Oxford Instruments lowers full-year expectations after weak first half
Oxford instruments warned shareholders on Tuesday in a trading update that first-half weaknesses will drive full-year performance to the lower end of market expectations.
Oxford Instruments
2,125.00p
16:44 23/04/24
The provider of high technology tools and systems for industry and research said that second-half results are expected to be ahead of last year, helped by improved economic outlook in the UK and US and a strengthening order book.
"However for the full year, given relatively weak trading in the first half, we anticipate performance around the lower end of market expectations," it said.
An interim dividend of 3.7p per share has been announced, up from last year’s 3.36p per share.
First-half orders increased by 20% compared to last year’s results of £201.5m. However, on a constant currency basis, growth was limited to 7%.
Revenue showed a modest 7% increase to £178.5m, boosted by the firm’s acquisition of Andor Technology in January. But, on a constant currency basis, revenue had slumped 6% year-on-year.
As of 09:19 on Tuesday, Oxford Instrument’s share price moved down 2.605 to 1,107.40p per share.