A tough year for Oxford Instruments but revenues rise gently

Oxford Instruments

Oxford Instruments, which pioneered the development of MRI scanners in 1959 and has since developed into a high technology business, has reported strong order growth of more than five per cent to £353.7 million in it preliminary results to 31 March.

The company reported revenues of £318.5 million in the year, up marginally on last year (£317.4 million).

Oxford Instruments, which was the first spinout from Oxford University and floated on the stock exchange in 1983, reported a “robust performance in the face of significant Covid disruption”.

Ian Barkshire, Chief Executive of Oxford Instruments plc, said: “We have made good progress during the year as our people have demonstrated outstanding agility to adapt to new ways of working to protect each other and our customers, whilst driving forward with our strategy for increased end market focus and operational effectiveness.

“Our robust performance, strong order book and breadth of attractive end markets demonstrate the resilience of our business model, positioning us well for good progress in the year despite anticipated currency headwinds and the ongoing uncertainties as global economies look to recover from Covid.”

Oxford Instruments employs more than 1,500 people. Headquartered near Abingdon, Oxfordshire, it has a further 13 sites.

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The company was founded by Sir Martin Wood in 1959 with help from his wife Lady Audrey Wood to manufacture superconducting magnets for use in scientific research, starting in his garden shed in Northmoor Road, Oxford.