertise of our highly engaged global team, who have embraced our new
strategic priorities and addressed them at pace. I would like to extend my
sincere thanks to all my colleagues for their commitment and agility, as we
streamline and simplify Oxford Instruments and transform our operational
capabilities to meet our full potential. Amid the additional context of a
challenging external landscape, they have maintained strong focus and
demonstrated their ability to adapt and thrive in new circumstances.
Our first externally benchmarked global employee survey saw Oxford Instruments
rated by Best Companies as 'One to Watch', recognising that this is a good
place to work. While we are pleased with this outcome, especially in a year of
transition, we will use it as a spur to enhance our progress in future years.
A new chapter for NanoScience
I would also like to take this opportunity to thank our departing colleagues
in NanoScience for the contribution they have made to Oxford Instruments and
the global scientific community with their advances in cryogenics and advanced
magnet technology over many years. Their talent and innovative spirit are
remarkable, and the Board and I wish them every success as they begin a new
chapter with Quantum Design.
Leadership changes
I am delighted to welcome Paul Fry, who joined Oxford Instruments in January
2025, and took up the role of Chief Financial Officer on 1 April 2025, joining
the Board as an Executive Director on the same date. I have greatly enjoyed
working and travelling with Paul over recent months, visiting several of our
international sites together as we develop our plans to unlock the full
potential of Oxford Instruments. I look forward to building a strong and close
partnership with him in the months and years to come.
Gavin Hill stepped down as Chief Financial Officer and Executive Director at
the end of the financial year (31 March 2025), and leaves Oxford Instruments
this month. Gavin was an excellent steward of the company's finances and is
enormously well respected and liked by both colleagues and stakeholders. On a
personal note, I am very grateful to Gavin for his support for me when I
joined the company, and wish him the very best for the future.
Through the year we have further strengthened our capabilities through
recruitment and internal promotions, including the permanent retention of our
Chief Transformation Officer as Chief Operating Officer for the Group and the
appointment of an internal candidate to the role of Managing Director for the
Imaging & Analysis division.
Summary and outlook
The Group has had a good year, reporting strong revenue, profit growth, and
constant currency margin progression. It was also a year of significant
progress with our strategic initiatives to improve our operational and
commercial outcomes. We have turned around the profitability of our
NanoScience business, and subsequently crystallised an attractive value
through the sale of the business for £60m, announced this week. The sale is
in line with our strategy to focus and invest in the best areas of opportunity
to grow the Group and create value for shareholders, and accelerates our
progress to our medium-term margin targets. I am really pleased with the
agility and performance of the whole Oxford Instruments team as they have
responded to the new strategy and navigated the current market environment.
This year's results demonstrate the benefits of the long-term drivers of our
business model, founded on the growth dynamics in the markets where we
operate, and the demand for our market-leading products and solutions. Looking
ahead, whilst acknowledging the level of macro uncertainty, we have a strong
and more focused business; there is a lot we can control, and we are well
placed to mitigate any direct impact from tariffs. There are further benefits
to be realised from our strategic initiatives to transform the business, and
our revenue visibility is healthy. Our strong balance sheet, and the proceeds
to come from the sale of our quantum business, allow us to return capital to
shareholders via a share buyback that we have also announced this week. We are
confident that our differentiated higher margin business will continue to
deliver attractive profitable growth.
RICHARD TYSON
Chief Executive Officer
12 June 2025
Finance review
The business made a very positive step forward towards its medium-term
financial goals, with organic constant currency revenue growth in the target
range, and both divisions showing margin progression and improved cash
conversion. Focused deployment of the strategy has offset challenging market
conditions in life sciences and the pivot in China.
Key highlights
Adjusted(1) Statutory
OCC(2)
FY25 FY24 Change FY25 FY24 Change
Revenue £500.6m £470.4m +6.5% £500.6m £470.4m +6.4%
Operating profit £82.2m £80.3m +10.8% £39.2m £68.3m (42.6%)
Profit before tax £83.4m £83.3m +8.3% £39.8m £71.3m (44.2%)
Operating margin 16.4% 17.1% (70) bps 7.8% 14.5% (670) bps
Operating margin organic CC 17.8% +70 bps
Normalised cash conversion(3) 89% 64%
Free cash flow(4) £31.6m £13.5m
Earnings per share - basic 112.4p 109.0p +3.1% 44.8p 87.7p (48.9%)
Dividend per share 22.2p 20.8p +6.7% 22.2p 20.8p +6.7%
Return on capital employed(5) 27.2% 29.1%
( ) ( )
(1) Removing the effect of adjusting items: see Note 2 for further analysis of
adjusting items
(2) Organic constant currency basis
(3) Normalised cash conversion excludes the impact of Severn Beach capital
investment
(4) Free cash flow before acquisitions
(5) See section 13 of the Finance Review for details of the calculation used
Certain Alternative Performance Measures (APMs) have been included within this
Annual Report. These APMs are used by management and the Board to help it
effectively monitor the performance of the Group as they consider that these
represent a more consistent measure of underlying performance. Note 2 provides
further analysis of the adjusting items in reaching adjusted profit measures.
Definitions of the Group's material alternative performance measures, along
with reconciliation to their equivalent IFRS measure, are included within the
Finance Review. Unless stated otherwise, movements in orders, revenue and
adjusted operating profit are given on an organic and constant currency (OCC)
basis, removing the impact of acquisitions, disposals and currency movements
in the year
1. Orders
Total reported orders grew by 1.0% (+0.9% at organic constant currency) to
£463.7m. Order growth in the year was impacted by a high order intake in FY24
in our NanoScience business, related to a large quantum computing programme,
the replenishment of which is not expected FY26. Organic order intake
excluding NanoScience grew 2.8% CC (+0.4% reported).
Order intake in the Imaging and Analysis (I&A) division grew 3.0% on an
organic CC basis. First Light Imaging and FemtoTools were acquired into the
I&A division in January and June 2024 respectively. Orders were strong in
the semiconductor (+32%) and core materials analysis (+8%) markets, but were
offset by declines in the healthcare and life science market in part due to
general market weakness, but also due to historical operational challenges in
our imaging business which have impacted order momentum in FY25.
Order intake in the Advanced Technologies (AT) division fell 3.3% CC. The high
level of NanoScience orders in FY24, which are expected to replenish in FY26,
provided a high comparator, and order intake growth excluding NanoScience was
2.1% CC. Order growth was also held back by cyclical ordering in our X-Ray
Technology business, where FY24 orders are due to replenish on an
approximately eighteen month to two year cycle. The Plasma business
experienced strong order growth in FY25, with orders up 13.0% CC, driven by
continued strong investment in commercial compound semiconductor R&D.
2. Revenue
Revenue of £500.6m (FY24: £470.4m) increased by 6.5% OCC (statutory +6.4%),
which lies in the middle of the Group's target range of 5-8% organic growth.
The cancellation of China orders in FY24 due to UK export restrictions and the
Group's pivot toward lower risk customers, has resulted in CC revenues being
£18.7m lower in China than FY24. This pivot is complete and China revenues
are expected to return to growth in FY26. Revenues in our NanoScience business
have grown significantly in FY25 (+£20.9m CC), largely due to the shipping of
a number of large quantum computing systems during the year. Organic CC
revenue growth excluding NanoScience and China revenues was 9.4%.
Revenues in the academic sector fell 4.5% CC (statutory -6.4%) and have been
impacted largely by the loss in China revenues described above. Non-China
academic revenues grew +4.1% CC. US academia, which accounted for
approximately 12% of FY25 revenue, grew +0.8% CC mainly due to a slowdown in
healthcare and life science sales. US academic grew 8.7% CC excluding
healthcare and life sciences revenues. Commercial applied R&D grew very
strongly as commercial customers continued to invest strongly in new product
and technology developments. Revenues from this sector grew 24% CC, and
excluding NanoScience grew 13% CC. Revenues from commercial production and
testing applications grew 7% CC.
The Imaging and Analysis (I&A) division accounts for around 66% of Group
revenue, and grew 3.1% (Statutory +0.7%). There was strong growth across the
portfolio of product ranges, including SEM detectors and Raman systems, and
good market acceptance of price increases. These gains were partially offset
by declines in the healthcare and life sciences sector, in part due to general
market weakness, but also due to historical operational challenges in our
Belfast-based imaging business which have impacted performance in FY25.
Divisional revenue has also been impacted by cancelled orders in China
(-£7.6m versus FY24). Organic CC growth excluding China remained solid at
3.4%.
The Advanced Technologies (AT) division grew revenue by 21.3% (statutory
+19.5%) benefitting from strong demand for its plasma products and the revenue
pull through of NanoScience quantum orders placed in FY23 and FY24. AT
revenues were also impacted by the cancellation of orders for the China market
in FY24, due to UK export licence restrictions (-£11.1m versus FY24).
Excluding NanoScience and China, AT revenues grew at 29.0% CC, driven by a
significant step up in plasma equipment shipments.
£m Imaging & Analysis Advanced Technologies Total
Revenue: 2024 328.1 142.3 470.4
Constant currency growth 10.1 30.3 40.4
Currency (7.7) (2.5) (10.2)
Revenue: 2025 330.5 170.1 500.6
Revenue growth: reported +0.7% +19.5% +6.4%
Revenue growth: organic constant currency +0.1% +21.3% +6.5%
Geographic revenue growth
On a geographical basis, the US is now the Group's largest market, accounting
for 28% of revenues. Growth has been strong in the US, up 30% OCC, due to both
NanoScience revenues, and strong semiconductor performance for both plasma and
materials research tools. US growth excluding NanoScience was +11% OCC.
Whilst China revenue growth suffered from order cancellation in FY24, markets
in the rest of Asia, notably Japan, South Korea, Singapore and Taiwan, have
shown significant growth. Europe growth at 1.9% CC has been held back by a
high comparator year in FY24 in the UK, whereas key markets such as Germany,
France, Italy and the Netherlands have all shown double digit growth.
2025 2024 Change CC
£m £m Change
United States(1) 142.3 111.7 +27.4% +29.6%
China 107.2 127.4 (15.9%) (14.7%)
Asia (ex. China) 112.7 94.1 +19.8% +23.4%
Europe 115.8 116.1 (0.3%) +1.9%
Rest of World 22.6 21.1 +7.1% +8.5%
500.6 470.4 +6.4% +6.5%
(1) CC growth excluding NanoScience +11.3%
3. R&D
Total R&D expenditure charged to the income statement in the year was
£41.1m, equivalent to 8.2% of sales (FY24: £39.1m; 8.3% of sales). In
addition, a further £1.5m of R&D expense was capitalised (FY24 £0.7m).
4. Adjusted operating profit and margin
Adjusted operating profit of £82.2m (FY24: £80.3m) represents organic
constant currency growth of 10.8% (statutory +2.4%). Adjusted operating profit
margin was 16.4% (FY24: 17.1%). On an organic constant currency basis adjusted
operating margin was 17.8%, up 70 bps versus the prior year.
The I&A division represents 93% of the Group's adjusted operating profit,
and it has continued to deliver a strong margin, despite the challenges in the
life sciences market and imaging business, increasing its OCC margin by 60 bps
to 24.7% (Statutory 23.1%). This performance is driven by a combination of
product mix, price increases, and overhead cost reductions.
The AT division improved profitability substantially in FY25. Adjusted
operating profit for the division was £6.0m, up from £1.3m in FY24 and a
significant reversal from the loss of £2.0m reported in H1. Profitability has
benefited from the operational leverage associated with higher volumes in both
the Plasma and NanoScience businesses, as well as by a focus on cost,
operational improvements, and leveraging the efficiencies from the new
facility in Severn Beach. As a result adjusted operating OCC margin has
improved to 4.5% (FY24: 0.9%).
£m Imaging & Analysis Advanced Technologies Total
Adjusted operating profit: 2024 79.0 1.3 80.3
Constant currency growth 3.9 6.5 10.4
Currency (6.7) (1.8) (8.5)
Adjusted operating profit: 2025 76.2 6.0 82.2
Adjusted operating margin(1): 2024 24.1% 0.9% 17.1%
Adjusted operating margin(1): 2025 23.1% 3.5% 16.4%
Adjusted operating margin(1) (OCC): 2025 24.7% 4.5% 17.8%
1. Adjusted margin is calculated as adjusted operating
profit divided by revenue. Adjusted margin at constant currency is defined as
adjusted operating profit at constant currency divided by revenue at constant
currency.
5. Adjusting items
The following adjusting items are excluded from statutory profit in order to
give a clearer picture of the underlying profitability of the Group:
· Amortisation of acquired intangibles relates to intangible assets
recognised on acquisitions, being the value of technology, customer
relationships and brands. This value was slightly up versus the prior year at
£9.2m (FY24: £9.1m).
· Impairment of acquired intangibles, where the carrying value of
intangible assets is not supported by forecasts of future cash flows. The
Group recognised a £26.0m charge in the period, relating to the impairment of
acquisition goodwill of its Andor business (see below under Balance Sheet -
Intangible assets).
· Non-recurring items are expenses which are considered to be
exceptional in nature, and not reflective of underlying performance in the
year. These costs in FY25 were £7.5m (FY24 £2.2m) and included:
o restructuring costs of £7.8m, of which £4.8m relating to relocation of
the plasma business to Severn Beach
o transaction-related costs of £1.8m
o release of First Light Imaging contingent consideration (£2.1m) following
a review of expected performance versus the earn out targets agreed at
acquisition
· The Group uses derivative products to hedge its short-term
exposure to fluctuations in foreign exchange rates. Net movements on
mark-to-market derivatives in respect of transactional currency exposures of
the Group in future periods are disclosed in the Income Statement as foreign
exchange and excluded from our calculation of adjusted profit before tax. In
the year this amounted to a charge of £0.3m (FY24: £0.7m).
· The unwind of discount in respect of contingent consideration on
the acquisition of FemtoTools (£0.6m), reported under Net Finance Income.
6. Net finance income
Adjusted net finance income for the Group was £1.2m (FY24: £3.0m). The
reduction from last year is largely the result of lower interest income on
reduced cash balances in FY25 (£1.6m; FY24 £3.2m), following capital
expenditure at the Severn Beach facility and acquisitions.
7. Taxation
The adjusted tax charge of £18.2m (FY24: £20.3m) represents an adjusted
effective tax rate of 21.8% (FY24: 24.4%). The tax charge of £13.8m (FY24:
£20.6m) represents an effective tax rate of 34.7% (FY24: 28.9%). The decrease
in the adjusted effective tax rate is due to historical transactional currency
conversion adjustments related to interbranch dividend payments, as well as an
increase in the rate at which the US deferred tax is recognised. We expect the
adjusted effective tax rate to increase in FY26 to approximately 25.5%.
8. Earnings per share
Adjusted basic earnings per share increased by 3.1% to 112.4p (FY24: 109.0p);
adjusted diluted earnings per share increased by 3.3% to 111.1p (FY24:
107.5p). Basic earnings per share decreased by 48.9% to 44.8p (FY24: 87.7p);
diluted earnings per share decreased by 48.8% to 44.3p (FY24: 86.5p).
The number of undiluted weighted average shares increased to 58.0m (FY24:
57.8m).
9. Currency
The Group faces transactional and translational currency exposure, most
notably against the US dollar, euro and Japanese yen. For the year,
approximately 15% of Group revenue was denominated in sterling, 51% in US
dollars, 22% in euros, 9% in Japanese yen and 3% in other currencies.
Translational exposures arise on the consolidation of overseas company results
into sterling. Transactional exposures arise where the currency of sale or
purchase transactions differs from the functional currency in which each
company prepares its local accounts.
The Group's translation and transaction foreign currency exposure for the full
year 2024/25 is summarised below.
£m equivalent Revenue Adjusted Operating Profit
Sterling 72.7 (189.3)
US Dollar 254.5 179.4
Euro 108.6 53.1
Japanese Yen 45.7 28.2
Chinese Renminbi 7.0 3.3
Other 12.1 7.5
500.6 82.2
The headwind to operating profit is due to stronger transactional sterling
currency rates against the US dollar, euro and Japanese yen exposures versus
the hedged and unhedged currency rates achieved in FY24:
£m equivalent FY25 blended rate FY24 blended rate % Change
US Dollar 1.27 1.23 (3.3%)
Euro 1.17 1.14 (2.6%)
Japanese Yen 191 173 (10.4%)
For the full year FY26, our assessment of the currency impact is, based on
hedges currently in place and forecast currency rates, a headwind of £9.1m to
revenue and £4.4m to operating profit. A one cent movement in the GBP to USD
exchange rate would have an approximately £0.5m impact on adjusted operating
profit.
10. Balance sheet
Intangible assets
The Group's microscopy and scientific cameras business, Andor Technology,
faced a challenging trading period as a result of continued healthcare and
life science market weakness, loss of revenues in China, and operational
challenges with certain product lines. Actions have been put in place to
improve the performance of the business including restructuring, operational
improvements and realigned commercial focus. These plans are in the early
phases of execution, and therefore forecasts at 31 March 2025 for expected
future cash flows from the business give greater weight to recent performance
and reflect future uncertainty over the potential outcomes of those plans.
Based on these forecasts it was determined that Andor's expected future cash
flows at 31 March 2025 were not sufficient to support its full carrying value,
resulting in a £26.0m impairment of the acquisition goodwill.
Intangible assets net book value decreased by £16.4m versus the prior year.
This decrease is largely driven by the Andor impairment and £10.6m of
amortisation. This is partially offset the acquisition of FemtoTools in June
2024, adding £10.5m of intangible assets related to trademarks, technology,
know-how and patents, and £9.5m of goodwill.
Property, plant and equipment
Additions to property, plant and equipment were £14.4m in the year. £9.2m of
this was related to investment in the Severn Beach plasma facility, with
£5.8m classed as assets under construction. At year-end, the total assets
under construction balance was £39.0m (FY24: £33.2m). Property, plant and
equipment with a carrying value of £3.6m were disposed of in the year, of
which £1.8m was related to moving out of the Yatton plasma facility. The
depreciation charge for the year was £5.9m.
Working capital
Working capital increased by £11.2m to £64.3m. The increase is mainly driven
by a £9.9m reduction in FY24 customer pre-payments balances related to
NanoScience quantum computing systems which were shipped in FY25, moving from
trade payables to trade receivables. Trade receivables also increased due to
the shipment of large equipment in the final months of the year. Inventories
partially offset these movements, decreasing by £8.8m as a result of
normalising inventory levels following destocking in OEMs, the burn down of
the additional safety stock purchased ahead of the Severn Beach move, and
other operational planning improvements. Approximately £4.2m of the trade
receivables balance was related to sales to the NanoScience large quantum
computing customer in Q4, which were settled by the customer in early April.
Pensions
The Group has a defined benefit pension scheme in the UK. This has been closed
to new entrants since 2001 and closed to future accrual from 2010.
Scheme liabilities decreased to £194.8m (FY24: £223.6m). Company
contributions of £8.7m in the period were offset by market conditions that
reduced the scheme's assets during the period to £219.2m (FY24: £239.7m). On
an IAS 19 basis, the surplus arising from our UK defined benefit pension
scheme obligations on 31 March 2025 rose to £24.4m (FY24: £16.1m).
The scheme's actuarial valuation review, rather than the accounting basis,
determines our cash payments into the scheme. Whilst the scheme is close to
self-sufficiency, the company has agreed to continue contributions until 2029.
The company is expecting to contribute £9m in FY26.
11. Cash and liquidity
The Group ended the year with £85.3m in cash of cash equivalents (£84.4m net
cash). Adjusted cash from operations, including capital expenditure, was
£65.7m (FY24: £37.6m) and represents a cash conversion of 80% (FY24: 47%).
Cash conversion is calculated as adjusted cash from operations divided by
adjusted operating profit. Excluding capital expenditure relating to our new
semiconductor systems facility, and facility expansion in Belfast in FY24,
cash conversion on a normalised basis was 89% (FY24: 64%).
The improvement in cash conversion is mainly driven by a lower working capital
increase in the year versus the prior year (FY25: +£11.4m; FY24: +£24.7m).
This was partially offset by an increase in non-recurring costs of £4.9m.
Free cash flow (FCF) has improved significantly to £31.6m in FY25 (FY24:
£13.5m). This is due mainly to the improvement in cash conversion, and to the
reduction in capital expenditure associated with the new Severn Beach plasma
facility. FCF was used for acquisitions and to fund a dividend payment of
£12.1m (FY24: £11.4m).
The Group Consolidated Statement of Cash Flows is summarised below:
2025 2024
£m £m
Adjusted operating profit 82.2 80.3
Depreciation and amortisation 12.7 11.0
Adjusted EBITDA(1) 94.9 91.3
Working capital movement (11.2) (24.7)
Loss on disposal of plant, property and equipment 1.3 -
Non-recurring items (7.5) (2.2)
Equity settled share schemes (0.1) 3.0
Pension scheme payment above charge to operating profit (7.9) (8.0)
Cash generated by operations 69.5 59.4
Add /(deduct):
Interest income 1.0 2.2
Tax paid (19.8) (16.1)
Capitalised development expenditure (1.5) (0.7)
Expenditure on tangible and intangible assets (12.1) (26.5)
Payments made in respect of finance leases (5.5) (4.8)
Free Cash Flow (FCF)(2) 31.6 13.5
Acquisition of subsidiaries, net of cash acquired (15.4) (13.4)
Dividends paid (12.1) (11.4)
Decrease in borrowings (0.8) (1.8)
Net increase/(decrease) in cash and cash equivalents 3.3 (13.1)
Effect of exchange rate fluctuations on cash held (3.5) (2.9)
Closing cash and cash equivalents 85.3 85.5
Borrowings (0.8) (1.8)
Net cash 84.4 83.8
( )
(1)Adjusted EBITDA is defined as Adjusted operating profit before depreciation
and amortisation of capitalised development costs.
(2) Free cash flow is reported before acquisitions or similar corporate
development activity
Reconciliation of cash generated from operation to adjusted operating cash
flow:
2025 2024
£m £m
Cash generated by operations 69.5 59.4
Add back /(deduct):
Pension scheme payment above charge to operating profit 7.9 8.0
Non-recurring items 7.5 2.2
Capitalised development expenditure (1.5) (0.7)
Expenditure on tangible and intangible assets (12.1) (26.5)
Payments made in respect of finance leases (5.5) (4.8)
Adjusted cash generated by operations 65.8 37.6
Cash conversion(1) 80% 47%
Normalised cash conversion(2) 89% 64%
( )
(1)Cash conversion = Adjusted cash generated by operations divided by adjusted
operating profit.
(2)Cash conversion calculated on a normalised basis excludes expenditure in
the year of £7.9m (FY24: £14.1m) relating to the new semiconductor systems
facility in Severn Beach in FY25 and FY24. FY24 also excludes the property
acquisition in Belfast
The Group maintains an unsecured multi-currency revolving facility agreement
which expires in March 2028, with two extension options. The facility is
supported by four banks and comprises a euro-denominated multi-currency
facility of €95.0m (£80m) and a US dollar-denominated multi-currency
facility of $150.0m (£116m).
Debt covenants are net debt to EBITDA less than 3.0 times and EBITDA to
interest greater than 4.0 times.
12. Dividend
The Group's policy on the dividend takes into account changes to underlying
earnings, dividend cover, movements in currency and demands on our cash. The
Board remains confident in the long-term performance of the business and has
proposed a final dividend of 17.1p (FY24: 15.9p) per share. This results in a
total dividend of 22.2p (FY24: 20.8p) per share, growth of 6.7%. An interim
dividend of 5.1p per share was paid on 7 January 2025. The final dividend will
be paid, subject to shareholder approval, on 19 August 2025 to shareholders on
the register as at 11 July 2025.
13. Return on capital employed (ROCE)
ROCE measures effective management of capital employed relative to the
profitability of the business. ROCE is calculated as adjusted operating profit
less amortisation of intangible assets divided by average capital employed.
Capital employed is defined as assets (excluding cash, pension, tax and
derivative assets) less liabilities (excluding tax, debt and derivative
liabilities).
Average capital employed is defined as the average of the closing balance at
the current and prior year end.
ROCE has fallen on a reported basis to 27.1% (FY24: 29.1%), and on an organic
basis, which excludes the impact of acquisitions, and Andor impairment in the
year, to 26.4% (FY24: 30.6%). The fall in ROCE is due to the increase in
capital employed (CE) to £268.8m from FY23 (FY24: £269.2m; FY23: £219.5m).
Aside from acquisitions, the main drivers are:
· the large investment in the new semiconductor systems facility in
Bristol which has increased property, plant and equipment between year-end
FY23 (included in the FY24 average CE value);
· the significant step up in inventories in FY24 from FY23.
Inventories have reduced in FY25 versus FY24, but remain at historically high
levels due to increases in the level of safety stock to support the Plasma
move to Severn Beach; and
· increased trade receivables due to the volume of high value,
large equipment shipments at year end, including the movement of NanoScience
quantum computing pe-payments from trade payables to trade receivables.
2025 2024
£m £m
Adjusted operating profit 82.2 80.3
Amortisation of acquired intangible assets (9.2) (9.1)
Adjusted operating profit after amortisation of acquired intangible assets 73.0 71.2
Property, plant and equipment 85.6 80.5
Right-of-use assets 29.9 32.4
Intangible assets 121.8 138.2
Long-term receivables 1.0 1.3
Inventories 99.1 108.1
Trade and other receivables 126.2 114.7
Non-current lease liabilities (26.7) (28.6)
Trade and other payables (157.7) (166.2)
Current lease liabilities (4.5) (4.8)
Provisions (5.9) (6.4)
Capital employed 268.8 269.2
Average capital employed 269.0 244.4
Return on capital employed (ROCE) 27.1% 29.1%
Return on invested capital (ROIC)
ROIC measures the after-tax return on the total capital invested in the
business. It is calculated as adjusted operating profit after tax divided by
average invested capital. Invested capital is total equity less net cash,
including lease liabilities. Average invested capital is defined as the
average of the closing balance at the current and prior year end. Oxford
Instruments aims to deliver high returns, measured by a return on capital in
excess of our weighted average cost of capital of 13.4%-14.0%. ROIC has
decreased in the year, due to the same key factors driving capital employed
described above.
2025 2024
£m £m
Adjusted operating profit 82.2 80.3
Taxation (18.2) (20.3)
Adjusted operating profit after taxation 64.0 60.0
Total equity 376.1 365.7
Less: net cash and lease liabilities (53.2) (50.4)
Invested capital 322.9 315.3
Average invested capital 319.1 295.3
Return on invested capital (ROIC) 20.1% 20.3%
Subsequent events
On 10 June 2025 the Group entered into a binding agreement to sell our
NanoScience business for a total consideration of £60m, of which £57m is
payable on closing and up to £3m is contingent on future business performance
over three years. The deal is expected to close in Q3 of FY26.
Whilst a sale process was ongoing prior to 31 March 2025, at that point no
binding offer or terms from prospective buyers had been received and therefore
actions to complete the sale remained highly uncertain. In addition,
management were not committed to sale and given the macro conditions
prevailing at that time a successful sale remained highly uncertain. As a
result, the Directors consider that the IFRS 5 conditions to classify the
NanoScience assets as held for sale were not fully met. Therefore, no
adjustments have been made in FY25 financial statements in respect of this
potential transaction.
Capital allocation
The Group generated £31.6m of free cash flow in FY25, and held £85.3m in
cash and cash equivalents at 31 March 2025. The Group will prioritise
opportunities which deliver incremental organic growth and remains committed
to a progressive dividend policy, rising in line with underlying earnings.
Oxford Instruments will consider inorganic opportunities where they offer a
compelling strategic and synergy case, delivering returns above the Group's
financial strict criteria. Alongside this the Group will consider the buy back
of its own shares where it considers there is a compelling case to create
value for individual shareholders.
In accordance with this policy the Board has approved a return of capital to
shareholders of approximately £50m by means of a share buyback. In making
this decision the Board has considered the current and future capital needs of
the business, as well as taken into account the potential future proceeds of a
sale of our NanoScience business.
Forward-looking statements
This document contains certain forward‑looking statements. The
forward-looking statements reflect the knowledge and information available to
the company during the preparation and up to the publication of this document.
By their very nature, these statements depend upon circumstances and relate to
events that may occur in the future, thereby involving a degree of
uncertainty. Therefore, nothing in this document should be construed as a
profit forecast by the company.
PAUL FRY
Chief Financial Officer
12 June 2025
Consolidated statement of income
Year ended 31 March 2025
2025 2024
Adjusted Adjusting items (Note 2) Total Adjusted Adjusting items (Note 2) Total
£m £m £m £m £m £m
Revenue 500.6 - 500.6 470.4 - 470.4
Cost of sales (241.8) - (241.8) (228.0) - (228.0)
Gross profit 258.8 - 258.8 242.4 - 242.4
Other operating income - - - - 3.3 3.3
Research and development (41.1) - (41.1) (39.1) - (39.1)
Selling and marketing (78.7) - (78.7) (74.5) - (74.5)
Administration and shared services (56.5) (42.7) (99.2) (58.7) (14.6) (73.3)
Foreign exchange (loss)/gain (0.3) (0.3) (0.6) 10.2 (0.7) 9.5
Operating profit 82.2 (43.0) 39.2 80.3 (12.0) 68.3
Financial income 2.6 - 2.6 4.7 - 4.7
Financial expenditure (1.4) (0.6) (2.0) (1.7) - (1.7)
Profit/(loss) before income tax 83.4 (43.6) 39.8 83.3 (12.0) 71.3
Income tax (expense)/credit (18.2) 4.4 (13.8) (20.3) (0.3) (20.6)
Profit/(loss) for the year attributable to equity shareholders of the parent 65.2 (39.2) 26.0 63.0 (12.3) 50.7
Earnings per share (in pence)
Basic 112.4p 44.8p 109.0p 87.7p
Diluted 111.1p 44.3p 107.5p 86.5p
Consolidated statement of comprehensive income
Year ended 31 March 2025
2025 2024
£m £m
Profit for the year 26.0 50.7
Other comprehensive (expense)/income:
Items that may be reclassified subsequently to Consolidated Statement of
Income
Foreign exchange translation differences (2.0) (5.5)
Items that will not be reclassified to Consolidated Statement of Income
Remeasurement loss in respect of post-retirement benefits (1.1) (19.4)
Tax credit on items that will not be reclassified to Consolidated Statement of 0.2 4.8
Income
Total other comprehensive expense (2.9) (20.1)
Total comprehensive income for the year attributable to equity shareholders of 23.1 30.6
the parent
Consolidated statement of financial position
As at 31 March 2025
2025 2024 as restated(1)
£m £m
Assets
Non-current assets
Property, plant and equipment 85.6 80.5
Intangible assets 121.8 138.2
Right-of-use assets 29.9 32.4
Long-term receivables 1.0 1.3
Derivative financial instruments 0.3 0.2
Retirement benefit asset 24.4 16.1
Deferred tax assets 11.1 13.7
274.1 282.4
Current assets
Inventories 99.1 108.1
Trade and other receivables 126.2 114.7
Current income tax receivable 9.4 1.0
Derivative financial instruments 1.9 2.3
Cash and cash equivalents 94.1 97.8
330.7 323.9
Total assets 604.8 606.3
Equity
Capital and reserves attributable to the company's equity shareholders
Share capital 2.9 2.9
Share premium 62.6 62.6
Other reserves 0.2 0.2
Translation reserve 5.4 7.4
Retained earnings 305.0 292.6
376.1 365.7
Liabilities
Non-current liabilities
Bank loans 0.5 0.9
Lease liabilities 26.7 28.6
Retirement benefit obligations 0.9 -
Provisions 1.3 -
Deferred tax liabilities 16.7 12.9
46.1 42.4
Current liabilities
Bank loans and overdrafts 9.2 13.1
Trade and other payables 157.7 166.2
Lease liabilities 4.5 4.8
Current income tax payables 6.0 7.6
Derivative financial instruments 0.6 0.1
Provisions 4.6 6.4
182.6 198.2
Total liabilities 228.7 240.6
Total liabilities and equity 604.8 606.3
(1)Details of restatement of prior period numbers can be found in Note 7.
Consolidated statement of changes in equity
Year ended 31 March 2025
Share capital Share premium Other reserves Translation reserve Retained earnings Total
£m £m £m £m £m £m
As at 1 April 2024 2.9 62.6 0.2 7.4 292.6 365.7
Profit for the year - - - - 26.0 26.0
Foreign exchange translation differences - - - (2.0) - (2.0)
Remeasurement loss in respect of post-retirement benefits - - - - (1.1) (1.1)
Tax credit on items that will not be reclassified to Consolidated Statement of - - - - 0.2 0.2
Income
Total comprehensive (expense)/income - - - (2.0) 25.1 23.1
Share-based payment transactions - - - - (0.1) (0.1)
Income tax on share-based payment transactions - - - - (0.5) (0.5)
Dividends - - - - (12.1) (12.1)
Total transactions with owners: - - - - (12.7) (12.7)
As at 31 March 2025 2.9 62.6 0.2 5.4 305.0 376.1
As at 1 April 2023 2.9 62.6 0.2 12.9 265.4 344.0
Profit for the year - - - - 50.7 50.7
Foreign exchange translation differences - - - (5.5) - (5.5)
Remeasurement loss in respect of post-retirement benefits - - - - (19.4) (19.4)
Tax credit on items that will not be reclassified to Consolidated Statement of - - - - 4.8 4.8
Income
Total comprehensive (expense)/income - - - (5.5) 36.1 30.6
Share-based payment transactions - - - - 3.0 3.0
Income tax on share-based payment transactions - - - - (0.5) (0.5)
Dividends - - - - (11.4) (11.4)
Total transactions with owners: - - - - (8.9) (8.9)
As at 31 March 2024 2.9 62.6 0.2 7.4 292.6 365.7
Consolidated statement of cash flows
Year ended 31 March 2025
2025 2024
£m £m
Cash flows from operating activities
Profit for the year 26.0 50.7
Adjustments for:
Income tax expense 13.8 20.6
Net financial income (0.6) (3.0)
Fair value movement on financial derivatives 0.3 0.7
Impairment of goodwill 26.0 -
Amortisation of right-of-use assets 5.4 5.0
Depreciation of property, plant and equipment 5.9 5.3
Amortisation and impairment of intangible assets 10.6 9.8
Loss on disposal of plant, property and equipment 1.3 -
(Credit)/charge in respect of equity-settled employee share schemes (0.1) 3.0
Contributions paid to the pension scheme more than the charge to operating (7.9) (8.0)
profit
Decrease/(increase) in inventories 8.8 (26.3)
Increase in receivables (10.0) (2.7)
Increase/(decrease) in payables and provisions 1.1 (2.8)
(Decrease)/increase in customer deposits (11.1) 7.1
Cash generated from operations 69.5 59.4
Interest paid (0.6) (0.9)
Income taxes paid (19.8) (16.1)
Net cash from operating activities 49.1 42.4
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 2.3 0.5
Purchase of property, plant and equipment (14.4) (27.0)
Acquisition of subsidiaries, net of cash acquired (15.4) (13.4)
Capitalised development expenditure (1.5) (0.7)
Interest received 1.6 3.1
Net cash used in investing activities (27.4) (37.5)
Cash flows from financing activities
Interest paid on lease liabilities (0.6) (0.8)
Payment of lease liabilities (4.9) (4.0)
Repayment of borrowings (0.8) (1.8)
Dividends paid (12.1) (11.4)
Net cash used in financing activities (18.4) (18.0)
Change in cash and cash equivalents 3.3 (13.1)
Cash and cash equivalents at beginning of the year 85.5 101.5
Effect of exchange rate fluctuations on cash held (3.5) (2.9)
Cash and cash equivalents at end of the year 85.3 85.5
Comprised of:
Cash and cash equivalents as per the Consolidated Statement of Financial 94.1 97.8
Position
Bank overdrafts (8.8) (12.3)
85.3 85.5
1 Segment information
The Group's operating segments were previously combined into three aggregated
operating segments; Materials & Characterisation, Research &
Discovery, and Service & Healthcare. From 1 April 2024, these have now
been combined into two new aggregated operating segments to the extent that
they have similar economic characteristics, with relevance to products and
services, type and class of customer, methods of sale and distribution, and
the regulatory environment in which they operate. Each of these two aggregated
operating segments is a reportable segment. In the previous structure, service
revenue for operating segments was reported within Service & Healthcare,
in the new structure service revenue is reported within each respective
operating segment. The aggregated operating segments are as follows:
- The Imaging & Analysis segment comprises a group of businesses
focusing on microscopy, cameras, analytical instruments and software.
- The Advanced Technologies segment comprises a group of businesses focusing
on compound semiconductor fabrication equipment, cryogenic and superconducting
magnet technology and X-ray tubes.
Prior year results have been adjusted to reflect the new operating segments.
The Group's internal management structure and financial reporting systems
differentiate the two aggregated operating segments based on the economic
characteristics discussed above.
Reportable segment results include items directly attributable to a segment as
well as those which can be allocated on a reasonable basis. The operating
results of each are regularly reviewed by the Chief Operating Decision Maker,
which is deemed to be the Executive Directors. Discrete financial information
is available for each segment and used by the Executive Directors for
decisions on resource allocation and to assess performance. No asset
information is presented below as this information is not presented in
reporting to the Group's Executive Directors.
On 9 January 2024, the Group acquired 100% of the issued share capital of
First Light Imaging which has been integrated into the Imaging & Analysis
segment. On 28 June 2024, the Group acquired 100% of the issued share capital
of FemtoTools which has also been integrated into the Imaging & Analysis
segment.
Results
2025 Imaging & Analysis Advanced Technologies Total
£m £m £m
External product revenue 270.1 146.0 416.1
External service revenue 60.4 24.1 84.5
Total external revenue 330.5 170.1 500.6
Inter-segment product revenue - 1.0
Total segment revenue 330.5 171.1
Segment adjusted operating profit 76.2 6.0 82.2
2024 Imaging & Analysis Advanced Technologies Total
£m £m £m
External product revenue 272.8 121.5 394.3
External service revenue 55.3 20.8 76.1
Total external revenue 328.1 142.3 470.4
Inter-segment product revenue 0.2 0.3
Total segment revenue 328.3 142.6
Segment adjusted operating profit 79.0 1.3 80.3
No individual customer accounts for more than 10% of revenue.
As at 31 March 2025, the Group had unfulfilled performance obligations under
IFRS 15 of £262.6m (2024: £301.5m). It is anticipated that £261.9m (2024:
£277.3m) of this balance will be satisfied within one year. The remainder is
anticipated to be satisfied in the following financial year.
Reconciliation of reportable segment profit
2025 Imaging & Analysis Advanced Technologies Unallocated Group items Total
£m £m £m £m
Segment adjusted operating profit 76.2 6.0 - 82.2
Transaction-related costs (0.7) (1.1) - (1.8)
Impairment of goodwill (26.0) - - (26.0)
Restructuring costs and charges associated with management changes (1.8) (5.4) (0.6) (7.8)
Amortisation and impairment of acquired intangibles (9.0) (0.2) - (9.2)
Fair value movement on financial derivatives - - (0.3) (0.3)
Financial income - - 2.6 2.6
Financial expenditure - - (2.0) (2.0)
Release of contingent consideration 2.1 - - 2.1
Profit/(loss) before income tax 40.8 (0.7) (0.3) 39.8
2024 Imaging & Analysis Advanced Technologies Unallocated Group items Total
£m £m £m £m
Segment adjusted operating profit 79.0 1.3 - 80.3
Intellectual property litigation settlement - 3.3 - 3.3
Adjustments relating to defined benefit pension schemes - - (0.4) (0.4)
Transaction-related costs (0.7) (0.3) - (1.0)
Restructuring costs and charges associated with management changes - (1.7) (2.0) (3.7)
Intellectual property litigation costs - (0.4) - (0.4)
Amortisation and impairment of acquired intangibles (9.1) - - (9.2)
Fair value movement on financial derivatives - - (0.7) (0.7)
Financial income - - 4.7 4.7
Financial expenditure - - (1.7) (1.7)
Profit/(loss) before income tax 69.2 2.2 (0.1) 71.3
2025 Imaging & Analysis Advanced Technologies Unallocated Group items Total
£m £m £m £m
Capital expenditure (3.9) (10.2) (0.3) (14.4)
Depreciation of property, plant and equipment (2.9) (2.4) (0.6) (5.9)
Amortisation of right-of-use assets (2.2) (1.2) (2.0) (5.4)
Amortisation and impairment of intangibles (35.6) (0.5) (0.5) (36.6)
Capitalised development expenditure (0.8) (0.7) - (1.5)
2024 Imaging & Analysis Advanced Technologies Unallocated Group items Total
£m £m £m £m
Capital expenditure (18.1) (6.6) (2.3) (27.0)
Depreciation of property, plant and equipment (3.3) (1.5) (0.5) (5.3)
Amortisation of right-of-use assets (2.4) (0.4) (2.2) (5.0)
Amortisation and impairment of intangibles (9.5) (0.3) - (9.8)
Capitalised development expenditure (0.2) (0.5) - (0.7)
The Group's revenue by destination of the end user is as follows:
Revenue 2025 2024
£m £m
UK 20.4 30.4
China 107.2 127.4
Japan 46.4 43.5
USA 142.3 111.6
Germany 41.4 35.5
Rest of Europe 54.0 50.3
Rest of Asia 66.3 50.6
Rest of World 22.6 21.1
500.6 470.4
Non-current assets (excluding deferred tax) 2025 2024
£m £m
UK 172.3 191.0
China 2.0 4.0
Japan 5.4 6.2
USA 11.2 12.5
Germany 30.0 32.1
Rest of Europe 41.4 22.4
Rest of Asia 0.5 0.2
Rest of World 0.2 0.3
263.0 268.7
2 Adjusting items
In the preparation of adjusted numbers, the Directors exclude certain items in
order to assist with comparability between peers and to give what they
consider to be a better indication of the underlying performance of the
business. In determining whether an event or transaction is an adjusting item,
the Directors consider quantitative as well as qualitative factors such as the
frequency or predictability of occurrence.
These adjusting items are excluded in the calculation of adjusted operating
profit, adjusted profit before tax, adjusted profit for the period, adjusted
EBITDA (defined as adjusted operating profit before depreciation and
amortisation of capitalised development costs), adjusted EPS, adjusted cash
conversion and adjusted effective tax rate. Details of adjusting items are
given below.
Adjusted EBITDA is calculated by adding back depreciation of property, plant
and equipment, amortisation of right-of-use assets and amortisation of
intangible assets to adjusted operating profit, and can be found in the
Consolidated Statement of Cash Flows. The calculation of adjusted EPS can be
found in Note 6. Adjusted effective tax rate is calculated by dividing the
share of tax attributable to adjusted profit before tax by adjusted profit
before tax. The definition of cash conversion is set out in the Finance
Review.
Reconciliation between operating profit and profit before income tax and
adjusted profit
2025 2024
Operating profit Profit before income tax Operating profit Profit before income tax
£m £m £m £m
Statutory measure 39.2 39.8 68.3 71.3
Intellectual property litigation settlement - - (3.3) (3.3)
Adjustments relating to defined benefit pension schemes - - 0.4 0.4
Transaction-related costs 1.8 1.8 1.0 1.0
Impairment of goodwill 26.0 26.0 - -
Restructuring costs and charges associated with management changes 7.8 7.8 3.7 3.7
Intellectual property litigation costs - - 0.4 0.4
Amortisation and impairment of acquired intangibles 9.2 9.2 9.1 9.1
Fair value movement on financial derivatives 0.3 0.3 0.7 0.7
Unwind of discount in respect of contingent consideration - 0.6 - -
Release of contingent consideration (2.1) (2.1) - -
Total adjusting items 43.0 43.6 12.0 12.0
Adjusted measure 82.2 83.4 80.3 83.3
Adjusted income tax expense (18.2) (20.3)
Adjusted profit 82.2 65.2 80.3 63.0
Adjusted effective tax rates 21.8% 24.4%
Intellectual property litigation settlement
The income in the prior year represents one-off settlement income in the
Advanced Technologies segment from defending our intellectual property.
Adjustments relating to defined benefit pension schemes
During the prior year, the Group recognised a one-off charge of £0.4m in
respect of removing the pension increase exchange at retirement option for
deferred members.
Transaction-related costs
These represent the costs of one-off charges incurred at the Statement of
Financial Position date relating to transactional work.
Impairment of goodwill
The Group's microscopy and scientific cameras business, Andor Technology,
faced a challenging trading period as a result of continued healthcare and
life science market weakness, loss of revenues in China, and operational
challenges with certain product lines. Actions have been put in place in to
improve the performance of the business. These plans are in the early phases
of execution, and therefore forecasts at 31 March 2025 for expected future
cash flows from the business give greater weight to recent performance and
reflect future uncertainty over the potential outcomes of those plans. Based
on these forecasts it was determined that Andor's expected future cash flows
at 31 March 2025 were not sufficient to support its full carrying value,
resulting in a partial impairment of the acquisition goodwill.
Restructuring costs and charges associated with management changes
In the current year, these represent £5.0m of costs associated with the
relocation of production facilities within the semiconductor business and
£2.8m of one-off restructuring within the group. In the prior year, these
represent £1.7m of costs associated with the relocation of production
facilities within the semiconductor business and charges of £2.0m incurred in
respect of the recruitment of the CEO and one-off dual-running costs
associated with this appointment.
Intellectual property litigation costs
These represent one-off legal costs to defend our intellectual property.
Amortisation and impairment of acquired intangibles
Adjusted profit excludes the non-cash amortisation and impairment of acquired
intangible assets.
Fair value movement on financial derivatives
Under IFRS 9, all derivative financial instruments are recognised initially at
fair value. Subsequent to initial recognition, they are also measured at fair
value. In respect of instruments used to hedge foreign exchange risk and
interest rate risk, the Group does not take advantage of the hedge accounting
rules provided for in IFRS 9 since that standard requires certain stringent
criteria to be met in order to hedge account, which, in the particular
circumstances of the Group, are considered by the Board not to bring any
significant economic benefit. Accordingly, the Group accounts for these
derivative financial instruments at fair value through profit or loss. To the
extent that instruments are hedges of future transactions, adjusted profit for
the period is stated before changes in the valuation of these instruments so
that the underlying performance of the Group can be more clearly seen.
Unwind of discount in respect of contingent consideration
This represents the unwind of the discount in respect of the contingent
consideration on the acquisition of FemtoTools (Note 7).
Release of contingent consideration
This represents the release of the earn-out provision in respect of the
acquisition of First Light Imaging.
Adjusted income tax expense
Statutory income tax is adjusted for the income tax impact on the adjusting
items described above.
3 Research and development (R&D)
The total research and development spend by the Group is as follows:
2025 Imaging & Analysis Advanced Technologies Total
£m £m £m
R&D expense charged to the Consolidated Statement of Income 24.8 16.3 41.1
Less: depreciation of R&D-related fixed assets (0.2) - (0.2)
Less: amortisation and impairment of R&D costs previously capitalised as (0.6) (0.3) (0.9)
intangibles
Add: amounts capitalised as intangible assets 0.8 0.7 1.5
Total cash spent on R&D during the year 24.8 16.7 41.5
2024 Imaging & Analysis Advanced Technologies Total
£m £m £m
R&D expense charged to the Consolidated Statement of Income 24.9 14.2 39.1
Less: depreciation of R&D-related fixed assets - (0.2) (0.2)
Add: amounts capitalised as fixed assets 0.2 - 0.2
Less: amortisation of R&D costs previously capitalised as intangibles (0.3) (0.3) (0.6)
Add: amounts capitalised as intangible assets 0.2 0.5 0.7
Total cash spent on R&D during the year 25.0 14.2 39.2
4 Income tax expense
2025 2024
£m £m
Recognised in the Consolidated Statement of Income
Current tax expense
Current year 12.6 17.1
Adjustment in respect of prior years (2.5) 1.1
10.1 18.2
Deferred tax expense
Origination and reversal of temporary differences 3.7 1.6
Adjustment in respect of prior years - 0.8
3.7 2.4
Total tax expense 13.8 20.6
Reconciliation of effective tax rate
Profit before income tax 39.8 71.3
Income tax using the weighted average statutory tax rate of 25% (2024: 25%) 9.9 17.8
Effect of:
Tax rates other than the weighted average statutory rate 1.1 (0.2)
Change in rate at which deferred tax recognised (0.9) -
Transaction costs, deferred consideration and impairments not deductible for 7.0 0.4
tax
Non-taxable income and non-deductible expenses 0.1 1.3
Tax incentives - technology-related (1.1) (0.6)
Movement in unrecognised deferred tax 0.2 -
Adjustment in respect of prior years (2.5) 1.9
Total tax expense 13.8 20.6
Taxation credit recognised directly in other comprehensive income
Current tax - relating to employee benefits (0.1) (2.1)
Deferred tax - relating to employee benefits (0.1) (2.7)
Taxation (credit)/charge recognised directly in equity
Current tax - relating to share options (0.3) (0.6)
Deferred tax - relating to share options 0.8 0.5
The UK deferred tax assets and liabilities have been calculated based on the
enacted rate of 25%.
The Group carries tax provisions in relation to uncertain tax positions
arising from the possible outcome of negotiations with tax authorities. The
provision is calculated using the expected value method from a range of
possibilities and assumes that the tax authorities have full knowledge of the
facts. Such provisions reflect the geographical spread of the Group's
operations and the variety of jurisdictions in which it carries out its
activities.
5 Dividends
The following dividends per share were paid by the Group:
2025 2024
pence pence
Previous period final dividend 15.9 14.9
Current period interim dividend 5.1 4.9
21.0 19.8
The following dividends per share were proposed by the Group in respect of
each accounting period presented:
2025 2024
pence pence
Interim dividend 5.1 4.9
Final dividend 17.1 15.9
22.2 20.8
The final dividend for the year to 31 March 2024 of 15.9p per share was
approved by shareholders at the Annual General Meeting on 25 July 2024 and was
paid on 20 August 2024. The interim dividend for the year to 31 March 2025 of
5.1p per share was approved by a sub-committee of the Board on 11 November
2024 and was paid on 10 January 2025.
The proposed final dividend for the year ended 31 March 2025 of 17.1p per
share was not provided at the year end and is subject to shareholder approval
at the Annual General Meeting on 28 July 2025. It is expected to be paid on 19
August 2025, to shareholders on the register on the record date of 11 July
2025, with an ex-dividend date of 10 July 2025 and with the last date of
election for the Dividend Reinvestment Plan (DRIP) being 29 July 2025.
6 Earnings per share
Basic earnings per ordinary share (EPS) is calculated by dividing the profit
attributable to equity shareholders of the parent by the weighted average
number of ordinary shares in issue during the period, excluding ordinary
shares held by the Employee Benefit Trust, which have been treated as if they
had been cancelled.
For the purposes of calculating diluted and diluted adjusted EPS, the weighted
average number of ordinary shares is adjusted to include the weighted average
number of ordinary shares that would be issued on the conversion of all
potentially dilutive ordinary shares expected to vest, relating to the
company's share-based payment plans. Potential ordinary shares are only
treated as dilutive when their conversion to ordinary shares would decrease
EPS.
The following table shows the weighted average number of shares used in the
calculation and the effect of share options on the calculation of diluted
earnings per share:
2025 2024
shares shares
million million
Weighted average number of shares outstanding 58.0 57.9
Less: weighted average number of shares held by Employee Benefit Trust - (0.1)
Weighted average number of shares used in calculation of basic earnings per 58.0 57.8
share
Effect of shares under option 0.7 0.8
Number of ordinary shares per diluted earnings per share calculations 58.7 58.6
Basic and diluted EPS are based on the profit for the period attributable to
equity shareholders of the parent, as reported in the Consolidated Statement
of Income. Adjusted and diluted adjusted EPS are based on adjusted profit for
the period, as reported in Note 2:
2025 2024
£m Pence £m Pence
Profit attributable to equity shareholders of the parent/Basic EPS 26.0 44.8 50.7 87.7
Total underlying adjustments to profit before tax (Note 2) 43.6 75.2 12.0 20.8
Related tax effects (4.4) (7.6) 0.3 0.5
Adjusted profit attributable to equity shareholders of the parent/adjusted EPS 65.2 112.4 63.0 109.0
Diluted basic EPS 44.3 86.5
Diluted adjusted EPS 111.1 107.5
7 Acquisitions
Acquisition of First Light Imaging
On 9 January 2024, the Group acquired 100% of the issued share capital of
First Light Imaging SAS ('First Light Imaging') on a cash-free, debt-free
basis for consideration of €19.3m (£16.6m), of which €3.0m (£2.5m) was
conditional on trading performance over a period of 12 months from the
acquisition. The conditions for the contingent consideration were meeting
certain revenue, order and margin thresholds. In the calculations below, it
was assumed that these thresholds were to be met.
During the period, £0.5m of deferred consideration in relation to a net asset
adjustment was paid. This is included within "acquisition net of subsidiaries,
net of cash acquired" in the period in the Consolidated Statement of Cash
Flows.
The thresholds to pay the remaining contingent consideration were not met and
the payable has been released to the Consolidated Statement of Income (Note
2).
Acquisition-related costs in the period of £0.1m were expensed to the
Consolidated Statement of Income as an adjusting item in the administration
and shared services cost line. Acquisition-related costs in the prior year of
£0.7m were expensed to the Consolidated Statement of Income as an adjusting
item in the administration and shared services cost line.
The acquisition contributed revenue of £0.6m, adjusted operating loss of
£0.6m and a statutory loss before tax of £0.6m to the Group's profit for the
prior year.
If the acquisition had occurred on the first day of the prior year the
acquisition would have contributed revenue of £5.7m, adjusted operating
profit of £0.3m and a statutory profit before tax of £0.3m for the year
ended 31 March 2024.
Retrospective adjustment for prior year business combination accounting
A restatement has been made in the prior year, in relation to a fair value
adjustment to inventory at acquisition of First Light Imaging.
In the Consolidated Financial Statements for the year ended 31 March 2024,
provisional values for the book and fair value of the assets and liabilities
acquired were used because the initial acquisition accounting was incomplete
as at the date of the report. A fair value adjustment has been made to the
provisionally reported amounts, reducing inventory by £0.3m with a
corresponding increase in goodwill. The book and fair value of the assets and
liabilities acquired given in the table below, are no longer provisional.
As a result, the Consolidated Statement of Financial Position as at 31 March
2024 has been restated as follows:
2024 Restatement 2024 (restated)
£m £m £m
Consolidated Statement of Financial Position
Non-current assets
Intangible assets 137.9 0.3 138.2
Current assets
Inventories 108.4 (0.3) 108.1
The restatement did not result in any change to reported profit, earnings per
share, net assets or net cash from operating activities reported in the 2024
full-year Financial Statements.
Acquisition of FemtoTools
On 28 June 2024, the Group acquired 100% of the issued share capital of
FemtoTools AG ('FemtoTools') on a cash-free, debt-free basis for consideration
of CHF 17.9m (£15.8m), with a further CHF 5.5m (£4.8m) which was conditional
on trading performance over a period of 33 months from the acquisition. The
conditions for the contingent consideration were meeting certain revenue,
order and margin thresholds. In the calculations below, it has been assumed
that these thresholds will be met.
The book and fair value of the assets and liabilities acquired is given in the
table below. Fair value adjustments have been made to better align the
accounting policies of the acquired business with the Group accounting
policies and to reflect the fair value of assets and liabilities acquired.
Book value Adjustments Fair value
£m £m £m
Intangible assets - 10.5 10.5
Property, plant and equipment 0.3 - 0.3
Inventories 0.6 - 0.6
Trade and other receivables 0.9 - 0.9
Deferred tax 0.1 (2.1) (2.0)
Trade and other payables (0.9) - (0.9)
Retirement benefit obligations (0.3) - (0.3)
Provisions (0.1) - (0.1)
Cash 1.1 - 1.1
Net assets acquired 1.7 8.4 10.1
Goodwill 9.5
Total consideration 19.6
Net cash acquired (1.1)
Contingent consideration after discounting to transaction date (3.6)
Net cash outflow relating to the acquisition 14.9
The goodwill arising is considered to represent the value of the acquired
workforce and the value of technology that has not been individually fair
valued.
Acquisition-related costs in the year of £0.7m were expensed to the
Consolidated Statement of Income as an adjusting item in the administration
and shared services cost line. There were no acquisition-related costs in the
prior year in relation to this acquisition.
The acquisition contributed revenue of £5.9m, adjusted operating profit of
£1.5m and a statutory loss before tax of £1.5m in the year.
If the acquisition had occurred on the first day of the year the acquisition
would have contributed revenue of £7.2m, adjusted operating profit of £1.3m
and a statutory profit before tax of £1.3m in the year.
8 Intangible assets
Goodwill Customer-related acquired intangibles Technology-related acquired intangibles Development costs acquired intangibles Development costs internally generated Software Total
£m £m £m £m £m £m £m
Cost
Balance at 1 April 2023 124.6 34.1 101.0 1.8 37.3 4.3 303.1
Additions - business combinations (as restated Note 7) 5.7 0.2 10.1 - - 0.1 16.1
Additions - internally generated - - - - 0.7 0.2 0.9
Disposals - - - - (2.8) - (2.8)
Effect of movements in foreign exchange rates (0.8) (0.4) (1.3) - - - (2.5)
Balance at 31 March 2024 and 1 April 2024 as restated (Note 7) 129.5 33.9 109.8 1.8 35.2 4.6 314.8
Additions - business combinations 9.5 0.9 9.6 - - - 20.0
Additions - internally generated - - - - 1.5 - 1.5
Disposals - - - - - (1.2) (1.2)
Effect of movements in foreign exchange rates (1.0) (0.5) (1.7) - 0.2 0.1 (2.9)
Balance at 31 March 2025 138.0 34.3 117.7 1.8 36.9 3.5 332.2
Amortisation and impairment losses
Balance at 1 April 2023 22.9 27.0 81.6 1.6 34.9 3.0 171.0
Amortisation and impairment charged - 1.2 7.9 - 0.6 0.1 9.8
Disposals - - - - (2.8) - (2.8)
Effect of movements in foreign exchange rates (0.3) (0.4) (0.6) (0.3) 0.1 0.1 (1.4)
Balance at 31 March 2024 and 1 April 2024 22.6 27.8 88.9 1.3 32.8 3.2 176.6
Amortisation and impairment charged 26.0 1.3 7.7 0.2 0.9 0.5 36.6
Disposals - - - - - (1.2) (1.2)
Effect of movements in foreign exchange rates (0.2) (0.5) (1.2) (0.1) 0.2 0.2 (1.6)
Balance at 31 March 2025 48.4 28.6 95.4 1.4 33.9 2.7 210.4
Carrying amounts
Balance at 1 April 2023 101.7 7.1 19.4 0.2 2.4 1.3 132.1
Balance at 31 March 2024 and 1 April 2024 as restated (Note 7) 106.9 6.1 20.9 0.5 2.4 1.4 138.2
Balance at 31 March 2025 89.6 5.7 22.3 0.4 3.0 0.8 121.8
(1) Details of the restatement of prior year numbers can be found in Note 7.
During the year the Group made impairments of £0.2m (2024: £nil) in respect
of capitalised development costs, and £26.0m (2024: £nil) in respect of
goodwill.
The following intangible assets are considered material by the Directors as
they represent 97% (2024: 96%) of total acquired intangible assets:
2025 2024 as restated(1)
Acquisition Type Net book value £m Amortisation period years Remaining amortisation period years Net book value £m
Andor Trademarks 2.6 15.0 3.8 3.9
Andor Technology, know-how and patents 3.1 12.0 0.8 7.3
WITec Trademarks 1.7 10.0 6.6 2.0
WITec Technology, know-how and patents 1.4 5.0 1.6 2.4
First Light Imaging Trademarks 0.1 2.0 0.8 0.2
First Light Imaging Technology, know-how and patents:
- OCAM 0.3 12.0 10.8 0.3
- C-RED 8.6 14.0 12.8 9.3
Asylum Technology, know-how and patents - 12.0 - 1.0
FemtoTools Trademarks 0.8 7.0 6.3 -
FemtoTools Technology, know-how and patents 8.8 11.0 10.3 -
(1) Details of the restatement of prior year numbers can be found in Note 7.
Goodwill acquired in a business combination is allocated, at acquisition, to
the cash-generating units (CGUs) that are expected to benefit from that
business combination. The carrying amount of goodwill was allocated to
individual CGUs as follows:
2025 2024 as restated(1)
£m £m
Imaging & Analysis
NanoAnalysis 9.8 9.9
Magnetic Resonance 2.3 2.3
Andor 40.9 67.0
WITec 20.6 21.0
FemtoTools 9.4 -
Advanced Technologies
NanoScience 6.6 6.7
89.6 106.9
(1) Details of the restatement of prior year numbers can be found in Note 7.
The Group tests goodwill annually for impairment, or more frequently if there
are indications that
goodwill might be impaired.
Impairment tests on the carrying values of goodwill, which are the Group's
only indefinite life intangible assets, are performed by analysing the
carrying value allocated to each significant CGU against its value in use.
Value in use is calculated for each CGU as the net present value of that
unit's discounted future cash flows. These cash flows are based on board
approved budget cash flow information for a period of one year and board
approved strategic plans for the following 2 years, both of which are prepared
taking into account a range of factors including past experience, the forecast
future trading environment and macroeconomic conditions in the Group's key
markets. The cash flows beyond the strategic plan period use growth rates
between 2.0% and 2.5%. This rate was considered to be at or below long-term
market trends for the Group's businesses. These forecasts are also adjusted
for more recent information where this is considered to have a material
impact.
Key assumptions
The key assumptions are those regarding discount rates and growth rates.
The growth rates are at or below the Group's view on long-term trends within
its markets. Changes in selling prices and direct costs are based on past
practices and expectations of future changes in the market.
The post-tax weighted average cost of capital used for Imaging & Analysis
and Advanced Technologies in impairment testing is between 13.38% and 13.98%
(2024: 13.14% to 13.64%), in line with the risk associated with each of the
business segments. Management has estimated these discount rates by reference
to past experience and an industry average weighted cost of capital as
adjusted for appropriate risk factors reflecting current economic
circumstances and the risk profiles of each CGU.
Result of impairment assessment
Based on the methodology set out above, as explained in Note 2, the impairment
review for Andor Technology concluded that the carrying values of the business
exceeded their recoverable amounts and accordingly an impairment charge of
£26.0m has been recognised.
The Group's microscopy and scientific cameras business, Andor Technology,
faced a challenging trading period as a result of continued healthcare and
life science market weakness, loss of revenues in China, and operational
challenges. Actions have been put in place in to improve the performance of
the business. These plans are in the early phases of execution, and therefore
forecasts at 31 March 2025 for expected future cash flows from the business
give greater weight to recent performance and reflect future uncertainty over
the potential outcomes of those plans. Based on these forecasts it was
determined that Andor's expected future cash flows at 31 March 2025 were not
sufficient to support its full carrying value, resulting in an impairment of
the Andor CGU.
Sensitivity analysis
The Group has applied sensitivities to assess whether any reasonable possible
changes in assumptions could cause an impairment of the goodwill in any CGU
that would be material to these Consolidated Financial Statements. The
sensitivity analyses did not identify any potential impairment for any CGU,
with the exception of Andor Technology.
For Andor Technology, revenue growth, long-term adjusted operating profit
growth, cash conversion %, and the discount rate are the key assumptions to
which the goodwill impairment review is most sensitive. The following table
provides information of the impact on calculated headroom of various
independent scenarios for each of those key assumptions:
Input Scenario Sensitivity applied Additional impairment charge
£m
Revenue growth rate FY27 - FY28 Base case 2.5% -
Sensitised 0.0% (10.4)
Adjusted operating profit growth rate FY28 onwards Base case 2.0% -
Sensitised 0.0% (7.1)
Cash conversion Base case 86% -
Sensitised 80% (7.5)
Post-tax discount rate Base case 13.98% -
Sensitised 15.48% (7.4)
9 Subsequent events
Disposal of Oxford Instruments NanoScience
On 10 June 2025, the Group entered into a binding agreement to sell the trade
and assets of the Nanoscience business to Quantum Design International Inc for
£60m total consideration, including up to £3m of deferred consideration
linked to performance of the business post-closing. Nanoscience is our Quantum
business and a separately identifiable business within the Oxford Instruments
Nanotechnology Tools Limited legal entity. The disposal is expected to
complete during FY26.
In 2025, NanoScience generated approximately £57.2m of revenue and £1.1m of
adjusted operating profit. Non-recurring transaction-related costs are
expected to be approximately £2m- £3m in 2026. At 31 March 2025, the
business accounted for £34.7m of net assets within the Advanced Technologies
segment.
Risk management
Audit, risk and internal control
An ongoing process for identifying, evaluating and managing the significant
risks faced by the Group is embedded throughout the organisation. Day-to-day
management of this process has been delegated by the Board to the Executive
Directors. Our risk management and internal control systems have been in place
throughout the financial year and up to the date of approval of the Annual
Report, and are subject to annual review by the Audit and Risk Committee. In
respect of the year ended 31 March 2025, the Board considered that these
processes remained effective. A summary of our risk management framework and
process can be found below.
The Board has carried out a robust assessment of the principal risks facing
the Group, including those which threaten its business model, future
performance, solvency and liquidity. Details of all major risks identified,
and the mitigating actions adopted, are reported to and reviewed by the Audit
and Risk Committee throughout the year. Further below we provide an overview
of the major risks and uncertainties faced by the Group. All business units
follow a standard process for risk identification and reporting. The process
is described below. On a regular basis, each business unit reviews and
updates its risk register, which is then consolidated and assessed in the
context of the wider Group and reported to the Chief Executive Officer (CEO).
If a material risk changes or arises, a review of the adequacy of the
mitigating actions taken is completed with the CEO. The Board and Audit and
Risk Committee also consider any risks which may impact delivery against our
strategic objectives at a Group level and consider the approach to managing
and mitigating these risks.
Priorities during financial year ended 31 March 2025
During the year ended 31 March 2025 we strengthened our internal audit and
risk management capability through recruitment of additional headcount and
organisational changes. The role of Head of Risk, Assurance and Trade
Compliance has been split into two, and a dedicated Head of Internal Audit,
with responsibility for risk management and assurance, joined in March 2025,
reporting to the Chief Financial Officer (CFO). Further, a new role, the Group
Head of Trade, Ethics and Compliance, was created, reporting to General
Counsel. These changes have increased the bandwidth available to address both
areas and will provide the focus required to identify and deliver the changes
we consider necessary to comply with the revised UK Corporate Governance
Code.
Also, during the year ended 31 March 2025, the CEO introduced regular
six-monthly formal reviews of principal risks by the Senior Leadership Team.
These include the identification and evaluation of key risks and focus on the
mitigating strategies and actions required, where relevant. New and emerging
risks are also reviewed to support the risk reporting process.
In a further development, we have appointed a Chief Information Security
Officer to strengthen our resilience to cyber security risk.
Risk governance framework
The key accountabilities and features of our risk governance framework are
summarised below:
Operational management
Responsible for risk management and control within the business and, through
the Senior Leadership Team, implementing Board policies on risk and control.
Guided by the internal audit and assurance function, completes detailed risk
reviews on a quarterly basis.
Internal audit and assurance function
Assesses the adequacy and effectiveness of the management of significant risk
areas and provides oversight of operational management's frontline and
assurance activities. Further information regarding the scope of internal
audit and assurance activities is set out below.
Audit and Risk Committee
Reviews the internal financial controls and systems that identify, assess,
manage and monitor financial risks, and other internal control and risk
management systems. More information regarding the work of the Committee can
be found in its report in the Annual Report.
Board
Oversees the internal control framework and determines the nature and extent
of the principal risks the company is willing to take in order to achieve its
long-term strategic objectives. Ultimately accountable for approving the
adequacy and effectiveness of internal controls operated by the Group.
Internal control
Our internal control framework includes central direction, oversight and risk
management of the key activities within the Group. It includes a financial
planning process which comprises a five-year planning model and a detailed
annual budget which is subject to Board approval. All Group businesses'
results are reported monthly and include variance analysis to budget and the
prior year. Management also prepares monthly reforecasts.
Control activities include policies and procedures for appropriate
authorisation and approval of transactions, the application of financial
reporting standards and reviews of significant judgements and financial
performance. Financial, regulatory and operational controls, procedures and
risk activities across the Group are reviewed by the Group's internal audit
and assurance function, and are subject to separate review by subject matter
experts where required (e.g. trade compliance and health and safety).
The internal control framework has been designed to manage, rather than
eliminate, material risks to the achievement of strategic and business
objectives and can provide only reasonable, and not absolute, assurance
against material misstatement or loss. Due to inherent limitations, internal
controls over financial reporting may not prevent or detect all misstatements.
There has been no material change to the Group's internal control framework
during the period covered by this Annual Report
The key components designed to provide effective internal control within the
Group include:
• a formal schedule of matters reserved for the Board for decision and
specific terms of reference for each of its Committees; other than these
matters, the Board delegates to the CEO, who in turn reviews the delegation of
authorities throughout the management structure;
• the Group's internal management beneath the Board is led by the
Senior Leadership Team (SLT). Day-to-day responsibility for the management of
the Group is delegated to the SLT. There are clearly defined lines of
management responsibilities at all levels up to and including the Group Board,
and the Group's accounting and reporting functions reflect this organisation;
• financial reporting lines have been reorganised such that financial
executives within Group businesses report directly to the CFO;
• the Board reviews strategic issues and options both as part of the
annual strategic planning process and on an ongoing basis throughout the year.
In addition, the Executive Directors maintain a five-year planning model of
the Group and its individual businesses;
• annual budgets are prepared for each of the Group's businesses which
include monthly figures for turnover, profit, capital expenditure, cash flow
and borrowings. The budgets are reviewed through the Group management
structure and result in a Group financial budget which is considered and
approved by the Board;
• the businesses prepare monthly management accounts which compare the
actual operating result with both the budget and prior year. They also prepare
rolling reforecasts for orders, turnover, operating profit and cash. These are
reviewed by the Board at each of its scheduled meetings;
• the Board approves all acquisition and divestment proposals and
there are established procedures for the planning, approval and monitoring of
capital expenditure;
• for all major investments, the performance of at least the first 12
months against the original proposal is reviewed by the Board;
• internal audits are carried out through a system of regular reviews
of the financial and non-financial internal controls at individual businesses;
• the Board and its Committees receive regular updates on trade
compliance, sustainability, business ethics, health and safety, treasury, tax,
insurance and litigation, amongst other topics;
• authorisation limits are set at appropriate levels throughout the
Group; compliance with these limits is monitored by the CFO and the Group
assurance function;
• there is a detailed and risk-based delegation of authority structure
in place for sales contracts and managing commercial risks. Contracts with
onerous terms and conditions (such as unlimited liability contracts) are
subject to enhanced approval requirements;
• the International Trade Committee monitors, considers action and
makes recommendations around the management of key risks relating to
international trade, including sanctions, export controls and customs; and
• as regards the UK pension scheme, the Group nominates half of the
Trustee Directors of the scheme's Corporate Trustee; involves as appropriate
its own independent actuary to review actuarial assumptions; agrees the
investment policy with the Trustee; works with the Trustee on its investment
sub-committee to deal with day-to-day investment matters; ensures there is an
independent actuarial valuation every three years; and agrees funding levels
to provide adequate funding to meet the benefit payments to the members as
they fall due.
Risk management process
Our methodical approach to risk management is summarised below. The
principal risks and uncertainties detailed further below are identified,
reported, and monitored through this process.
Alignment with strategy
The broad range of potential factors which could impact the Group are
considered and those which have a significant effect on its ability to deliver
its strategy are determined to be principal risks and uncertainties
Evaluation of risk
Careful consideration is given to:
i) the specific scenarios in which the risk could
arise; and
ii) the various potential impacts which the risk could
present.
Mitigation implementation
Suitable management actions or robust control mechanisms are determined,
developed and implemented.
Risk review
An embedded, cyclical process review:
i) determination of principal risks and
uncertainties; and
ii) effectiveness of the implemented mitigation
mechanisms.
Emerging risks
The Board is required to complete a robust assessment of the company's
emerging and principal risks and confirms that it performed such an evaluation
during the financial year.
It is recognised that emerging risks can also be principal risks. A detailed
description of the principal risks and the activities to mitigate these is set
out below.
The identification and evaluation of emerging risks is derived from the
Group's quarterly risk reporting framework. The output from the business
units' detailed risk registers is reviewed by the Group Head of Internal Audit
and the CFO every quarter. New significant risks reported by the business
units are highlighted and discussed as part of this process. A formal review
of emerging risks is conducted annually, with the outputs shared and discussed
with the Audit and Risk Committee as part of its review of the Group risk
register and principal risks and uncertainties.
In the latest review performed by the Senior Leadership Team, no significant
emerging risks were identified.
The Committee discussed emerging risks with the Executive Directors and Group
Head of Internal Audit and agreed with the assessment that there were no new
significant emerging risks to disclose.
Principal risks and uncertainties
Principal risks are reported and discussed at every meeting of the Audit and
Risk Committee. We generally consider that principal risks are those which
could have a significant adverse impact on the Group's business model,
financial performance, liquidity or reputation. The Audit and Risk Committee
also considers emerging risks, within the risk management framework. A formal
review of emerging risks is conducted annually.
Principal risks and uncertainties matrix
Our principal risks and uncertainties are mapped onto a probability and impact
matrix, so that we can meaningfully assess their relative importance. The
arrows used in this matrix indicate the change in the risk by comparison to
the prior year's assessment. Our methodology uses the Group's assessment of
the residual risk, being the probability of the risk occurring and the
potential impact it may have, taking account of any mitigating actions and
controls that have been implemented.
A simplified version of this matrix is included in the Annual Report 2025, to
be published in June. The most significant risks are positioned in its top
right quadrant and the least significant in the bottom left. It shows that,
based on our assessment, the likelihood of the geopolitical risk materialising
has increased compared to the prior year. For all other risks we consider that
the likelihood has remained the same. For macroeconomic risk and people and
capability risk, we consider that the impact has increased.
The risk management process identified 11 principal risks. We summarise each
risk below, explaining why it is relevant for the Group, setting out the
potential consequences should it materialise and detailing the risk mitigation
mechanisms. Risks are managed at Board level and are not assigned an
individual risk owner.
1 Geopolitical
Context: The Group is principally a UK based, export-driven business which
operates in global markets and is required to comply with relevant regulations
including, but not limited to, sanctions, embargoes and export controls.
Government policies on international trade, including the export of specific
technologies, raw materials and the approval of particular end users are
subject to foreign policy objectives which can change over time.
Risk
· Uncertainty arising from the impact of import tariffs on supply
chains, the increase in the landed cost of goods and end-user pricing may have
an adverse impact on global growth and subsequent demand for our products in
key markets.
· Customers reallocate priorities and financial budgets.
· Export restrictions on our products as a result of changes to
foreign policy objectives.
Possible impact
· Lower net pricing / reduced orders for markets adversely affected
by tariffs, reducing contribution margins or sales volumes.
· Increases to input costs and lower gross margins.
· Counter measures by countries affected, such as restrictions on
supply of key raw materials and investment in domestic alternatives, the
latter leading to longer term reduction in export opportunities to specific
markets.
· Restrictions on the provision of after-sales service, leading to
lower service contract revenues.
· Reduced volumes may impact research and development (R&D)
investment decisions due to adverse impacts on business cases.
Control mechanisms
· Engagement with UK Government and regulatory authorities.
· Engagement with customers to address the impact of tariffs.
· Contract review and protection against breach of contract should
export licences be withheld.
· Long-term investment planning strategies.
Mitigation
· Broad global customer base; contractual protection.
· Market diversification.
· Strategic sourcing / dual sourcing to reduce landed cost of
purchases (notably for USA / China origin goods).
· Use of duty-free programs when applicable.
· Opportunity to leverage potential differences in tariff rates
compared to competitors.
· Focus on lower-risk markets and end users.
Change in the year: Increased
2 Operational transformation
Context: Following the OI30 strategy review an operational transformation
programme is in progress that aims to improve operating efficiencies. Business
plans include revenue growth and operating margin improvements that are, in
part, dependent on realising those efficiencies in production, service
and support functions.
Risk
· The programme may fail to generate operational efficiencies
intended to improve operational gearing through measures such as lead time
reduction and reduced overheads in relative terms.
Possible impact
· Lower sales volumes than planned due to higher lead times.
· Higher costs of production leading to lower gross margins.
· Higher overhead costs leading to lower operating profit.
Control mechanisms
· CEO and steering group oversight of operational excellence
programme.
Mitigation
· Programme headed by Chief Operating Officer with a proven track
record in operational improvement with dedicated support in key areas such as
manufacturing and strategic sourcing.
Change in the year: Unchanged
3 Supply chain
Context: The Group operates a global supply chain, sourcing from many
suppliers across a wide range of categories. For certain technologies, there
are limited alternative sources. Disruption may be triggered by global events
such as conflict, natural disaster, geopolitical developments or a pandemic.
Risk
· Operational disruption or price increases, due to supply chain
shortages, particularly in electronic components.
· Suppliers de-committing orders due to their inability to supply
as a result of internal production issues.
· Change of supplier ownership resulting in loss of supply.
· Regulatory changes or economic viability causing suppliers to
discontinue production, impacting the long-term availability of key
components.
Possible impact
· Short-term delays or hiatus in our production arising from
component shortages.
· Poor customer service.
· Reputational damage.
· Lost revenue.
· Downward pressure on margins.
· Increased lead times and potential of being unable to fulfil
orders.
· Increased stock holding adversely impacting cash conversion.
Control mechanisms
· Sales and operational planning process.
· Group strategic sourcing programme to consolidate demand and
manage key supplier risks.
· Sourcing of alternative options and/or buffer stocks in relation
to high-risk suppliers.
· Long-term contracts with key suppliers.
Mitigation
· Strategic, selective and diversified supplier base.
· Long-term demand planning.
· Buffer stock in extended supply chain.
· Relationship management with key suppliers.
· Responsive and adaptive engineering change process.
Change in the year: Unchanged
4 Routes to market
Context: In some instances, the Group's products are components of
higher‑level systems sold by original equipment manufacturers (OEMs), and
thus the Group does not fully control its route to market.
Risk
· Vertical integration by OEMs.
· Key relationships with OEMs fail or are diminished
Possible impact
· Loss of key customers/routes to market.
· Reduction in sales volumes and/or pricing and
lower profitability.
Control mechanisms
· Customer insight to match product performance to customer needs.
· Positioning of the Oxford Instruments brand and marketing
directly to end users.
Mitigation
· Strategic relationships with OEMs to promote the benefits of
combined systems.
· Product differentiation to promote advantages of Oxford
Instruments' equipment and solutions.
· Direct marketing to end users.
Change in the year: Unchanged
5 New Product Introduction (NPI)
Context: The Group provides high-technology equipment, systems and services to
its customers.
Risk
· Failure of the Group's R&D programme to produce commercially
viable products.
Possible impact
· Loss of market share or negative pricing pressure, resulting in
lower turnover and reduced profitability.
· Additional NPI expenditure.
· Adverse impact on the Group's brand and reputation.
Control mechanisms
· 'Voice of the Customer' customer listening approach and deep
market knowledge to direct product development activities.
· Formal NPI processes to prioritise investment and to manage
R&D expenditure.
· Product life cycle management.
Mitigation
· Understanding customer needs/expectations and targeted new
product development programme to maintain and strengthen product positioning.
· Stage gate process in product development to challenge commercial
business case and mitigate technical risks.
· Operational practices around sales‑production matching and
inventory management to mitigate stock obsolescence risks.
Change in the year: Unchanged
6 Macroeconomic
Context: Macroeconomic factors such as recession, inflation and government
budget priorities, particularly regarding US funding for universities may
affect demand or place upward pressure on key elements of the cost base such
as labour and materials. A high proportion of the Group's revenue is in
foreign currencies, notably US dollars, while the cost base is predominantly
denominated in GBP.
Risk
· Lower demand for the Group's products and services.
· Rises in key cost drivers such as people costs, energy,
components and raw materials.
· For sales of long lead-time items, requirement to make
inflationary estimates when pricing, which may be inaccurate.
· Long-term strengthening of sterling against key foreign
currencies.
Possible impact
· Decrease in sales volumes.
· Increased cost of production leading to a reduction in operating
profit if not offset by sufficient price increases.
· Potential for under-recovery of increases if inflation estimates
are too low, or reduction in order volumes if competitors do not react
similarly.
· Reduction in reported revenue and earnings.
Control mechanisms
· Strategic focus on growth markets.
· Price reviews.
· Inflation protection in commercial response to long lead-time
tenders and long-term agreements.
· Strategic management of currency exposure.
Mitigation
· Ability to address inflationary pressures through
price management reviews.
· Reviews of key drivers of financial performance.
· Reviews of supply chain currency base.
· Active review of net exposure in key currencies.
Change in the year: Increased
7 Cyber/information technology
Context: Elements of production, financial and other systems rely on IT
availability.
Risk
· Cyber-attack on the Group's IT infrastructure.
· Ransomware/spread of viruses or malware.
Possible impact
· System failure/data loss and sustained disruption to production
operations.
· Loss of business-critical data.
· Delays in making payments to employees and suppliers.
· Financial and reputational damage.
· Data privacy breach.
Control mechanisms
· Suite of IT protection mechanisms including firewalls,
penetration testing, regular backups, virtual machines and cyber reviews.
· External IT security consultants.
· Internal IT governance to maintain protection systems and our
incident response.
· Employee awareness training.
Mitigation
· Managed service with third-party security specialists providing
incident monitoring.
· Regular review, monitoring and testing of key security measures
to assess adequacy of protection against known threats.
· Upgrade of enterprise resource planning (ERP) and other internal
systems.
· End user education and phishing simulation exercises.
Change in the year: Unchanged
8 Legal and regulatory compliance
Context: The Group operates in a complex and evolving technological, legal and
regulatory environment, particularly in areas such as export controls and
product compliance. In addition, competitors may seek to protect their
position through enforcement of intellectual property (IP) rights and the
Group may at times experience unintentional legal, regulatory or IP compliance
issues.
Risk
· Infringement of a third party's intellectual property.
· Legal or regulatory breach.
Possible impact
· Potential loss of future revenue.
· Future royalty payments.
· Payment of damages.
· Fines and non-financial sanctions such as restrictions on trade,
exclusion from public procurement contracts.
· Reputational damage.
· Breach of contract with a third party
· Potential loss of suppliers if they cannot meet requirements that
need to be flowed down into supply agreements
Control mechanisms
· Formal 'Freedom to Operate assessment to identify potential IP
issues during product development.
· Internal control framework including Code of Conduct policies,
procedures, risk assessments and training in risk areas such as bribery and
corruption, sanctions, export controls, modern slavery, market abuse and data
protection.
· Specialist compliance teams supported by external advisors.
· Internal and external audits
· Whistleblowing hotline
· Supplier excellence programme
Mitigation
· Confirmation of 'Freedom to Operate' during new product
development stage gate process.
· Compliance training, communications and monitoring programmes for
key compliance risks.
· Regular reviews of policies, procedures and risk assessments
· Channel partner de-risking project
Change in the year: Unchanged
9 People and capability
Context: Delivering and protecting core capability and knowledge is a
strategic priority for the Group.
Risk
· Challenges in attracting and retaining high-quality talent in a
tight labour market, notably for roles requiring niche skills that are in high
demand.
· Shortage of key capabilities required to meet the Group's
strategic priorities.
Possible impact
· Salary inflation and/or additional recruitment costs.
· Adverse impact on NPI.
· Operational disruption.
· Lower sales and profitability.
Control mechanisms
· Strategic focus on the employee experience, including career
development, communications and competitive remuneration, to differentiate
Oxford Instruments.
Mitigation
· Talent management and succession processes.
· Leadership and technical development programmes.
· Hybrid and remote working policies to facilitate
location-agnostic appointments.
· Visa sponsorship registration for employee mobility.
· Comprehensive internal communications.
· Holistic approach to total compensation.
Change in the year: Increased
10 Business interruption
Context: Business units' production facilities are typically located at a
single site and are dependent on availability of parts sourced from global
supply chains.
Risk
· Sustained disruption to production arising from a major incident
at a site.
· Hiatus in production due to shortage of supply.
Possible impact
· Inability to fulfil orders in the short term, resulting in a
reduction in sales and profitability.
· Additional, non-recurring overhead costs.
Control mechanisms
· Business continuity plans for all manufacturing sites.
· Contractual protection to limit financial consequences of delayed
delivery.
· Group strategic sourcing programme.
Mitigation
· Business continuity plans can reduce downtime arising from
incidents and facilitate the restoration or relocation of production.
· Standard sales contracts include clauses for limitation of
liability, liquidated damages and the exclusion of consequential losses.
· Business interruption insurance.
Change in the year: Unchanged
11 Climate change
Context: Climate change generates both risks and opportunities. Our response
needs to address risks and optimise opportunities. More detail on our approach
is set out in our Task Force on Climate-related Disclosures Statement in the
Annual Report.
Risk
· The transition from fossil fuels to a low‑carbon/net zero
economy may require significant changes in materials used and production
methods that may impact our own operations and those of our suppliers.
· Chronic changes in weather and extreme weather events may disrupt
supply chains, operations and logistics.
Possible impact
· Rises in production costs and product development costs to reduce
CO2 emissions linked to our products.
· Delayed production and/or installation leading to delayed
revenue.
· Reduction in sales volumes if we fail to meet customers'
environmental expectations/requirements.
· Reputational damage or loss of investment arising from failure to
anticipate or address climate risk.
· Increased freight and packaging costs.
Control mechanisms
· Sustainability Committee and management-level Sustainability
Leadership Forum.
· Climate-related risks and opportunities evaluation and reporting
embedded in operating businesses.
· Strategic sourcing.
· Product compliance groups.
Mitigation
· Product compliance teams have an established methodology to deal
with changes to environmental regulations.
· Investment in product development to capitalise on the
opportunities for our key enabling technologies to help customers address
climate-related challenges.
· Investment in CO2 reduction solutions.
Change in the year: Unchanged
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