Oxford Instruments delivers strong annual results

Oxford Instruments

Oxford Instruments plc, the Abingdon-based provider of high technology products and systems for industry and research, has delivered a strong set of results in the year to March 31.

Revenues are up more than 15 per cent to £367.3 million and adjusted operating profits are up nearly 17 per cent to £66.3 million.

The company delivered organic revenue growth of 14.5 per cent, partially constrained by supply chain disruption, but revenue growth was boosted by the acquisition last summer of WITec Wissenschaftliche Instrumente und Technologie GmbH, a leading provider of Raman microscopy imaging solutions, based in Germany.

The company saw strong growth in orders of almost 20 per cent and a reported order book of £260.2 million.

Ian Barkshire, Chief Executive of Oxford Instruments, said: “We have successfully navigated the turbulence of the last two years, and, through the dedication of our talented global team and the successful execution of our Horizon strategy, we have emerged as a stronger, more focused business, even better aligned to meet the needs of our customers in attractive end markets with long-term structural growth drivers.

“The business has performed strongly this year, despite supply chain disruption impacting the conversion of orders into revenue and cost inflation holding back margin progression. Looking ahead, we do not foresee short term relief from the current economic headwinds and ongoing supply chain constraints. However, our diverse end-markets remain resilient, and we enter the year with good visibility due to a strong order book and continued order growth. This supports full year outlook in line with our expectations.

“Our products play a critical role for our customers in enabling a greener, healthier, more connected, and advanced society which puts us at the heart of creating a more sustainable future. Our leading product portfolio, the strength of our brand and our relentless drive for continuous operational improvement provide the foundation for sustainable organic growth and continued margin expansion over the medium-term, while our strong financial position supports augmenting growth through synergistic acquisitions.”