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Oxford Instruments shares rise as it returns to annual profit

The provider of high technology products said for the year ended 31 March 2018, profit before tax increased to £34.2mln from loss of £26.2mln a year ago
oxford instruments
The company increased full year dividends by 2.3% to 13.3p from 13.0p

Oxford Instruments PLC (LON:OXIG) shares rose on Tuesday as the company said it returned to annual profit.

The provider of high technology products said for the year ended 31 March 2018, profit before tax increased to £34.2mln from loss of £26.2mln a year ago. Revenue slipped to £296.9mln from £300.2mln a year ago, but was“ broadly in line with previous year”.

READ: Oxford Instruments shares rise after trading update anticipates strong debt reduction

The company said adjusted profit before tax was up 34.3% to £42.3mln from £31.5mln, driven by strong performance from Materials & Characterisation sector and supported by favourable currency effects.

The company said good operating cash flow and the proceeds from the sale of Industrial Analysis led to a “significant reduction in net debt” to £19.7mln from £109.3mln a year ago.

The company increased full-year dividends by 2.3% to 13.3p from 13.0p.

Ian Barkshire, chief executive, said: “Our chosen end markets remain attractive, supported by commercial and government investment. Our growing order book, customer application focus and drive for operational efficiencies provide confidence for the year ahead.”

He added: “We expect to see an improvement in performance on a reported basis after allowing for the impact of an anticipated currency headwind, based on current exchange rates.”

In early morning trading, Oxford Instruments shares rose 3.8% to 950.0p. 

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