9 June 2026
Improving momentum through H2. Advanced Technologies entering a new phase of growth.
Oxford Instruments plc, a leading provider of high technology products and systems for industry and research, today (9 June 2026) announces its preliminary results for the full year to 31 March 2026.
- Strong H2 across the Group delivered full-year performance slightly ahead of expectations (see note 1) reflecting agile response to a challenging geopolitical environment
- NanoScience divestment improves focus, group margin and contributes £42m in net proceeds
- Advanced Technologies (AT) order intake up 28% for the year, with FY27 planned revenue now largely covered and compound semiconductor opportunity pipeline continuing to strengthen
Financial highlights
- Strong demand from commercial semiconductor customers across both divisions
- Imaging & Analysis (I&A) order intake momentum improving through the year, with orders up 8% in H2 (+1.3% full year)
- Strong margin performance in I&A (OCC +120 bps, reported +50 bps) following Belfast restructuring, portfolio refocus and operational excellence benefits
- Group revenue down 3.0% OCC (-4.6% reported) following disrupted H1 in I&A and later than expected conversion of AT orders to revenue. Group revenue up 1.3% OCC in H2
- Book-to-bill of 1.06 (see note 7) provides momentum for FY27
- Group adjusted operating margin continuing to move forward, up 30 bps on a constant currency basis (reported down 50 bps) following strong I&A margin delivery. Currency headwind of £4.5m to adjusted operating profit
- Reported operating profit and margin sharply up after FY25 impairment charge for Belfast-based Andor business, with restructuring actions positively impacting business performance
- NanoScience proceeds (£42.4m) and strong normalised cash conversion (89%) supporting a share buyback of £62.2m, and growth in net cash (see note 8) to £94.0m (+11.4%)
- Proposed 6.3% increase in full-year dividend to 23.6p (see note 9)
Strategic and operational highlights
- Portfolio optimised through divestment of NanoScience, strengthening Group operating margin, and resulting in a simplified, more focused AT division
- Successful restructuring of our Belfast imaging facility in I&A with a focus on cost base, high contribution product lines, and increasing productivity supporting second half performance
- Proactive response to the changing macroeconomic environment, including:
- Acceleration of electron microscope ‘Made in China’ initiative, to meet local requirements
- Relocating some atomic force microscopy manufacturing from the US to Germany, and transferring some nanoindentation production from Switzerland to the UK
- Mitigation of rare earth magnet restrictions through proactive R&D and alternative sourcing
- New products introduced, including in atomic force microscopy, nuclear magnetic resonance, Raman and scientific cameras, further consolidating our technological lead and expanding commercial market opportunities
- Progressing strategic shift to high-volume manufacturing customers in compound semiconductors, investing in strengthening customer service proposition and enhanced capability for larger and more complex installations