Oxford Instruments plc - Trading Update 11 April 2018
Oxford Instruments plc, a leading provider of high technology products and services to industrial companies and scientific research communities, is today issuing a trading statement ahead of entering its close period.
As predicted, trading in the second half of the year was supported by a growing order book, our normal second half seasonal bias and currency benefits. We expect performance for the full year to be in line with expectations.
Cash generation in the year is as anticipated with a strong reduction in net debt at 31 March 2018 against 30 September 2017. The phasing of shipments towards the end of the year for some of our higher value systems will lead to a short-term increase in trade receivables and moderate cash conversion for the year.
We remain confident in our ability to deliver good underlying growth from the continued implementation of our Horizon strategy. In the next financial year we expect to see an improvement in performance on a reported basis* after allowing for the impact of an anticipated currency headwind, based on current foreign exchange rates.
Oxford Instruments’ results for the year ended 31 March 2018 will be released on 12 June 2018.
* before the adoption of IFRS 15 ‘Revenue for Contracts with Customers’ and IFRS 16 ‘Leases’
Oxford Instruments plc
Tel: 01865 393200
Ian Barkshire, Chief Executive
Gavin Hill, Group Finance Director
Tel: 020 3128 8100
Rachel Hirst/Luke Briggs