Oxford Instruments reveals growth in half year results

Published by

Tom Kilkelly

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Oxford Instruments, a technology company that provides products and systems for industry and research, has announced its interim results for the six months to 30 September 2023 with reports of growth in a number of areas.

Revenue was up by 4.6 per cent, going from £200.5 million in September last year to £209.7 million this year.

Adjusted operating profit was down from £36.8 million to £36.5 million, a 0.8 per cent change, but profit before taxation was actually up by 0.5 per cent - going from £37.3 million to £37.5 million.

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The company has attributed this success in part to its leading positions in key markets in Healthcare & Life Science, Semiconductor (with a high proportion to compound semiconductor) and Advanced Materials.

Richard Tyson, Chief Executive Officer of Oxford Instruments plc, said: "This is a very robust set of results for Oxford Instruments.

''Our focus on specialist niches within structural growth markets has supported strong revenue and adjusted operating profit growth at constant currency (7.5 per cent and 6.5 per cent respectively), and our positive book-to-bill of 1.07 and order book growth of 10% demonstrates continued strong global demand for our leading products and services.

"I believe there is a substantial opportunity to pair this with enhanced operational performance and effectiveness to deliver even better outcomes for customers, together with margin expansion and attractive, sustainable growth.

"The Group is in a strong position with exciting prospects. We will continue to build on Oxford Instruments' excellent reputation amongst the world's leading companies and scientific research communities. I look forward to working with the team to build on these strong foundations"

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.