16 April 2024

Trading update: Full-year trading in line with expectations

Oxford Instruments plc, a leading global provider of scientific technology and expertise to academic and commercial partners, is today issuing a trading update for the year ended 31 March 2024.

Revenue growth for the year has been strong and is expected to be up around 9% at constant currency (6% at actual rates) on the prior year. Our differentiated positions are driving positive momentum, with growth across all our geographies in our key sustainability-driven and structurally growing end markets, including advanced materials, life science and semiconductors. While orders were lower against a strong comparator year and due to a slowdown in life science OEM orders, our underlying book-to-bill remains positive.

Operating margin is expected to be approximately 100bps behind last year, reflecting losses incurred in our quantum business as a result of ceasing commercial activities in China, and continued operational investment.

We expect adjusted operating profit for the full year ended 31 March 2024 to be in line with expectations.1

The Group enters the new financial year with a strong order book providing good visibility to planned revenues and a good pipeline of growth opportunities in structurally growing end markets.

Oxford Instruments’ results for the year ending 31 March 2024 will be released on 11 June 2024, together with an update on the Group’s strategy.

On 10 July 2024, we will host an investor and analyst site visit at our new etch and deposition systems facility in Bristol, which is now operational. The focus will be on the products and services we provide within the compound semiconductor industry.


1 Adjusted operating profit is before amortisation and impairment of acquired intangible assets, acquisition items, and the mark-to-market revaluation of financial derivatives.