Oxford Instruments PLC Trading Update (0323W)
13 April 2023 - 4:00PM
UK Regulatory
TIDMOXIG
RNS Number : 0323W
Oxford Instruments PLC
13 April 2023
Oxford Instruments plc
Trading ahead of expectations for the full year
Oxford Instruments plc, a leading provider of high technology
products and services to industry and scientific research
communities, is today issuing a trading update for the year ended
31 March 2023 (FY23).
Ongoing global trends towards a greener, healthier and more
connected advanced society have continued to drive strong growth in
orders and revenue. This has resulted in good growth in a number of
our chosen end markets, including life science, compound
semiconductor, advanced materials and quantum technology.
Our increased focus on US, European and Japanese markets,
underpinned by customer demand, has resulted in significant growth
in orders and revenue across all three geographies. Orders and
revenue from China have remained broadly in line with the prior
year, despite Covid-related disruption and an increase in UK
Government export licence refusals. Global supply chain challenges
have continued, although, as anticipated, these began to improve in
the second half of the financial year. As a result of these
factors, Group revenue growth for the year is expected to be around
22% (14% at constant currency), with orders ahead of revenue for
the year.
We anticipate that FY23 adjusted operating margin will remain
broadly flat year-on-year, despite cost inflation and the
previously stated lag in recovery through price increases, as well
as our ongoing investment in delivery and efficiency. We continue
to support our future growth ambitions and position ourselves to
deliver process and cost efficiencies, by investing in reinforcing
and extending capabilities across the business, including in
infrastructure, IT, and resources.
Given our strong revenue growth, and supported by a currency
tailwind, we expect adjusted operating profit for the full year
ended 31 March 2023 to be ahead of our previous expectations.
Oxford Instruments' results for the year ending 31 March 2023
will be released on 13 June 2023.
Notes:
1. Adjusted operating profit is before amortisation and
impairment of acquired intangible assets, acquisition items, other
significant non-recurring items, and the mark-to-market revaluation
of financial derivatives.
2. This Update contains forward-looking statements. These have
been made in good faith based on the information available at the
time of the directors' approval of this Update. The directors give
no assurance that these expectations will prove to have been
correct. Due to inherent uncertainties, including economic and
business risk factors underlying such forward-looking information,
actual results may differ materially from those expressed or
implied by these forward-looking statements. The directors
undertake no obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Ian Barkshire, Group Chief Executive
Gavin Hill, Chief Financial Officer
Julian Wais, Head of Investor Relations
MHP Group Tel: 020 3128 8100
Katie Hunt / Eleni Menikou / Veronica
Farah
oxfordinstruments@mhpgroup.com
Notes to Editors
About Oxford Instruments plc
Oxford Instruments designs, supplies and supports
high-technology products and systems which allow the world ' s
leading companies and scientific research communities to image,
analyse and manipulate materials down to the atomic and molecular
level. The Group's products and services help its customers to
accelerate R&D, increase manufacturing productivity and make
ground-breaking discoveries across its key market segments:
Semiconductor & Communications, Advanced Materials, Healthcare
& Life Science, Energy & Environment and Quantum
Technology.
Innovation is the driving force behind Oxford Instruments'
growth and success, supporting its core purpose to enable a
greener, healthier, more connected advanced society. Founded in
1959 as the first technology business to be spun out from Oxford
University, Oxford Instruments is now a global company listed on
the FTSE250 index of the London Stock Exchange (OXIG). Its
customer-centric, market-focused strategy creates competitive
advantage through understanding the technical and commercial
challenges in markets with long-term structural growth drivers.
For more information, visit www.oxinst.com
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