High tech instruments maker Oxford Instruments said third quarter profits are ahead of last year and in line with expectations and it expects progress to continue for the remainder of the financial year.
Orders within both its Research and Industrial markets remained robust with the exception of High Brightness LED related equipment within its Plasma Technology business unit. Order demand has fallen as overcapacity in this industry takes effect, the group explained.
Oxford Instruments said despite this, orders, sales and profits at the group for the year to date and for the third quarter remain ahead of the corresponding period last year and consistent with company expectations.
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The group, which bought Platinum Medical Imaging in November 2011, said the deal significantly strengthens Oxford's Service Sector offering, and its integration is progressing to plan.
Otherwise there has been no significant change in the financial position of the group in the period.
"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," Oxford said in a company statement.
Oxford Instruments said it expects to make good progress in line with its expectations and consistent with its 14 cubed objectives.
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