Final Results
Oxford Instruments PLC
13 June 2007
13 June 2007
Oxford Instruments plc
Announcement of preliminary results for the year to 31 March 2007
Oxford Instruments plc, a leading provider of high technology tools and systems
for industry and research, today announced its preliminary results for the year
to 31 March 2007:
• Turnover from continuing businesses increased by 20.6% to £161.6 million
(2006: £134.0 million);
• Continued improvement in gross margins from 40.6% to 41.2% despite
adverse effects of currency and copper price movements;
• Trading profit increased to £8.3 million (2006: £4.4 million);
• Adjusted profit before tax rose to £7.5 million (2006: £4.0 million);
• Adjusted EPS up to 9.6p (2006: 3.9p);
• Recommended final dividend of 6.0p, making a total for the year of 8.4p,
unchanged from last year;
• Before restructuring costs of £2.9 million, cash generated by operations
of £10.9 million was £12.5 million higher than the prior year;
• Working capital as a percentage of sales fell from 18.6% to 17.0%;
• Strategic repositioning of Group towards future growth markets now
yielding tangible and positive results.
Nigel Keen, Chairman of Oxford Instruments plc, said: "The year 2006/07
represents the first full year of our more focused strategy. We have made good
progress during the year and we believe our stronger commercial focus and
improving operational efficiency have laid the foundations for long-term
profitable growth."
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Jonathan Flint, Chief Executive
Kevin Boyd, Group Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
Rachel Hirst
Andrew Jaques
Ian Payne
For further copies of this announcement, please contact Lynn Shepherd at the
Company's registered office at Tubney Woods, Abingdon, Oxfordshire, OX13 5QX
(email: lynn.shepherd@oxinst.com)
Chairman's Statement
Our objective is to generate shareholder value by becoming a leading provider of
tools and systems for use by customers who need to observe and manipulate matter
at the smallest scale.
The continuing businesses performed strongly throughout the year, with orders up
16.3% to £163.0 million. On the same basis revenues grew 20.6% to £161.6
million. Trading profit increased by £3.9 million to £8.3m. This encouraging
performance was despite the adverse effects of movements in foreign exchange
rates and the price of copper, which together adversely impacted profits by £4.0
million.
Our strategy to reposition the Group towards future growth markets is delivering
tangible results. The increasing requirement of compliance to environmental
legislation across the world is a major growth driver for sales of our products.
Our other industrial and commercial businesses, which provide tools for quality
control and small-scale production, also continue to grow. Our sales to the life
science sector have increased in the year with the success of our new HyperSense
(R) product. Other important sectors such as security and energy will provide
opportunities for further growth in the future. We have also begun the process
of converting the opportunities offered by new scientific fields such as
nanoscience into technologies needed for a broad range of new industries
Oxford Instruments now stands as a much more commercially orientated business.
Significant cultural change in the Group has been supported by our talented and
enthusiastic workforce, and I would like to thank them for their positive
response to the new strategy and resulting changes. They have delivered an
appreciable improvement in performance.
The year 2006/07 represents the first full year of our more focused strategy. We
have made good progress during the year and we believe our stronger commercial
focus and improving operational efficiency have laid the foundations for
long-term profitable growth.
Nigel Keen Chairman
13 June 2007
Chief Executive's Statement
Operational Review
Starting from 2005/06, our target is to double the turnover of Oxford
Instruments over five years by organic growth and acquisitions. We plan to
achieve this by becoming a more customer focused business, increasingly
concentrating on new products and markets, such as nanotechnology and
biotechnology. Our products will increasingly consist of complete systems sold
directly to end-users.
Sales from the continuing businesses increased by 20.6% to £161.6 million. The
products we have launched this year have been well received by our customers and
have contributed to our growth. This, together with continuing strong demand
driven by environmental legislation around the world and a strong performance in
Asia means that our internal targets for this first year of our five year plan,
have been met entirely from organic growth.
We have invested significantly in our global sales infrastructure, which works
with our highly motivated team of engineers and scientists. We plan to achieve
our objectives by using our world-renowned capabilities in magnetic fields,
cryogenics, X-ray technology and software to develop high performance tools to
meet customer needs. We are committed to a coherent product development
programme, exploiting our worldwide distribution channels and strong brand image
to successfully commercialise our technological lead.
At the same time as increasing the top line, work has been underway to improve
the percentage return on sales to the mid-teens from a base of 3.0% in the
financial year 2005/06. We expect to achieve this by obtaining better value from
our fixed costs through a higher volume of sales, whilst at the same time
improving operational performance. Our strategy has been to exit unprofitable
product lines and to focus on margin improvement in those businesses which have
a strong market position. These activities have been successful and albeit from
a low base this, year we exceeded our internal target for improving return on
sales, which improved by 2.1 percentage points to 5.1% in the year.
Building on the improvements made to date we are putting additional resources
behind identifying acquisitions which will support our strategy. In general
these will be small or medium sized and will provide technological or market
synergy with our existing business.
Whilst the overall financial performance of the business has been in line with
our plan, movements in the currency markets (particularly the US$ and YEN) and
increases in the price of copper, have adversely affected our profitability this
year. These two effects between them accounted for a reduction in profits of
around £4.0m, compared to that which would have been generated had the values
remained at their 2005/06 levels. This reduced profitability was offset by
better than expected trading and efficiency improvements across the business.
Analytical Businesses
Orders and revenue for the year were £106.7 million (2006: £85.5 million) and
£100.7 million (2006: £80.7 million) respectively. Trading profit was £10.1
million (2006: £6.1 million).
Our Analytical Businesses provide measurement and fabrication instruments for
industrial and research customers. The business units are: Industrial Analysis,
X-Ray Technology, NanoAnalysis and Plasma Technology.
Our Industrial Analysis business, which produces tools that enable our
industrial customers to analyse materials, had a successful year. Order intake
and sales reached record levels. This was fuelled by customers buying equipment
to comply with ROHS (Restriction on Hazardous Substances) legislation, and
increasing sales to customers in sectors such as the oil and gas industry, where
there is growing demand for tools that can positively confirm that the correct
materials have been used in safety-critical applications.
Our X-Ray Technology business, which provides X-ray sources for the industrial
market, had a very strong year driven by the ROHS legislation. We are also
undertaking a research contract for NASA (National Aeronautics & Space
Administration) to develop technology for a forthcoming mission to Mars.
Our NanoAnalysis business is the market-leading provider of a range of detectors
for users of electron microscopes who need to understand chemical and structural
properties. This business enjoyed good sales growth driven by the introduction
of new products. At the half year we announced our new INCAx-act detector based
on new technology which makes it smaller and easier to use whilst maintaining
high performance levels. Sales of INCAx-act have exceeded our expectations in
the second half of the year and have contributed to the growth. In May 2007 we
were awarded the Queen's Award for Enterprise:Innovation for our new INCA
DryCoolTM detector, which offers a method of safe, high sensitivity chemical
analysis without the use of liquid nitrogen.
Plasma Technology provides a range of products for the manufacture of high
performance semiconductors for specialist applications. This business showed
strong organic growth supported by the introduction of our new Atomic Layer
Deposition (ALD) products. Dr David Robbins Chief Technology Officer of Cenamps,
a UK centre of excellence for nano technology at Newcastle University, and one
of our first ALD customers, said "ALD is an extremely exciting technique. The
coatings can be accurately controlled down to a thickness of 1 nanometer which
is about 100,000 times thinner than a sheet of paper, holding exciting
possibilities for a range of industries from electronics to food packaging".
Superconductivity Businesses
Orders and revenue for the year were £56.3 million (2006: £63.9 million) and
£60.9 million (2006: £66.7 million) respectively. Trading profit was £1.6
million (2006: £0.3 million).
Our superconductivity businesses provide materials, tools and systems for
industrial and government customers working at the frontiers of science. The
businesses in Superconductivity are: NanoScience, Superconducting Wire, MRI
Service, Austin Scientific and Molecular Biotools.
Our NanoScience business provides superconducting magnets and cryogenic systems
for our research and academic customers. This business has shown significant
improvement over last year, although there is still some way to go to achieve
the desired performance. Reorganisation and efficiency improvement within
NanoScience mean that on a like for like basis, sales grew significantly in the
year. The long standing historical and technical difficulties that the business
faced have been addressed. As previously reported, we negotiated an exit from
the long running Hybrid contract with the High Magnetic field laboratory in
Grenoble. We have also written off a number of Nuclear Magnetic Resonance assets
relating to our previous trading with NMR OEMs.
This clears the way for us to concentrate on new products with a more commercial
focus. In March 2007 we launched our TritonTM dilution refrigerator, a new type
of cooling device that does not require liquefied gases to operate. This opens
up previously inaccessible markets where very cold detectors would be required,
such as airport security. We also launched the IntegraTM re-condensing device,
which significantly reduces liquid helium requirements for existing customers
and opens up new market possibilities, such as quantum computing where customers
require very low operating temperatures.
Our Superconducting Wire business is a market-leading producer of wire for MRI
(Magnetic Resonance Imaging) and other industries. Although sales grew in the
year this business was adversely affected by the rise in the price of copper,
which is a significant component in the manufacturing process. Financial
instruments and customer contract renegotiation mean that exposure to commodity
price fluctuation is now reduced. The intergovernmental ITER programme, which
seeks to generate large-quantities of energy without any associated carbon
emissions, is expected to lead to orders for our high performance wire in the
last quarter of the 2007/8 financial year.
Our MRI Service business maintains MRI scanners throughout the United States and
in Japan. This business was steady throughout the year and efficiency has
improved with the introduction of GPS monitoring of the fleet of service
vehicles.
Our Austin Scientific business produces, refurbishes and maintains high
technology pumps and refrigerators for industrial and research customers.
Trading was difficult in the first half of the year, particularly in the
research area. An increased focus on industrial customers and a revamping of our
network of sales representatives has meant that order intake picked up towards
the end of the year and we expect to see improved trading in the current year.
Molecular Biotools, which supplies novel analytical instrumentation to the life
sciences and pharmaceutical communities, has generated high levels of growth.
This has been driven by the strong customer pull for the HyperSense (R) product
which allows significant improvements in sensitivity for NMR experiments.
HyperSense occupies a unique position in this marketplace and has received
strong customer acceptance. A user of HyperSense, Professor Craig Malloy M.D,
Professor of Radiology and Internal Medicine, University of Texas Southwestern
Medical Center, commented, "In the short time it has been in our hands, the
HyperSense has fulfilled all expectations. This remarkable and reliable
instrument enabled new experiments in metabolism. The results strongly suggest
that new clinical diagnostic methods are on the horizon."
Innovation
Oxford Instruments Innovation (OII) is tasked with identifying key growth areas
for the business, which fall outside the current portfolio of the trading
businesses. For our chosen targets, OII then implements support to the
acquisition process, or early stage internal development. In the year £3.4m
(2006: £2.0m) was invested in OII and three early stage products were
successfully transferred into the trading divisions for exploitation in the
coming years.
China
This year we celebrated the 10th anniversary of our operations in China where we
now have sales offices in three sites around the country and a low cost
manufacturing facility in Shanghai. Demand in China for our products is strong
and sales rose by 35% this year. In the year, we have moved production of
several product lines to China. Early signs are positive, but there is still
some way to go to transfer a cost effective volume to this facility. Our repair
facility for cryopumps for the Chinese semiconductor market is now operational.
We have also launched the first product incorporating software designed by our
team in Shanghai.
Property
Following site consolidations and efficiency improvements, we have two sites in
the Oxford area which are available for disposal. As reported at the half year,
in North America we have moved into larger premises for our X-Ray Technology
business to cope with increased demand. Our sales office in Boston has also
moved to larger premises to facilitate a new applications laboratory, which will
enable us to sell our biotechnology products more effectively in the US. Our
Plasma Technology business will move to a new, purpose built site in 2008.
Risks to be managed
Oxford Instruments provides high technology equipment and systems. There is
necessarily some technical risk associated with implementing advanced
programmes. This risk has reduced in recent years as the business moves away
from large scale single customer development programmes, towards commercially
orientated products. Our business plan requires the introduction of new products
to gain market share to support our growth. The product introductions made so
far have been successful. However, there is the risk that future product
introductions may not yield the sales forecast, especially when new markets are
accessed.
A significant proportion of Oxford Instruments' profit is made in foreign
currencies and we will therefore continue to have exposure to exchange
fluctuations going forward. We aim to mitigate this risk by natural hedges where
possible and the use of forward contracts. We also rely on purchase of a number
of commodity materials and when prices rise, we cannot always pass this cost
directly onto customers. Steps have been taken in the current year to introduce
hedging on key commodity purchases. Finally, our calculated pension deficit is
sensitive to changes in the actuarial assumptions that may have an appreciable
effect on the reported pension deficit.
Looking Ahead
Following a year of strong sales growth we expect the reorganisations we have
made in the business to continue to deliver organic growth, although the growth
rate driven by ROHS legislation in Europe will reduce. In due course new
legislation in Asia is expected to drive global demand for environmental
compliance equipment. Elsewhere commercial markets for our new products are
expected to remain strong. Further new product introductions are planned and we
will continue to seek out appropriate acquisition opportunities.
We are confident that our strategy of commercialising our technology under our
world renowned Oxford Instruments' brand will generate increased shareholder
value.
Jonathan Flint Chief Executive
13 June 2007
Financial Review
Trading Performance
On a like for like basis, at constant currency, order intake was up 20.2% and
revenues increased by 26.1%. This headline number excludes the effects of a
weakened US Dollar and Japanese Yen which reduced revenues by £7.4 million, and
the revenue lost with the closure of the volume magnet business at the end of
the previous year. Reported revenues grew 9.6% to £161.6 million (2006: £147.4
million).
Gross margins improved from 40.6% to 41.2%, despite unfavourable movements in
exchange rates and an increase in the average price of copper from US$1.88/lb
last year to US$3.16/lb this year. The combined adverse effect of currency and
copper price movements at the, gross margin level is estimated to be
approximately £6.1 million compared with last year.
Total operating expenses increased by £2.9 million to £58.3 million (2006: £55.4
million). Operating expenses benefited by approximately £1.3 million from the
translation of our overseas operations' expenses at weaker exchange rates and
£0.9 million from hedging. Of the total underlying increase of £5.1 million,
approximately £0.5 million was in R&D and £2.7 million was in additional selling
expenses, supporting the £22.8 million growth in orders taken in the period.
Administrative and shared services expenses increased by £1.9 million, a large
proportion of which was due to an increased IAS19 pension charge.
Trading profit increased by £3.9 million to £8.3 million (2006: £4.4 million).
Adjusted profit before tax (note 2) was £7.5 million (2006: £4.0 million).
Amortisation of acquired intangibles
This consists of a £0.2 million charge relating to the amortisation of acquired
intangibles (2006: £0.2 million), and a £0.9 million charge due to the
adjustment, in accordance with IAS12, to the carrying value of goodwill arising
from the utilisation of tax losses that had not previously been recognised as a
deferred tax asset.
Non-recurring costs
In our April trading statement we announced that we were in negotiations that we
expected to result in an asset write-down of approximately £3 million. These
negotiations, though still to be concluded, are at an advanced stage and as a
result we have provided £2.9 million in this year's accounts.
We announced at the half-year that we had provided for a settlement with a
customer over a long running onerous contract, which resulted in a non-
recurring charge of £2.2 million in the first half. This matter is now
finalised and at an amount less than originally anticipated. As a result £0.5
million of the provision released to the income statement in the second half of
the year, through "restructuring and non recurring costs".
Financial income and expenditure
Within financial income and expenditure total net interest payable was £0.1 m
illion (2006: £0.3 million receivable). The interest charge on pension scheme
liabilities exceeded the expected return on pension scheme assets by £0.7 m
illion (2006: £0.7 million).
Taxation
The underlying tax rate on the profit before tax for the continuing businesses
before other operating income, restructuring and non-recurring costs and
amortisation of acquired intangibles was 38% (2006: 55%). The key factors
influencing the rate of tax are high tax rates in overseas jurisdictions such as
USA, Germany and Japan coupled with the inability to offset losses arising in
one jurisdiction against profits arising in another. The tax rate fell in the
year due to our ability to utilise brought forward losses in our subsidiary in
Finland.
The Group has significant tax losses in the UK available to set off against
future taxable profits from certain business streams. A deferred tax asset of
£11.6 million (2006: £19.1 million) has been recognised against timing
differences and unused capital allowances, of this £9.4 million (2006: £16.2
million) relates to the deficit in the pension schemes. No deferred tax asset
has been recognised against past UK tax losses.
Earnings
After a total tax charge of £2.8 million (2006: £2.5 million) the net loss for
the financial year was £1.5 million (2006: loss £3.4 million).
With a weighted average number of shares of 48.2 million (2006: 47.7 million),
the basic loss per share was 3.2 pence (2006: 7.2 pence). After adjusting for
non-recurring items and amortisation of acquired intangibles the earnings per
share of the underlying business was 9.6 pence (2006: 3.9 pence).
Dividends
The Group's proposed final dividend of 6.0p per share (2006: 6.0p), payable on
25 October 2007, gives a total dividend for the year of 8.4p per share (2006:
8.4p). Dividend cover for the underlying business before other operating income,
non-recurring items and amortisation of acquired intangibles amortisation was
1.1 times.
Investment in research and development (R&D)
The total cash spent on research and development in the year was £16.2 million,
up £2.8 million on the prior year in line with the Group's medium term goal of
keeping R&D spend at approximately 10% of revenues. This was made up as follows:
2007 2006
£ million £ million
Total cash spent on research and development
during the year 16.2 13.4
Less: amount capitalised (5.6) (2.6)
Add: amortisation of amounts previously capitalised 1.5 1.1
Research and development charged to the income
statement 12.1 11.9
The net book value of capitalised R&D at the end of the financial year was £9.4
million (2006: £5.5 million).
Balance sheet
Net operating assets, excluding acquired intangibles, increased by £1.2 million
to £58.7 million. Net working capital increased by £0.1 million. The net working
capital to sales ratio reduced from 18.6% to 17.0%. Inventories reduced from
prior year by £1.5m million. Debtor days decreased from 66 days to 61 days.
The net book value of "Property, plant and equipment" reduced by £1.9 million
due to a transfer of a property, with a net book value of £2.0 million into
"Held for sale assets", a £0.5 million adverse movement in foreign exchange and
additions exceeding depreciation and disposals by £0.6 million.
Intangible assets rose by £2.5 million primarily as a result of increased R&D as
explained above.
Assets held for sale represent two properties in Oxfordshire. These are expected
to be sold within the next twelve months.
Pensions
The deficit in the Group's pension schemes decreased by £22.6 million to £30.8
million, as measured under the provisions of IAS19. Assets of the scheme at 31
March 2007 were £135.1 million. The reduction in deficit is due to better than
expected asset performance and an increase in the discount rate applied to
liabilities, which is based on corporate bond yields.
The triennial actuarial valuation of the UK scheme as at 31 March 2006 was
completed during the year resulting in a deficit of £17.7 million. A long-term
plan for recovering the deficit over 10 years was agreed between the Company and
the Pension Trustee Directors.
As a result £2.1 million was paid into the pension fund before year-end,
together with a further £2.1 million in April 2007. Taken together with the £1.8
million paid in financial year 2005/06, this completes the funding of £6.0
million agreed with Pension Trustee Directors at the time of the sale of the
Medical business in March 2005.
Cash
Before Restructuring costs of £2.9 million (2006: £3.1 million) cash generated
by operations at £10.9 million was £12.5 million higher than the previous year.
Working capital increased by £2.0 million in the year compared with an increase
of £10.2 million in the prior year. Working capital as a percentage of sales
fell from 18.6% to 17.0%.
As discussed above, a payment of £2.1 million was made to reduce the pension
deficit, capital expenditure and taxation remained relatively constant at £4.4
million and £2.5 million respectively (2006: £4.2 million and £2.7 million),
dividend payments increased from £2.9 million to £4.0 million due to the timing
of the payments, the underlying dividend per share remaining constant. As
discussed below R&D capitalisation increased by £3.0 million to £5.6 million as
total R&D expenditure rose.
The cash balance at year-end was £2.8 million.
Employees
The number of employees at 31 March 2007 was 1,315 compared with 1,290 at 31
March 2006, an increase of 2.0%.
Share price
The closing mid-market price of the ordinary shares at the end of the financial
year was £2.47, compared with £2.00 at the beginning of the year. The highest
and lowest prices recorded in the financial year were £2.86 and £1.94
respectively.
Hedge Accounting
The Group uses derivative products to hedge its exposure to fluctuations in
foreign exchange rates and the price of copper. In common with a number of other
companies, we decided that the additional costs of meeting the extensive
documentation requirements of IAS39 to apply hedge accounting cannot be
justified. Accordingly the Group will not use hedge accounting for these
derivatives. Net gains and losses on marking to market such derivatives at the
balance sheet date are disclosed in the income statement in Financial Income
(note 9).
Changes in Accounting Treatment
We have made two significant changes to the presentation of the accounts this
year which we hope give shareholders clearer information on the performance of
the Group. The first, which was announced in our Interim Statement, was to treat
certain revenues as agency transactions rather than accounting for them with the
Group as principal. Whilst this has no effect on profit, it reduced revenue and
cost of sales for the year by £15.2 million. The prior period has been restated,
an adjustment of £19.8 million.
The second change involved a review of the allocation of infrastructure and
support costs between operating expenses and cost of sales to add more
transparency to the Group's gross margins. The prior year has been restated to
be comparable which reduced cost of sales and increased operating expenses by
£11.7 million.
Key Performance Indicators
The following key performance indicators show how we have progressed against our
priorities.
2007 2006
Revenue growth
As reported +9.6% +8.5%
At constant currencies, continuing businesses +26.1% +12.7%
Return on sales
Trading profit as a percentage of revenue 5.1% 3.0%
R&D
R&D cash spend as a percentage of revenue 10.0% 9.1%
Going concern
The Financial Statements have been prepared on a going concern basis, based on
the Directors' opinion, after making reasonable enquiries, that the Group has
adequate resources to continue in operational existence for the foreseeable
future.
Kevin Boyd Group Finance Director
13 June 2007
Group Income Statement
Year ended 31 March 2007
2007 2006
as restated
(note 1)
Notes £m £m
----------------------- ------ --------- ---------
Revenue 3 161.6 147.4
Cost of sales (95.0) (87.6)
----------------------- ------ --------- ---------
Gross profit 66.6 59.8
Trading expenses excluding
cost of goods sold 4 (58.3) (55.4)
----------------------- ------ --------- ---------
Trading profit 3 8.3 4.4
Other operating income 6 - 2.0
Amortisation of acquired intangibles 7 (1.1) (0.2)
Restructuring and non-recurring costs 8 (5.2) (6.7)
----------------------- ------ --------- ---------
Operating profit/(loss) 2.0 (0.5)
Financial income 9 8.5 8.1
Financial expenditure 10 (9.2) (8.5)
----------------------- ------ --------- ---------
Profit/(loss) before income tax 1.3 (0.9)
Income tax expense 11 (2.8) (2.5)
----------------------- ------ --------- ---------
Loss for the year attributable to equity
shareholders of the parent (1.5) (3.4)
----------------------- ------ --------- ---------
pence pence
----------------------- ------ --------- ---------
Earnings per share
Basic earnings per share 12 (3.2) (7.2)
Diluted earnings per share 12 (3.2) (7.2)
Dividends per share
Dividends paid 13 8.4 6.0
Dividends proposed 13 8.4 8.4
----------------------- ------ --------- ---------
Total dividends £m £m
----------------------- ------ --------- ---------
Dividends paid 4.0 2.9
Dividends proposed 4.0 4.0
----------------------- ------ --------- ---------
Group Statement of Recognised Income and Expense
Year ended 31 March 2007
2007 2006
£m £m
----------------------------- ---------- ----------
Foreign exchange translation differences for foreign
operations (1.7) 0.9
Cash flow hedges - effective portion - (0.3)
Deferred tax on the above - 0.1
Actuarial gain/(loss) in respect of post retirement 22.1 (10.3)
benefits
Deferred tax on the above (6.7) 3.1
Recycling of fair value movements on
investments/(impairment of carrying value of investment) 0.2 (0.2)
----------------------------- ---------- ----------
Net income/(expense) recognised directly in equity 13.9 (6.7)
Loss for the year (1.5) (3.4)
----------------------------- ---------- ----------
Total recognised income/(expense) for the year -
attributable to equity holders of the parent 12.4 (10.1)
----------------------------- ---------- ----------
Group Balance Sheet
As at 31 March 2007
2007 2006
Notes £m £m
----------------------------- ------ ---------- ----------
Assets
Non-current assets
Property, plant and equipment 21.5 23.4
Intangible assets 18.1 15.6
Available for sale equity securities 0.6 1.0
Deferred tax assets 11.6 19.1
----------------------------- ------ ---------- ----------
51.8 59.1
Current assets
Inventories 25.6 27.1
Trade and other receivables 45.1 45.3
Current income tax recoverable 0.5 0.9
Derivative financial instruments 0.5 0.1
Cash and cash equivalents 3.9 13.9
Held for sale assets 7.0 5.0
----------------------------- ------ ---------- ----------
82.6 92.3
----------------------------- ------ ---------- ----------
Total assets 134.4 151.4
----------------------------- ------ ---------- ----------
Equity
Capital and reserves attributable to the
Company's
equity holders
Share capital 2.5 2.4
Share premium 20.9 20.2
Other reserves 0.1 0.1
Translation reserve (0.8) 0.9
Retained earnings 33.1 22.8
----------------------------- ------ ---------- ----------
16 55.8 46.4
----------------------------- ------ ---------- ----------
Liabilities
Non-current liabilities
Other payables 0.2 0.5
Retirement benefit obligations 14 30.8 53.4
----------------------------- ------ ---------- ----------
31.0 53.9
Current liabilities
Borrowings 1.0 2.9
Bank overdrafts 1.1 1.2
Trade and other payables 40.2 38.7
Current income tax liabilities 1.8 1.9
Derivative financial instruments 0.2 0.3
Provisions 3.3 6.1
----------------------------- ------ ---------- ----------
47.6 51.1
----------------------------- ------ ---------- ----------
Total liabilities 78.6 105.0
----------------------------- ------ ---------- ----------
Total liabilities and equity 134.4 151.4
----------------------------- ------ ---------- ----------
Group Statement of Cash Flows
Year ended 31 March 2007
2007 2006
£m £m
--------------------------------- ---------- ----------
Loss for the year (1.5) (3.4)
Adjustments for:
Income tax expense 2.8 2.5
Net financial expense 0.7 0.4
Restructuring and non-recurring costs 5.2 6.7
Amortisation of acquired intangibles 1.1 0.2
Other operating income - (2.0)
Depreciation of property, plant and equipment 3.4 3.7
Amortisation of research and development 1.5 1.1
--------------------------------- ---------- ----------
Earnings before interest, tax, depreciation and 13.2 9.2
amortisation
Loss on disposal of property, plant and equipment 0.2 0.3
Cost of equity settled employee share schemes 0.2 0.3
Restructuring costs paid (2.9) (3.1)
Cash payments to the pension scheme
more than the charge to the income statement (0.7) (1.2)
--------------------------------- ---------- ----------
Operating cash flows before movements in working capital 10.0 5.5
Decrease/(increase) in inventories 0.6 (6.5)
(Increase)/decrease in receivables (2.3) 2.0
Decrease in payables - (5.4)
Decrease in provisions (0.3) (0.3)
--------------------------------- ---------- ----------
Cash generated by operations 8.0 (4.7)
Interest paid (0.3) (0.6)
Income taxes paid (2.5) (2.7)
--------------------------------- ---------- ----------
Net cash from operating activities 5.2 (8.0)
--------------------------------- ---------- ----------
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 0.1 -
Proceeds from sale of held for sale assets - 0.6
Proceeds from sale of available for sale equity 0.3 2.2
securities
Interest received 0.2 0.9
Acquisition of subsidiaries, net of cash acquired (0.3) (3.9)
Acquisition of property, plant and equipment (4.4) (4.2)
Capitalised development expenditure (5.6) (2.6)
--------------------------------- ---------- ----------
Net cash from investing activities (9.7) (7.0)
--------------------------------- ---------- ----------
Cash flows from financing activities
Proceeds from issue of share capital 0.8 0.8
Proceeds from the disposal of own shares - 0.1
(Decrease)/ increase in short term borrowings (1.9) 0.8
Dividends paid (4.0) (2.9)
--------------------------------- ---------- ----------
Net cash from financing activities (5.1) (1.2)
--------------------------------- ---------- ----------
Net decrease in cash and cash equivalents (9.6) (16.2)
Cash and cash equivalents at beginning of the year 12.7 28.5
Effect of exchange rate fluctuations on cash held (0.3) 0.4
--------------------------------- ---------- ----------
Cash and cash equivalents at end of the year 2.8 12.7
--------------------------------- ---------- ----------
Notes on the Preliminary Financial Statements
1. Basis of presentation of accounts
The Group has adopted two new accounting policies in the year.
The directors now consider that a more appropriate treatment of a certain
revenue stream is as an agency arrangement. Previously the Group had accounted
for the revenue as principal. The change has the effect of reducing both revenue
and cost of sales by £15.2m (2006 £19.8m).
The directors have reviewed the classification of operating costs between cost
of goods sold and overhead categories. The new classification has been applied
to the current and previous years. There is no change to trading profit in
either year. In the prior year the effect has been to reduce cost of sales by
£11.7m, and increase selling and marketing costs, administration and shared
services and research and development by £2.8m, £8.7m and £0.2m respectively.
There is no change to the balance sheet or equity at any reporting date.
The principal exchange rates used to translate the Group's overseas results were
as follows:
Average translation rates 2007 2006 Year end rates 2007 2006
---------------- -------- -------- ---------- -------- --------
US Dollar 1.89 1.79 US Dollar 1.96 1.73
Euro 1.47 1.46 Euro 1.47 1.43
Yen 221 202 Yen 232 205
---------------- -------- -------- ---------- -------- --------
2. Reconciliation between profit and adjusted profit
2007 2006
£m £m
----------------------------- ------------ -----------
Profit/(loss) before income tax 1.3 (0.9)
Other operating income - (2.0)
Amortisation of acquired intangible assets 1.1 0.2
Restructuring and non-recurring costs (note 8) 5.2 6.7
Financial instruments (see below) (0.1) -
----------------------------- ------------ -----------
Adjusted profit before income tax 7.5 4.0
----------------------------- ------------ -----------
Under IAS 39, derivative financial instruments are recognised initially at fair
value - this includes the fixed forward and option based foreign exchange
contracts the Group has entered into in order to manage its exposure to foreign
exchange rate movements. Subsequent to initial recognition, derivative financial
instruments are measured at fair value. In the prior year, the Group hedge
accounted for its derivative financial instruments in order to minimise the
potential volatility in the income statement. However, IAS 39 requires certain
stringent criteria to be met in order to continue to hedge account, which, in
the particular circumstances of the Group, are considered by the Board not to
bring any significant economic benefit. Accordingly, with effect from 1 April
2006, the Group has ceased to hedge account for all of its existing derivative
financial instruments and instead will account for them as trading instruments
with the profit or loss on remeasurement to fair value being taken immediately
to the income statement. Adjusted profit for the year is stated before changes
in the valuation of these instruments so that the underlying performance of the
Group can more clearly be seen.
3. Segment information - Analysis by business
Information is presented in the consolidated preliminary financial statements in
respect of the Group's business segments. These are the primary basis of our
segmental reporting.
Segment results include items directly attributable to a segment as well as
those which can be allocated on a reasonable basis.
a) Total
Year to 31 March 2007
Analytical Supercon- Total
ductivity
£m £m £m
---------------------- ---------- ------------ -----------
Revenue 100.7 60.9 161.6
---------------------- ---------- ------------ -----------
Trading profit before costs of OII 10.1 1.6 11.7
Costs of OII (3.4)
-------------------- ----------- ------------- ------------
Trading profit/(loss) 8.3
Amortisation of acquired intangibles (1.1)
Restructuring and non-recurring costs (5.2)
-------------------- ----------- ------------- ------------
Operating profit/(loss) 2.0
Net financial expense (0.7)
Income tax expense (2.8)
-------------------- ----------- ------------- ------------
Loss for the year (1.5)
-------------------- ----------- ------------- ------------
Segment assets 64.0 46.8 110.8
Unallocated assets 23.6
-------------------- ----------- ------------- ------------
Total assets 134.4
-------------------- ----------- ------------- ------------
Segment liabilities 26.4 17.0 43.4
Unallocated liabilities 35.2
-------------------- ----------- ------------- ------------
Total liabilities 78.6
-------------------- ----------- ------------- ------------
Research and Development to enhance and develop existing products is undertaken
within both the Analytical and Superconductivity business segments. In addition
Oxford Instruments Innovation (OII) carries out initial investigations into new
product lines that would not normally be undertaken by the operating businesses.
Trading profit is shown both before and after OII costs so as to give a more
meaningful indication of the performance of the business segments.
3. Segment information - Analysis by business continued
Year to 31 March 2006
Analytical Supercon- Total
ductivity
£m £m £m
--------------------- ---------- ------------- -----------
Revenue 80.7 66.7 147.4
--------------------- ---------- ------------- -----------
Trading profit before costs of OII 6.1 0.3 6.4
Costs of OII (2.0)
-------------------- ----------- ------------- ------------
Trading profit/(loss) 4.4
Other operating income 2.0
Amortisation of acquired intangibles (0.2)
Restructuring and non-recurring costs (6.7)
-------------------- ----------- ------------- ------------
Operating profit/(loss) (0.5)
Net financial expense (0.4)
Income tax expense (2.5)
-------------------- ----------- ------------- ------------
Loss for the year (3.4)
-------------------- ----------- ------------- ------------
Segment assets 55.6 55.9 111.5
Unallocated assets 39.9
-------------------- ----------- ------------- ------------
Total assets 151.4
-------------------- ----------- ------------- ------------
Segment liabilities 21.7 22.2 43.9
Unallocated liabilities 61.1
-------------------- ----------- ------------- ------------
Total liabilities 105.0
-------------------- ----------- ------------- ------------
4. Trading expenses excluding cost of goods sold
2007 2006
as restated
(note 1)
£m £m
--------------------------------- ---------- ----------
Selling and marketing costs 26.7 24.6
Administration and shared services 20.3 18.8
Foreign exchange (gain)/loss (0.8) 0.1
Research and development (note 5) 12.1 11.9
--------------------------------- ---------- ----------
58.3 55.4
--------------------------------- ---------- ----------
5. Research and development
Total research and development spend by the Group is as follows:
2007 2006
as restated
(note 1)
£m £m
--------------------------------- ---------- ----------
Total cash spent on research and development during the 16.2 13.4
year
Less: amount capitalised (5.6) (2.6)
Add: amortisation of amounts previously capitalised 1.5 1.1
--------------------------------- ---------- ----------
Research and development charged to income statement 12.1 11.9
--------------------------------- ---------- ----------
6. Other operating income
2007 2006
£m £m
--------------------------------- ---------- ----------
Profit on disposal of investments - 1.8
Profit on disposal of held for sale assets - 0.2
--------------------------------- ---------- ----------
- 2.0
--------------------------------- ---------- ----------
7. Amortisation of acquired intangibles
2007 2006
£m £m
--------------------------------- ---------- ----------
Amortisation of acquired intangibles 0.2 0.2
Adjustment to carrying value of goodwill as required by 0.9 -
IAS12 ---------- ----------
---------------------------------
1.1 0.2
--------------------------------- ---------- ----------
The adjustment to the carrying value of goodwill arises due to the utilisation
of tax losses which were not recognised as a deferred tax asset at the time of
acquisition. IAS 12 requires that when such losses are utilised subsequent to
acquisition the carrying value of goodwill is reduced so that it reflects the
carrying value that would have arisen had a deferred tax asset been recognised
at the time of acquisition.
8. Restructuring and non-recurring costs
Restructuring and non-recurring costs for the year comprise £1.7m in respect of
the settlement of an onerous contract, £2.9m in respect of the exit from the
high field magnet business, £0.3m in respect of the disposal of the Group's
interest in Oxford Biosignals Ltd and £0.3m in respect of costs associated with
the exit from the held for sale factory which became surplus to requirements
following the restructuring of the UK magnet business in 2006 (see below).
Restructuring costs for the year ended 31 March 2006 relate to restructuring of
the UK magnet business and restructuring at Plasma Technology in Yatton,
Bristol. The cost comprises inventory write-downs of £3.7m, redundancy and
similar costs of £1.0m, halted research and development costs of £0.8m, supplier
commitments of £0.7m and other costs of £0.5m.
9. Financial income
2007 2006
£m £m
--------------------------------- ---------- ----------
Bank interest receivable 0.2 0.9
Expected return on pension scheme assets 8.2 7.2
Mark to market gain in respect of derivative financial 0.1 -
instruments ---------- ----------
---------------------------------
8.5 8.1
--------------------------------- ---------- ----------
10. Financial expenditure
2007 2006
£m £m
--------------------------------- ---------- ----------
Interest payable and similar charges on bank loans and 0.3 0.6
overdrafts
Interest charge on pension scheme liabilities 8.9 7.9
--------------------------------- ---------- ----------
Total interest payable 9.2 8.5
--------------------------------- ---------- ----------
11. Income tax expense
Recognised in the income statement
2007 2006
£m £m
--------------------------------- ---------- ----------
Current tax expense
Current year 2.4 2.4
Adjustment for prior years - 0.1
--------------------------------- ---------- ----------
2.4 2.5
--------------------------------- ---------- ----------
Deferred tax expense
Origination and reversal of temporary differences 0.6 (0.8)
Adjustment in respect of prior years (0.2) -
Benefit of tax losses recognised - 0.8
--------------------------------- ---------- ----------
0.4 -
--------------------------------- ---------- ----------
Total tax expense 2.8 2.5
--------------------------------- ---------- ----------
Reconciliation of effective tax rate
Profit/(loss) before income tax 1.3 (0.9)
Income tax using the UK corporation tax rate 0.4 (0.3)
Effect of:-
Tax rates in foreign jurisdictions 0.4 0.5
Amortisation of intangible assets 0.3 0.1
Non-tax deductible expenses 0.2 0.1
Tax incentives not recognised in the income statement -
mainly US
manufacturing deductions (0.2) (0.4)
Temporary differences not recognised for deferred tax - 0.7
Effect of current tax losses not utilised 2.6 1.7
Effect of previous tax losses now utilised (0.7) -
(Over)/under provided in prior years (0.2) 0.1
--------------------------------- ---------- ----------
Total tax expense 2.8 2.5
--------------------------------- ---------- ----------
Deferred tax recognised directly in equity
Relating to employee benefits (6.7) 3.1
Relating to cash flow hedges - 0.1
--------------------------------- ---------- ----------
(6.7) 3.2
--------------------------------- ---------- ----------
12. Earnings per share
a) Basic
The calculation of basic earnings per share is based on the profit or loss for
the year after taxation and a weighted average number of ordinary shares
outstanding during the year, excluding shares held by the Employee Share
Ownership Trust, as follows:
2007 2006
£m £m
--------------------------------- ---------- ----------
Loss for the year (1.5) (3.4)
--------------------------------- ---------- ----------
Shares Shares
million million
--------------------------------- ---------- ----------
Weighted average number of shares outstanding 48.9 48.6
Less shares held by Employee Share Ownership Trust 0.7 0.9
--------------------------------- ---------- ----------
Weighted average number of shares used in calculation of
earnings per share 48.2 47.7
--------------------------------- ---------- ----------
b) Diluted
The following table shows the effect that options would have had on the
calculation of dilutive basic earnings per share. However, since there was a
loss in the year that effect was antidilutive and so has been excluded from the
calculation of diluted basic earnings per share. This effect has been included
in the calculation of diluted adjusted earnings per share - see (c) below.
2007 2006
Shares Shares
million million
--------------------------------- ---------- ----------
Number of ordinary shares per basic earnings per share
calculations 48.2 47.7
Effect of shares under option 0.3 0.5
--------------------------------- ---------- ----------
Number of ordinary shares per diluted earnings per share
calculations 48.5 48.2
--------------------------------- ---------- ----------
c) Adjusted
The earnings per share before other operating income, amortisation of acquired
intangibles, restructuring and non-recurring costs, and mark to market gains or
losses in respect of certain derivatives are as follows:
2007 2006
pence pence
--------------------------------- ---------- ----------
Basic 9.6 3.9
Diluted 9.5 3.8
--------------------------------- ---------- ----------
A reconciliation of the profit for the years used to calculate basic earnings
per share to the adjusted profit used to calculate the adjusted earnings per
share shown above is set out below:
2007 2006
£m £m
--------------------------------- ---------- ----------
Adjusted profit before income tax (Note 2) 7.5 4.0
Taxation (2.8) (2.2)
--------------------------------- ---------- ----------
Adjusted profit 4.7 1.8
--------------------------------- ---------- ----------
13. Dividends per share
The following dividends per share were paid by the Group:
2007 2006
pence pence
--------------------------------- ---------- ----------
Previous year interim dividend 2.4 -
Previous year final dividend 6.0 6.0
--------------------------------- ---------- ----------
8.4 6.0
--------------------------------- ---------- ----------
13. Dividends per share continued
The following dividends per share were proposed by the Group in respect of each
accounting year presented:
2007 2006
pence pence
--------------------------------- ---------- ----------
Interim dividend 2.4 2.4
Final dividend 6.0 6.0
--------------------------------- ---------- ----------
8.4 8.4
--------------------------------- ---------- ----------
Subject to the approval of the shareholders at the Annual General Meeting on 26
September 2007, the proposed final dividend will be paid on 25 October 2007 to
shareholders registered at the close of business on 28 September 2007. The
ordinary shares will be quoted ex-dividend on 26 September 2007. The latest date
for exercising the Scrip Dividend alternative is 25 September 2007. The
dividends payable on the shares held in trust have been waived.
14. Retirement Benefit Obligations
The Group operates defined benefit plans in the UK and US, both offer pensions
in retirement and death benefit to members. Pension benefits are related to
members' final salary at retirement and their length of service. Both schemes
are now closed to new members.
The Group has opted to recognise all actuarial gains and losses immediately via
the Statement of Recognised Income and Expense (SORIE).
The amounts recognised in the balance sheet are:
----------------- ------- ------- ------- ------- ------- -------
UK USA Total UK USA Total
2007 2007 2007 2006 2006 2006
£m £m £m £m £m £m
----------------- ------- ------- ------- ------- ------- -------
Present value of funded
obligations 159.4 6.5 165.9 173.2 7.6 180.8
Fair value plan assets (130.7) (4.4) (135.1) (123.3) (4.1) (127.4)
----------------- ------- ------- ------- ------- ------- -------
Recognised liability for
defined benefit
obligations 28.7 2.1 30.8 49.9 3.5 53.4
----------------- ------- ------- ------- ------- ------- -------
Reconciliation of the opening and closing balances of the present value of the
defined benefit obligation
UK USA Total UK USA Total
2007 2007 2007 2006 2006 2006
£m £m £m £m £m £m
------------------ ------- ------- ------- ------- ------- -------
Benefit obligation at
the beginning of the year 173.2 7.6 180.8 139.1 6.0 145.1
Interest on obligation 8.5 0.4 8.9 7.6 0.3 7.9
Current service cost 3.1 0.6 3.7 2.2 0.6 2.8
Past service cost - - - 0.1 - 0.1
Contributions paid by
plan participants 1.0 - 1.0 1.1 - 1.1
Benefits paid (3.2) (0.2) (3.4) (2.0) (0.3) (2.3)
Actuarial (gain)/loss on
obligation (23.2) (0.9) (24.1) 25.1 0.4 25.5
Exchange rate adjustment - (1.0) (1.0) - 0.6 0.6
----------------- ------- ------- -------- -------- ------- -------
Benefit obligation at
the end of the year 159.4 6.5 165.9 173.2 7.6 180.8
----------------- ------- ------- -------- -------- ------- -------
14. Retirement Benefit Obligations continued
Reconciliation of the opening and closing balances of the fair value of plan
assets
UK USA Total UK USA Total
2007 2007 2007 2006 2006 2006
£m £m £m £m £m £m
----------------- ------- ------- ------- ------- ------- -------
Fair value of plan assets
at the beginning of the
year 123.3 4.1 127.4 98.6 3.2 101.8
Expected return on plan 7.9 0.3 8.2 7.0 0.2 7.2
assets
Contributions by employers 3.8 0.6 4.4 3.4 0.7 4.1
Contributions paid by plan
participants 1.0 - 1.0 1.1 - 1.1
Benefits paid (3.2) (0.2) (3.4) (2.0) (0.3) (2.3)
Actuarial (loss)/gain (2.1) 0.1 (2.0) 15.2 - 15.2
Exchange rate adjustment - (0.5) (0.5) - 0.3 0.3
----------------- ------- ------- ------- ------- ------- -------
Fair value assets at the
end of the year 130.7 4.4 135.1 123.3 4.1 127.4
----------------- ------- ------- ------- ------- ------- -------
Defined benefit scheme - United Kingdom
A full actuarial valuation of the UK plan was carried out as at 31 March 2006
and has been updated to 31 March 2007 by a qualified independent actuary. The
major assumptions used by the actuary were (in nominal terms):
As at As at
31 March 31 March
2007 2006
% %
------------------------------ ----------- ----------
Discount rate 5.4 4.9
Rate of salary increase 4.0 4.0
Rate of increase to pensions in payment
(pre 1997) 2.8 2.8
Rate of increase to pensions in payment
(post 1997) 2.5 2.8
Rate of inflation 3.0 3.0
Mortality - pre-retirement - males PA92 - year of birth PA91c2030
Mortality - pre-retirement - females PA92 - year of birth PA91c2030
Mortality - post-retirement - males PA92 - year of birth PA92c2015
Mortality - post-retirement - females PA92 - year of birth PA92c2015
------------------------------ ----------- ----------
The assumptions used in determining the overall expected rate of return of the
plan have been set with reference to yields available on government bonds and
appropriate risk margins.
Defined benefit scheme - United States
A full actuarial valuation of the US plan was carried out as at 1 January 2005
and has been updated to 31 December 2006 by a qualified independent actuary.
Results at 31 March 2007 have been taken to be the same as those at 31 December
2006. The major assumptions used by the actuary were (in normal terms):
As at As at
31 March 31 March
2007 2006
% %
--------------- --------------------- ---------------
Discount rate 5.75 5.25
Rate of salary
increase 4.00 4.00
Rate of increase
to pensions in
payment 0.00 0.00
Rate of inflation 3.00 3.00
Mortality - pre-retirement RP-2000 combined 1983 Group Annuity
mortality table, Table,
male and female male and female
projected to 2005
with scale AA
Mortality - post-retirement RP-2000 combined 1994 Group Annuity
mortality table, Reserving Table,
male and female split
projected to 2005 50% for males
with scale AA and females
--------------- --------------------- ---------------
15. Reconciliation of cash and cash equivalents to net cash
2007 2006
£m £m
----------------------------------- --------- --------
Decrease in cash and cash equivalents (9.6) (16.2)
Effect of foreign exchange rate changes on cash and cash
equivalents (0.3) 0.4
Revaluation of cash balances on adoption of IAS 32 and - (0.1)
IAS 39
----------------------------------- --------- --------
(9.9) (15.9)
Cash outflow from decrease in debt 1.9 -
Cash inflow from increase in debt - (0.8)
----------------------------------- --------- --------
Movement in net cash in the year (8.0) (16.7)
Net cash at start of the year 9.8 26.5
----------------------------------- --------- --------
Net cash at the end of the year 1.8 9.8
----------------------------------- --------- --------
Analysed as:
Cash and cash equivalents (per Balance Sheet) 3.9 13.9
Bank overdrafts (1.1) (1.2)
----------------------------------- --------- --------
Cash and cash equivalents (per Statement of cash flows) 2.8 12.7
Borrowings (1.0) (2.9)
----------------------------------- --------- --------
Net cash at end of the year 1.8 9.8
----------------------------------- --------- --------
16. Reconciliation of movement in capital and reserves
2007 2006
£m £m
----------------------------------- --------- ---------
Total recognised income/(expense) for the year 12.4 (10.1)
Credit in respect of employee service costs settled by
award of share
options 0.2 0.3
Proceeds from shares issued 0.8 0.8
Disposal of own shares held - 0.1
Dividends paid (4.0) (2.9)
Opening equity shareholders' funds 46.4 58.2
----------------------------------- --------- ---------
Closing equity shareholders' funds 55.8 46.4
----------------------------------- --------- ---------
17. Report and Accounts
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 March 2007 or 2006. Statutory accounts
for 2006 have been delivered to the registrar of companies, and those for the
year ended 31 March 2007 will be delivered in due course. The auditors have
reported on those accounts; their report was unqualified, did not include a
reference to any matters to which the auditors drew attention by way of emphasis
without qualifying their report and did not contain a statement under section
237(2) or (3) of the Companies Act 1985.
The Company is registered in England Number 775598.
18. The Annual General Meeting
The Annual General Meeting will be held on Tuesday, 25 September 2007 at 2.30 pm
at Group Head Office, Tubney Woods, Abingdon, Oxon, OX13 5QX.
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