Oxford Instruments trading ahead of FY expectations

13th Apr 2023 08:12

(Sharecast News) - High technology products group Oxford Instruments said on Thursday that it was trading ahead of expectations for the full year.

Oxford Instruments stated ongoing global trends towards a |greener, healthier, and more connected advanced society" had continued to drive "strong growth" in orders and revenue, resulting in "good growth" in a number of its chosen end markets.

The FTSE 250-listed group said its increased focus on US, European, and Japanese markets had also resulted in "significant growth" in orders and revenues across all three geographies. Orders and revenue from China were broadly in line with prior year comparatives despite Covid-related disruptions, global supply chain constraints, and an increased level of UK Government export licence refusals

Group revenue growth for the year was expected to be around 22%, with orders ahead of revenue for the year, while adjusted operating profits were pegged to be ahead of previous expectations.

Separately, Oxford revealed chief executive Ian Barkshire will leave the group after seven years in the role and more than 25 years with the company. He will be replaced by Richard Tyson, currently CEO of electronics outfit TT Electronics.

As of 0810 BST, Oxford Instruments shares were up 4.10% at 2,545.36p.

Reporting by Iain Gilbert at Sharecast.com