Oxford Instruments PLC (AIM:OXIG) shares ticked back up towards recent all-time highs as the producer of technology for industry and research hiked its dividend 8% on the back of results in line with expectations.
Revenue of £445mln for the year to 31 March 2023 was up 21.1% on the prior year, with adjusted profit before tax rising 24% to £82mln.
Net cash climbed to £100.2mln from £85.9mln and a final dividend of 14.9p made for a total of 19.5p for the year, up 7.7%.
Orders swelled 17% to £276.3mln.
Chief executive Ian Barkshire said the positive momentum reflects the FTSE 250 group's focus on "structural growth markets that are enabling a greener, healthier, more connected advanced society".
He said growth in orders, revenue and profit, as well as maintaining margin, had benefited from the performance strengthening in the second half in part thanks to new pricing structures.
"While mindful that the wider macroeconomic context remains challenging, our record order book and strong positions in attractive end markets underpin our confidence in the future growth of the group," he added on the outlook, with guidance for the new year unchanged.
The shares rose 1% to 2,780p, having dropped back from an all-time high of 2,884.8p in May.
Analysts at Jefferies said, following updated guidance in April, the results were in line with expectations.
"We expect the market will be impressed by the fact that, of the 14% constant currency revenue growth, 70% of this is down to volume, with pricing benefits in the order book only really starting to hit in 2H."
The growth in the order book was "equally impressive", with a book to bill ratio in the period of 1.13 times, aided by an improvement in China as lockdowns eased.
"That said, China's share of revenue in the year fell to 24% from 28% as the group's strategy to focus on growth opportunities in Europe and North America endured, improving the geopolitical risk profile of the group," the analysts said.