TIDMOXIG
RNS Number : 6215J
Oxford Instruments PLC
13 September 2016
Embargoed until 7.00 am on 13(th) September 2016
Oxford Instruments plc
Chairman's AGM Statement 2016
Oxford Instruments plc, a leading provider of high technology
tools and systems for industry and research, is holding its annual
general meeting today in which the Chairman, Nigel Keen will make
the following statement:
"This will be my last AGM as Chairman of the Group as I step
down at the conclusion of this meeting. It has been a great
privilege to serve as Chairman of Oxford Instruments over the last
17 years and I take enormous satisfaction in what has been achieved
in changing the Group to one that has become increasingly
customer-led, while retaining its leading edge technical solutions.
I am delighted that we have found such an able and experienced
successor in Alan Thomson, who joined the Board in June and today
steps up to Chairman.
I would also like to welcome Mary Waldner, who joined the Board
in February and thank Jock Lennox and Jennifer Allerton, both of
whom are standing down from the Board today.
We were also delighted to appoint Ian Barkshire and Gavin Hill
as Chief Executive and Finance Director respectively in May this
year.
"As previously reported, in the year to March 2016, the Group
delivered a profit performance in line with expectations. Our
NanoTechnology Tools and Service sectors delivered a steady
performance, showing improved profit performance against an
uncertain macroeconomic background, while our Industrial Products
sector continued to face pressure from weakness in its end markets.
We also reported an improvement in our Group order book for future
deliveries.
"We have continued to actively manage the Group's portfolio. In
2015 we acquired Medical Imaging Resources Inc. (MIR), contributing
to the growth in our Service sector. We also put our Omicron
business into a joint venture with GDI Scienta Scientific, and the
joint venture is making good progress towards profitability.
"The cost reduction programme we put in place at the start of
2015 has helped bring our cost base in line with the needs of our
trading activities, delivering the expected savings.
"Within our preliminary announcement made in June 2016 we
highlighted that revenue for the first two months of trading was in
line with last year and profits marginally ahead.
Turning to current trading, revenue in the year to date is
marginally ahead of last year, with growth in NanoTechnology Tools
and Service supported by favourable currency benefits. Revenue and
profit at constant currency is slightly below the same period last
year. The favourable currency benefit on profit is significantly
lower than its impact on revenue due to the Group's ongoing hedging
programme.
"Revenue in our NanoTechnology Tools sector is marginally above
last year. Our innovative new solutions launched during the first
half of the year have received considerable interest which we
expect to translate into orders over the coming months.
"Revenue in Industrial Products has continued to suffer from a
weak superconducting wire market, which we had previously reported,
together with continued market softness in our Industrial Analysis
end markets.
"Revenue in the Service sector is trading ahead of last year,
supported by growth in the servicing of our own equipment.
"Looking ahead, we expect the second half to benefit from a
normal seasonal bias, assisted by favourable currency benefits and
the delivery of further business efficiency improvements. Taking
into account our current pipeline and improved order book, the
Board continues to expect that we will make progress in the year
and we remain well positioned to take advantage from future growth
in our markets."
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Ian Barkshire, Chief Executive
Gavin Hill, Group Finance Director
MHP Communications Tel: 020 3128 8100
Rachel Hirst/Jamie Ricketts
- Ends -
Issued for and on behalf of Oxford Instruments plc
Notes to Editors
About Oxford Instruments plc
Oxford Instruments designs, supplies and supports
high-technology tools and systems with a focus on research and
industrial applications. Innovation has been the driving force
behind Oxford Instruments' growth and success for over 50 years,
and its strategy is to effect the successful commercialisation of
these ideas by bringing them to market in a timely and
customer-focused fashion.
The first technology business to be spun out from Oxford
University, Oxford Instruments is now a global company and is
listed on the London Stock Exchange (OXIG). Its objective is to be
the leading provider of new generation tools and systems for the
research and industrial sectors with a focus on nanotechnology. Its
key market sectors include nano-fabrication and nano-materials. The
company's strategy is to expand the business into the life sciences
arena, where nanotechnology and biotechnology intersect.
This involves the combination of core technologies in areas such
as low temperature and high magnetic field environments; Nuclear
Magnetic Resonance; X-ray, electron, laser and optical based
metrology; atomic force microscopy; optical imaging; advanced
growth, deposition and etching.
Oxford Instruments aims to pursue responsible development and
deeper understanding of our world through science and technology.
Its products, expertise, and ideas address global issues such as
energy, environment, security and health.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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