Tuesday 8 June 2021 7:33 am

Oxford Instruments revenue flat as Asia and US growth offsets EU decline

High-tech manufacturer Oxford Instruments today said its order book had surged over the past year but revenue remained flat.

The company, which provides high technology products to industrial companies and scientific research communities, reported revenue of £318.5m in the year ended 31 March 2021. It marks a 0.3 per cent rise on the previous year.

The company, which was the first technology business to be spun out from Oxford University and is now listed on the FTSE 250 index, posted a 12.9 per cent rise in pre-tax profit from £49.5m to £55.9m.

Oxford Instruments’ reported order book grew by 13.2 per cent to £198.1m and it said this strength “increased visibility for the year ahead”.

The London-listed firm’s portfolio includes a range of technologies in areas such as X-ray, optical images and atomic force microscopy.

Shares dipped more than five per cent by lunchtime.

It said its increased orders were driven by demand across the semiconductor, quantum and advanced materials markets. It also came off the back of strong growth in North America and Asia which helped to offset a “modest decline” in Europe.

“Our robust performance, strong order book and breadth of attractive end markets demonstrate the resilience of our business model, positioning us well for good progress in the year despite anticipated currency headwinds and the ongoing uncertainties as global economies look to recover from Covid,” chief executive Ian Barkshire said.

The company’s dividend for the year comes in at 17 pence per share, comprising an interim dividend of 4.1 pence and a proposed final dividend of 12.9 pence.