Oxford enjoys ‘excellent half year’

Unveiling its half year results for the six months to 30 September Oxford said order intake was up 5.5% to £141.3 million (excluding a one-off order in the previous accounting period, they were up by more than 50%). Revenue was 22% up at £113.2 million while pre-tax profit grew to £13.2 million (2009: £5.7 million). Growth was evident across all territories with China continuing to be fastest growing region with sales up 52%. Chairman Nigel Keen (pictured) said: "The Group achieved an excellent first half result. Our order book is at a record high and current levels of customer interest indicate that demand will continue to be strong for the remainder of the current financial year. We are actively pursuing acquisition targets that have the potential to enhance value and our technical capabilities. We remain confident in the continued growth prospects of Oxford Instruments and our ability to produce sustained shareholder value." Oxford said markets for its scientific research products continued to be robust while its industrial markets, which had been hit by recession, demonstrated a sustained increase in demand reflecting increasing confidence among customers. In 2006 Oxford Instruments announced a five year objective to double the size of the business and improve margins significantly. Now in the fifth year of this plan, organic growth targets have been met but recessionary pressure put acquisitions on hold for two years. "Now that markets have stabilised we are actively looking at potential acquisition targets," it said.