11th Jun 2019 09:39
LONDON (Alliance News) - Oxford Instruments PLC said Tuesday profit rose amid double-digit revenue growth through increased demand and successful new products.
For the year to the end of March, the medical and research tools maker reported a pretax profit of GBP35.5 million, up 3.8% from GBP34.2 million the year before.
Revenue for the period grew by 12% to GBP333.6 million from GBP296.9 million. On a constant currency basis, revenue achieved an 11% rise year-on-year.
Oxford Instruments said the strong performance mainly came from the Materials & Characterisation and Research & Discovery sectors, which saw the launch of successful products and increased presence and demand from commercial customers.
The Service & Healthcare sector also delivered good growth, on increased demand for services related to Oxford's own products.
Reported orders for the group in the year were 13% higher at GBP353.5 million due to strong growth across all three segments.
Meanwhile, the order book, which reflects orders for future delivery, grew by 12% to GBP171.6 million from GBP153.0 million.
Oxford Instruments declared a final dividend of 10.6 pence per share, bringing the total payout to 14.4p, up 8.3% from 13.3p the year before.
Over the last two years, Oxford Instruments has been working on its Horizon strategy, making the company more "market-focused", building up its leadership team and developing new products and solutions, changing the way it operates.
Looking ahead, Oxford Instruments said despite the backdrop of geopolitical and market uncertainty, the company expects to make further progress in its current financial year.
"We have made good progress in the year with the continued implementation of our Horizon strategy, which is delivering good growth and improved profitability. We are serving attractive markets with long-term fundamental growth drivers and focusing on segments where we can maintain leadership positions," said Chief Executive Ian Barkshire.
Shares in Oxford Instruments were up 6.8% at 1,160.00 pence on Tuesday.
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