Oxford Instruments FY profits up 54% on strong order book

13th Jun 2023 07:29

(Sharecast News) - Oxford Instruments posted a 54% rise in annual profits on Tuesday, driven by strong order growth.

Pre-tax profit for the year to March 31 came in at £73.5m, up from £47.6m a year earlier.

Orders grew 21% to £511.6m and the reported order book of £319.6m, was up 19.2% on a constant currency basis.

Revenue increased 21.1% at £444.7m, driven by volume, but partially constrained by supply chain disruption and export licence refusals, the company said.

"While mindful that the wider macroeconomic context remains challenging, our record order book and strong positions in attractive end markets underpin our confidence in the future growth of the group," said chief executive Ian Barkshire.

"Our strong balance sheet positions us well to invest in people, infrastructure and innovation, and to make synergistic acquisitions to augment our organic growth. Full year outlook is in line with our expectations."

Reporting by Frank Prenesti for Sharecast.com