Oxford Instruments sees stronger H2

Hi-tech tool manufacturer Oxford Instruments said first half pre-tax profit fell to £12.5m from £13.2m the year before but sees an improved second half.

The group, which makes and supplies tools and systems with a focus on research and industrial applications, said revenue surged over 40% in a 'robust' market environment and as it introduced new products.

Revenue for the six months to 30 September 2011 rose 41% to £159m with organic growth of 30%. Adjusted profit before tax rose to £18.7m from £10.6m before.

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Order intake rose 24% to £175m in the six-month period. Oxford saw continued growth in China with orders up 53%.

Chairman Nigel Keen said, "Our broad spread of geographies and technologies, and our strong pipeline of new products should help us to remain resilient in the event of a global economic downturn. We are continuing our active pursuit of acquisitions that have the potential to enhance shareholder value and add to our range of technical capabilities."

"Trading since the period end has remained strong and the Board believes that performance in the second half of the year is likely to exceed that of the first half," he added.

The company, which recently bought US medical firm Platinum Medical Imaging, said its acquisitions of Omicron NanoTechnology and Omniprobe in June are integrating well and performing to plan.

The interim dividend has been lifted 10% to 2.77p.

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cj