14 Apr

Full-year trading update: Strong second half: full year in line with expectations; continued strong order momentum in Advanced Technologies

Oxford Instruments plc (“Oxford Instruments” or “the Group”), a leading provider of scientific technology tools, software and expertise to academic and commercial partners, is today issuing a trading update for the year ended 31 March 2026 for continuing operations.¹

We expect to deliver a resilient full-year performance in line with market expectations². Full-year order intake for the Group is expected to be up c. 8% on an organic constant currency (OCC)³ basis versus prior year, with a book-to-bill ratio of c. 1.07.

After a tariff-disrupted start to the financial year, we have seen continued positive quarter-on-quarter order intake momentum in our Imaging & Analysis (“I&A”) division. Following a return to growth in H2, full-year order intake is expected to be in line with the prior year on a reported basis, and marginally up versus prior year on an OCC basis.

Within our Advanced Technologies (“AT”) division, tailwinds in the compound semiconductor market, and increasing traction with volume manufacturing customers, have driven c. 30% OCC year-on-year order growth. Order intake accelerated in H2, mainly driven by large US and European commercial customers. Following receipt of a significant multi-year order in April 2026, the current AT order book materially covers planned revenue for FY27, with orders now extending into FY28.

As anticipated, strong execution and improving market conditions in the second half delivered a Group revenue performance significantly ahead of H1, with H2 revenue marginally below the prior year on a reported basis, moving to slightly positive growth on an OCC basis. 

Group operating profit margin continued to benefit from the cost restructuring actions undertaken at our Belfast-based imaging business, and from the expected margin improvement from H2 revenue growth.

The first £50m tranche of the share buyback programme was completed at the end of February. As at 31 March 2026, £11.7m of the second £50m tranche had been completed.

Richard Tyson, Chief Executive Officer, commented:

“The Group’s strong execution in the second half, coupled with excellent order growth in Advanced Technologies, led to a resilient full-year performance against a challenging external backdrop; testament to the great work and agility of all of the team at Oxford Instruments. With good momentum and a strong order book we are well positioned for growth into the new financial year and beyond."

FY26 preliminary results

Oxford Instruments management will present its full-year results to analysts and investors at Deutsche Numis, 21 Moorfields, London, EC2Y 9DB on 9 June 2026.