Oxford Instruments plc Interim Management Statement February 2014
Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research, today issues its Interim Management Statement which covers the period from 1 October 2013 to date.
The positive trend seen in the second quarter of the year has continued with orders ahead of the prior year in the four months since September. Year to date, order run rate is ahead of last year in Asia, Europe and North America.
Year to date sales remain behind the same period last year. However we are anticipating a strong February and March and, despite the recent strength of Sterling and continuing underperformance at our Omicron facility in Germany, we are expecting performance for the year to be broadly in-line with the prior year.
On 22 January 2014 the Group announced that it had received acceptances from approximately 95% of the shareholders of Andor plc and that the offer was wholly unconditional from that date. Andor is a UK based high-technology company specialising in the manufacture of high-end scientific cameras, microscope systems and analytical software for the materials and life science industries. Andor's technology will extend our capability into the optical domain, which is the primary technology used for analysing biological samples at the nano scale, consistent with our recently announced strategy to expand into Nano-Bio.
The £175 million acquisition of Andor was funded from existing cash resources, a new £100 million revolving facility and a £60 million term facility. Both debt facilities are from a banking club comprising HSBC, Santander and RBS.
On 12 November 2013 the Group announced the acquisition of RMG Technology (RMG), completed on 8 November 2013. RMG is a young UK technology company which brings a unique laser technology to our Industrial Analysis business. Progress with integrating the business is on plan and we are seeing considerable interest from our Industrial Analysis customers.
On 21 December 2013, the Group acquired Roentgenanalytik Systeme, a small company based near Frankfurt, Germany, supplying X-ray analysis instrumentation to industrial markets. The acquisition will broaden Industrial Analysis’ product range and give Roentgenanalytik access to global markets and increase investment in product development.
Save as described in this statement, there has been no significant change in the financial position of the Group in the period.
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Oxford Instruments plc
Jonathan Flint, Chief Executive
Kevin Boyd, Group Finance Director
Tel: 01865 393200
Rachel Hirst / Rory King
Tel: 020 3128 8100