Oxford Instruments PLC Half Year Trading Update (8500P)
12 October 2023 - 5:00PM
UK Regulatory
TIDMOXIG
RNS Number : 8500P
Oxford Instruments PLC
12 October 2023
Oxford Instruments plc
Half Year Trading Update - 12 October 2023
This announcement contains inside information.
Robust overall demand and order book visibility. Full year
trading anticipated towards the lower end of expectations
Oxford Instruments plc, a global provider of high technology
products and services to many of the world's leading companies and
scientific research communities, is today issuing a trading update
for the half year ended 30 September 2023.
Our differentiated positions in key structural growth markets
including advanced materials, life science, compound semiconductor,
and quantum technology are continuing to generate positive results
overall.
Revenue is ahead of the first half of last year, with
particularly good growth in Research & Discovery. Growth in
Materials & Characterisation has been tempered by some softness
in higher margin segments. Orders for the first half of the
financial year are expected to be slightly behind a strong
comparator period (HY23: up 18.7%), with some timing delays to
anticipated customer orders impacting the first half. However, we
expect to report good order book growth for the half year,
reflecting a positive book-to-bill of approximately 1.07.
A currency headwind and continued investment in infrastructure,
operational capability and capacity means that adjusted operating
profit(1) for the first six months of the year will be broadly in
line with last year. We anticipate that this will result in a
slightly reduced margin for the half year.
While we remain mindful of the current macro-economic and
political climate, our order book for the remainder of FY23/24 is
strong and supported by a robust pipeline. Our operational
improvement programme is expected to support an increase in
production alongside our normal seasonal second half weighting.
This provides good visibility for an expected improvement in
trading, with full year trading towards the lower end of
expectations.
Oxford Instruments' results for the half year ending 30
September 2023 will be released on 14 November 2023.
Notes:
1. Adjusted operating profit is before amortisation and
impairment of acquired intangible assets, acquisition items, and
the mark-to-market revaluation of financial derivatives
2. Oxford Instruments compiled analyst forecast range for
adjusted operating profit (year to 31 March 2024) is GBP78.6m to
GBP84.3m, with consensus at GBP82.8m
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Richard Tyson, Chief Executive
Gavin Hill, Chief Financial Officer
Julian Wais, Head of Investor Relations
MHP Tel: 020 3128 8100
Tim Rowntree/Katie Hunt/Eleni Menikou
oxfordinstruments@mhpgroup.com
- 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 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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