Oxford Instruments plc Trading Update January 2016
Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research, today issues a trading update for the period 1 October to 31 December 2015 (“the period”).
Orders were ahead of the same period in the prior year, on both a reported and organic, constant currency basis. The trend seen in the first half of the year has continued with NanoTechnology Tools performing well, and ahead of last year, whilst Industrial Products has suffered from the continuing weakness of industrial markets. Service sector orders were ahead of the same period last year. The successful acquisition of the service business, MIR, earlier in the year has more than offset the effect of the completion of the Siemens MRI service contract in the prior year.
As expected, revenues for the period in NanoTechnology Tools and Service were marginally down on the same period last year on a constant currency organic basis following weaker long lead time order intake in previous periods. The order book for future deliveries is now ahead of the same period last year on a constant currency organic basis and has grown since the end of the half year. Revenues in the period were slightly up in Industrial Products.
Operating cash flow was strong with net debt at the period end of £146 million.
Summary and Outlook
Performance in the period has been in line with our expectations. Our NanoTechnology Tools businesses continue to perform well, although the markets served by our Industrial Products businesses remain difficult in the face of macroeconomic uncertainty.
The growing order book and strength of our NanoTechnology Tools and Service businesses support our confidence in meeting expectations for the Group for the full year.
Oxford Instruments plc
Tel: 01865 393200
Jonathan Flint, Chief Executive
Kevin Boyd, Group Finance Director
Tel: 020 3128 8100
Rachel Hirst/ Jamie Ricketts