Oxford Instruments expects profits to be ahead of expectations

Tech company Oxford Instruments PLC has said that its operating profit will be ahead of expectations in its upcoming FY2023.

The expected report of growth in 2023, in which group revenue growth is said to be up 22 per cent, also reflects the successful close of the retiring Ian Barkshire’s 7 year tenure as CEO of the company.

Richard Tyson, who is succeeding Ian as CEO, will be joining Oxford Instruments from TT Electronics PLC once a commencement date for the role is agreed by both companies. During his time at TT Electronics plc Richard has been credited with reshaping and refocusing the business, overseeing the company through growth in revenue, profits and margin.  Prior to taking on the role of CEO at TT Electronics plc, Richard held senior roles at defence group Cobham where he led the aerospace and security division, and at Goodrich Aerospace.

Ian Barkshire said: "I am proud to have led Oxford Instruments, working with the Board and leadership team to drive the transformation we have delivered through the Horizon strategy. It has been an honour to steer one of the UK's most innovative companies, and to work with some of the most dedicated and talented people in our industry. I am fully committed to continuing our growth trajectory through my remaining time in post, and to supporting Richard, the Board and my colleagues during the forthcoming period of transition."

Richard’s appointment sees him joining Oxford instruments during a period of encouraging growth. In a FTY2023 trading update the company said that trading is ahead of expectations for the year ended March 31 2023. This growth has been attributed to global trends towards a healthier, greener society bolstering order numbers and increasing revenue.

Richard will oversee the continued expansion of the company as it further builds on the success of its chosen end markets including: life science, compound semiconductor, advanced materials, and quantum technology. He will also be tasked with maintaining the company’s focus on US, European, and Japanese markets which, in the past year, has brought the company global recognition reflected in the increased order numbers and revenue from each of those areas.

Richard said: "I have long been an admirer of Oxford Instruments, as one of the most exciting technology companies operating today. I look forward to building on the strong foundations created by Ian and the management team, and to maximising the company's potential to thrive and grow in its target markets."

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