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LONDON (Alliance News) - Oxford Instruments PLC on Tuesday said its sales rise as it met expectations for the first half and said its order book has strengthened, while its pretax profit increased despite interim revenue falling.
The technology tools and systems company also said Chairman Nigel Keen will step down in September 2016.
Oxford Instruments said its pretax profit for the half year to the end of September 2015 rose to GBP6.1 million from GBP2.5 million a year earlier, despite revenue in the half falling to GBP164.8 million from GBP175.0 million, as it benefited from cost-cutting it made at the end of its 2015 financial year.
The group's NanoTechnology Tools and Service sectors both performed well in the half, with strong profit and margins in both, though its Industrial Products business is still struggling against tough markets. Its order book at the end of September, however, increased to GBP135.7 million, up 15% on an organic basis year-on-year and a 21% rise since the start of the year. The order book strengthened for all divisions, the company said.
Oxford Instruments said it will pay an interim dividend of 3.7 pence per share, flat year-on-year.
"During the first half of the year the group performed in line with expectations at the time of the September trading update with improving margins and a strengthened underlying order book. Our NanoTechnology Tools and Service businesses continue to perform well, although the markets served by our Industrial Products businesses remain difficult in the face of macroeconomic uncertainty," said Chief Executive Jonathan Flint.
"The order book and first half results of our NanoTechnology Tools and Service businesses support our confidence that performance for the group for the full year will be in line with expectations," Flint added.
Oxford Instruments also said Chairman Keen will step down in 2016 after 17 years with the company. He intends to leave after the company's annual general meeting in September 2016 and a search for his replacement has started.
In addition, Chief Operating Officer Ian Barkshire has joined the board of the company. He was appointed to the COO role earlier this year and has been with the company since 1997.
Shares in the group were up 6.1% to 611.50 pence early Tuesday, one of the best performers in the FTSE All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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