Proactive Investors - Run By Investors For Investors

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. 

View full OXIG profile View Profile

Oxford Instruments Timeline

Related Articles

Alternus Energy solar park in Italy
December 18 2018
The clean energy company’s portfolio includes solar parks in Italy, Germany, and, soon, in the Netherlands
April 29 2019
Tidal, waste-to-energy and hydropower are all set to be part of the portfolio
double decker bus
Here we take a closer look at Ceres Power PLC (LON:CWR), which is commercialising a revolutionary fuel cell technology

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use