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Oxford Instruments to provide update at AGM

12 September 2017 07:47

Oxford Instruments said it is holding its Annual General Meeting today in which the Chairman, Alan Thomson, will make the following statement:

"This is my first AGM as Chairman of the group and it is a privilege to lead the group as it becomes increasingly customer-focused, while retaining its leading edge technical solutions.

"I would like to welcome Stephen Blair, who joined the Board in July as Senior Independent Director. Steve was most recently Chief Executive of e2v prior to its acquisition by Teledyne Technologies.

"As previously reported, in the year to March 2017, the group delivered a profit performance in line with expectations.

"We made good progress in developing and announcing the new Horizon strategy to reposition our Group for long-term growth.

"In July we completed the sale of Industrial Analysis. The management team is now implementing the next phase of the Horizon strategy as we commence the structural changes required to move the business towards sustainable growth.

"Turning to trading for the first five months of the current year: reported revenue is in line with last year, supported by favourable currency benefits.

"In the same period, revenue and operating profit at constant currency is behind last year due to lower optical microscopy sales and an increase in the proportion of customised magnet and cryogenic systems with longer production lead times.

""Looking ahead, we expect the second half of the financial year to benefit from the timing of new product introductions and the normal seasonal bias, as well as from the favourable currency impact.

"Overall, expectations for the full year remain unchanged."

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