Shares in Oxford Instruments PLC (LSE:OXIG) fell 14% on Monday after the scientific technology group reported weaker first-half trading, hit by US tariffs and delayed customer orders.
The company said revenue for the six months to 30 September was down about 8% on an organic constant currency basis, with profits also lower as high-margin imaging products were affected by slower demand. Tariff-related disruption hurt performance in its Imaging and Analysis division, though growth in Advanced Technologies partly offset the impact.
Oxford Instruments said orders picked up in the second quarter, rising nearly 6% after falling 3% in the first, leaving overall order intake up just over 1% for the half-year.
In the Imaging and Analysis unit, orders were down 11% in the first quarter but flat in the second. Advanced Technologies saw strong demand from the compound semiconductor market, with orders up more than 25% in both quarters.
The group expects a stronger second half, supported by seasonal trading patterns, cost savings at its Belfast imaging site and new margin improvement measures. It now forecasts full-year revenue and operating profit to be broadly in line with last year.
Chief executive Richard Tyson said the company had faced “a turbulent time” but praised staff for responding “proactively and with a customer-focused approach.”
The shares fell 280p to 1,700p.