Oxford Instruments plc Chairman’s AGM Statement 2012
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:
“In June 2011 we outlined our 14 cubed objective to achieve a compound annual revenue growth rate of 14% and a return on sales of 14% by the financial year ending March 2014. It is anticipated that this objective will be achieved predominantly through organic growth and continuing internal efficiency improvements, augmented by targeted bolt on acquisitions.
The year to March 2012 was the first year of the 14 Cubed plan and we reported sales growth of 29% split equally between organic growth and the three bolt-on acquisitions we made to strengthen our competitive position. Return on sales also improved in line with our targets, increasing from 10.7% to 12.5%
In the current year our Nanotechnology Tools business has made good progress as Oxford Instruments’ customers use our equipment to work at the frontiers of science and improve the efficiency of high technology production facilities.
The launch of our new XMax large area detector in August has further consolidated our position as a leading provider of advanced material analysis equipment.
Over the same period our Industrial division has also continued to trade in line with expectations. Our customers use Oxford Instruments’ equipment to implement high-tech manufacturing strategies for advanced materials and products. Sales have been helped by the launch of the new X-MET 7500 hand held material analyser which is helping to grow our market share.
The Service division has performed well providing aftermarket service to the installed base of Oxford Instruments equipment. The Platinum Medical Imaging business acquired in November last year has integrated well and further strengthened our offering in this area.
Order intake from our research markets remains good although as expected there has been some softness in our industrial markets. Despite the ongoing uncertainties in global economies, we believe the diversity of our activities combined with our strong pipe-line of new products will continue to provide good growth opportunities for the Group.
The Board anticipates that Oxford Instruments will continue to make progress in line with our expectations for the financial year.”
For further information please contact:
Oxford Instruments plc
+44 (0)1865 393200
Jonathan Flint – Chief Executive
Kevin Boyd – Group Finance Director
+44 (0)20 3128 8100
Rachel Hirst / Ian Payne