Profits rise at Oxford Instruments as orders increase

Oxford Instruments

Oxford Instruments plc, the Abingdon-based provider of high-technology for industry and research, has reported profits surging by more than 27 per cent on revenues of £170 million in its latest, half-year results to the end of September.

The company reported a strong growth in orders of more than 18 per cent and its reported order book grew by more than 13 per cent.

In September the company announced it had completed its €42m purchase of WITec Wissenschaftliche Instrumente und Technologie GmbH and all its Group companies, following regulatory approval from the Federal Ministry for Economic Affairs and Energy (BMWi) in Germany and satisfaction of other closing conditions.

Ian Barkshire, Chief Executive of Oxford Instruments plc, said: “We have emerged from the pandemic a stronger, more focused and efficient business, even more aligned to the needs of our customers in end markets with structural growth drivers. We are increasing our investment to take advantage of these growth opportunities, providing the foundation for good growth and medium-term expansion.

“Whilst supply chain pressures will moderate conversion of orders to revenue and drive cost inflation in the second half, our strategic alignment to a range of attractive end markets, combined with our strong opportunity pipeline and healthy order book, provides us with good momentum going into the second half. Our expectations for further progress in the year are unchanged.”