Oxford Instruments PLC (LSE:OXIG) shares fell 6.6% to 2,884p after the scientific instruments group reported lower annual revenue and earnings, despite highlighting a strong recovery in orders and growing demand from semiconductor customers.
Adjusted operating profit declined 7.3% to £73.7 million on revenue that fell 4.6% to £423.2 million in the year to 31 March.
Profit before tax jumped 53% to £58.5 million, with discontinued operations after tax rising 463% to £3.7 million.
The company said performance was affected by disruption in the first half, including challenges in its Imaging & Analysis division and delays in converting orders into revenue within Advanced Technologies.
However, trading improved through the second half, with group revenue returning to growth on a constant currency basis and order intake rising 6.4% to £450.4 million, including a 28% jump in Advanced Technologies orders driven by demand from commercial semiconductor customers.
Richard Tyson, chief executive, said: "Strong strategic progress and an effective response to market headwinds led to a good full-year performance, despite significant disruption in the first half."
Oxford Instruments said its Advanced Technologies division had entered "a new phase of growth", with a record order book providing visibility into the 2027 financial year and beyond.
The group increased its full-year dividend 6.3% to 23.6p and finished the year with net cash of £94 million after the sale of its NanoScience business.
