Chairmanâ€™s AGM Statement 2020Source: RNS
Oxford Instruments plc
Chairman's AGM Statement 2020
Oxford Instruments plc, a leading provider of high technology products and services to industrial companies and scientific research communities, is holding its Annual General Meeting today at which the Chairman, Neil Carson, will make the following statement on trading:
The coronavirus has continued to have an impact on trading in the first five months of the year, with cumulative revenue down 2% against last year. Revenue has been supported by a strong uplift in shipments of our compound semiconductor process solutions and installations of cryogenic and magnet systems, in addition to the carry-over of systems that we were unable to ship or install in the final weeks of the last financial year due to the closure of customer sites and travel restrictions. This has partially offset lower revenue to academic markets for our scientific cameras, microscopy products and electron analysers, due to continued disruption across these customers.
Although there remains considerable uncertainty as to the future impact and longevity of covid-19 disruption, we have seen modest order growth over the first five months of trading and a good improvement in the order book. Strong order growth across commercial customers, particularly from our compound semiconductor process solutions, has offset a small decline in orders from academic customers, where we are seeing a slower rate of recovery.
The Group's robust trading performance and focus on protecting its strong balance sheet has resulted in an improvement in net cash to £70.0m as at 7 September 2020 (31 March 2020: £67.5m), in accord with normal seasonal trading patterns.
Oxford Instruments' results for the half year ended 30 September 2020 will be released on 10 November 2020.
Oxford Instruments plc Tel: 01865 393200
Ian Barkshire, Chief Executive
Gavin Hill, Group Finance Director
MHP Communications Tel: 020 3128 8591
Rachel Hirst/Alice McLaren
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Issued for and on behalf of Oxford Instruments plc
Notes to Editors
About Oxford Instruments plc
Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. Innovation has been the driving force behind Oxford Instruments' growth and success for 60 years, supporting its core purpose to address some of the world's most pressing challenges.
The first technology business to be spun out from Oxford University, Oxford Instruments is now a global company and is listed on the London Stock Exchange (OXIG). Its strategy focuses on being a customer-centric, market-focused Group, understanding the technical and commercial challenges faced by its customers. Key market segments include Semiconductor & Communications, Advanced Materials, Healthcare & Life Science, and Quantum Technology.
Their portfolio includes a range of core technologies in areas such as low temperature and high magnetic field environments; Nuclear Magnetic Resonance; X-ray, electron, laser and optical based metrology; atomic force microscopy; optical imaging; and advanced growth, deposition and etching.
Oxford Instruments is helping enable a greener economy, increased connectivity, improved health and leaps in scientific understanding. Their advanced products and services allow the world's leading industrial companies and scientific research communities to image, analyse and manipulate materials down to the atomic and molecular level, helping to accelerate R&D, increase manufacturing productivity and make ground breaking discoveries.