High-tech products and systems supplier Oxford Instruments PLC (LON:OXIG) rowed 4.8% higher in early deals after reporting strong growth in half-year revenues and profits.
Revenue in the six months to the end of September rose 13.1% (9.1% on a constant currency, or CC basis) to £166.3mln from £147.0mln the year before.
Profit before tax soared 55.2% to £18.0mln from £11.6mln in 2018. Adjusted profit before tax, which excludes amortisation of acquired intangible assets (£4.8mln) and downward adjustments in the value of the group’s currency hedges (£2.6mln), jumped 28.3% to £25.4mln from last year’s £19.8mln.
The interim dividend was increased by 7.9% to 4.1p from 3.8p at the halfway point of the previous fiscal year.
“The breadth of our product portfolio and the diversity of our end-markets, together with our focus on understanding customer needs and responding to market changes, underpin our ability to deliver further growth and margin improvement,” said Ian Barkshire, the chief executive officer of Oxford Instruments.
“We expect the second half of the financial year to benefit from the normal seasonal bias, with expectations for the current financial year remaining unchanged on a constant currency basis,” he added.