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Oxford Instruments on track to meet expectations

Oxford Instruments on track to meet expectations

Oxford Instruments (LON:OXIG) said trading remains in line with expectations, but reported that there has been "some softness" in its industrial markets.

The group, which provides high technology tools and systems for industry and research, told investors that it is set to achieve its targets of a 14 percent increase in revenues and a 14 percent return on sales by the end of the financial year 2013/14.

In the year to March 2012, the company’s sales climbed 29 percent split equally between organic growth and three bolt on acquisitions.

Return on sales also improved within its targets, climbing to 12.5 percent from 10.7 percent.

In the current year, the group’s nanotechnology tools business has made good progress, while the industrial division has continued to trade in line with expectations.

The service unit has performed well providing aftermarket service to the installed base of Oxford Instruments equipment.

However, the group reported that while order intake from its research markets remains good, there has been “some softness” in its industrial markets.

“Despite the ongoing uncertainties in global economies, we believe the diversity of our activities combined with our strong pipe-line of new products will continue to provide good growth opportunities for the group,” said chairman of Oxford Instruments Nigel Keen.

“The board anticipates that Oxford Instruments will continue to make progress in line with our expectations for the financial year.”

Shares in the group were changing hands at 1,296 pence at 10am, down five percent from Monday’s close.

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