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Oxford Instruments outlook upbeat, hires TT Electronics' Tyson as CEO

13th Apr 2023 09:18

(Alliance News) - Oxford Instruments PLC on Thursday said it expects revenue for year ended on March 31 to rise and said it hired Richard Tyson from TT Electronics PLC as its new chief executive officer.

Shares were up 5.1% at 2,570.00 pence each on Thursday morning in London, the top performer in the FTSE 250 index.

Oxford Instruments provides technology and services to industrial companies and scientific researchers.

For financial 2023, the company said it expects adjusted operating profit to be ahead of previous expectations. For financial 2022, adjusted operating profit was GBP66.3 million.

Oxford Instruments noted growth in orders and revenue across the US, European and Japanese markets due to customer demand. It said that although global supply chain challenges have continued, these began to improve in the second half of the financial year.

As a result, the company now expects revenue growth for the year to be around 22%, with orders ahead of revenue for the year. Revenue was GBP367.3 million for financial 2022.

The company said it expects adjusted operating margin to remain broadly flat year-on-year, despite cost inflation and "the previously stated lag in recovery through price increases, as well as our ongoing investment in delivery and efficiency".

Additionally, Oxford Instruments said Chief Executive Officer Ian Barkshire will retire after seven years in the post.

It has hired Richard Tyson, currently CEO of the Surrey, England-based electronics provider TT Electronics PLC, as the new CEO.

The company said that Barkshire will remain as CEO until Tyson joins, with Tyson's start date to be confirmed in due course.

Chair Neil Carson said: "I am delighted that Richard Tyson will be joining us to lead us through the next phase of our growth. With his record of success and his wealth of expertise in high technology innovation and global manufacturing, Richard is ideally placed to build from the position of strength created by Ian and Chief Financial Officer Gavin Hill, along with our leadership team, and to continue Oxford Instruments' positive trajectory as one of the UK's leading global technology companies."

TT Electronics said it will begin the process of appointing a new CEO, noting Tyson's notice period is 12 months. "He will continue in role until the board has completed the succession process," TT said.

TT also said that trading remains in line with expectations, and it will update further on May 9.

TT Electronics shares were down 4.4% at 187.46 pence each.

By Xindi Wei, Alliance News reporter

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