8th Sep 2015 07:02
LONDON (Alliance News) - Technology tools and systems company Oxford Instruments PLC on Tuesday said its adjusted operating profit is ahead year-on-year and said it is benefiting from a reduction in costs following the restructuring it undertook last year, but it has cut its full year outlook due to tough trading conditions in some of its divisions.
The company said, however, that order volumes are lower year-on-year so far in its financial year, though it has seen an improvement in June and July.
The group said that while it continues to face tough macroeconomic conditions, its Nanotechnologies and Service businesses remain solid and are benefiting from the restructuring actions the company took in its last financial year.
However, the group has reduced its full-year expectations primarily due to the shifting market conditions for its superconducting wire business and the tough trading environment for its Chinese industrial products arm.
By Sam Unsted; [email protected]; @SamUAtAlliance
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