18 March 2020
Oxford Instruments plc, a leading provider of high technology products and services to industrial companies and scientific research communities, is today issuing a trading update.
Given the current uncertainty from Covid-19 and the impact on trading, Oxford Instruments plc is issuing its pre-close for the financial year 2019/20 earlier than usual.
The severe disruption as a result of Covid-19 has impacted our customers, with a number of product shipments and installations in the final quarter of the financial year being delayed, in addition to an enforced site closure in California. While we are seeing some re-opening of customer sites in China, the situation in Europe and North America is deteriorating. As a result, the Group currently expects adjusted operating profit for the full year of between £47m to £50m.
Looking ahead, we expect current events to adversely impact trading during the first half of the financial year 2020/21, but at this stage there remains considerable uncertainty. The Group has a strong balance sheet and substantial liquidity, with net cash of over £50m. We operate in robust markets with a well-positioned portfolio of products and solutions for attractive end markets. We remain committed to our strategy and would expect trading to recover in line with a reduction in disruption from Covid-19.
Oxford Instruments’ results for the year ended 31 March 2020 will be released on 9 June 2020.
Note: Oxford Instruments compiled consensus analyst forecast for adjusted operating profit (year to 31 March 2020) is £53.3m. This excludes analysts that have not updated forecasts following the disposals of OI Healthcare and our share in Scienta Omicron.