Interim Management Statement

RNS Number : 9397Z

Oxford Instruments PLC

13 February 2014

 



Release date: 13 February 2014

Oxford Instruments plc

Interim Management Statement

Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research, today issues its Interim Management Statement which covers the period from 1 October 2013 to date.

The positive trend seen in the second quarter of the year has continued with orders ahead of the prior year in the four months since September.  Year to date, order run rate is ahead of last year in Asia, Europe and North America.

Year to date sales remain behind the same period last year. However we are anticipating a strong February and March and, despite the recent strength of Sterling and continuing underperformance at our Omicron facility in Germany, we are expecting performance for the year to be broadly in-line with the prior year.

On 22 January 2014 the Group announced that it had received acceptances from approximately 95% of the shareholders of Andor plc and that the offer was wholly unconditional from that date.  Andor is a UK based high-technology company specialising in the manufacture of high-end scientific cameras, microscope systems and analytical software for the materials and life science industries. Andor's technology will extend our capability into the optical domain, which is the primary technology used for analysing biological samples at the nano scale, consistent with our recently announced strategy to expand into Nano-Bio.

The £175 million acquisition of Andor was funded from existing cash resources, a new £100 million revolving facility and a £60 million term facility.  Both debt facilities are from a banking club comprising HSBC, Santander and RBS.

On 12 November 2013 the Group announced the acquisition of RMG Technology (RMG), completed on 8 November 2013. RMG is a young UK technology company which brings a unique laser technology to our Industrial Analysis business. Progress with integrating the business is on plan and we are seeing considerable interest from our Industrial Analysis customers.

On 21 December 2013, the Group acquired Roentgenanalytik Systeme, a small company based near Frankfurt, Germany, supplying X-ray analysis instrumentation to industrial markets.  The acquisition will broaden Industrial Analysis' product range and give Roentgenanalytik access to global markets and increase investment in product development.

Save as described in this statement, there has been no significant change in the financial position of the Group in the period.

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Enquiries:

Oxford Instruments plc                                       Tel: [phone]

Jonathan Flint, Chief Executive

Kevin Boyd, Group Finance Director

MHP                                                                     Tel: [phone]

Rachel Hirst / Rory King

Issued for and on behalf of Oxford Instruments plc

Notes to Editors  

About Oxford Instruments plc

Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. Innovation has been the driving force behind Oxford Instruments' growth and success for over 50 years, and its strategy is to effect the successful commercialisation of these ideas by bringing them to market in a timely and customer-focused fashion. 

The first technology business to be spun out from Oxford University, Oxford Instruments is now a global company with over 2300 staff worldwide and is listed on the FTSE250 index of the London Stock Exchange (OXIG).  Its objective is to be the leading provider of new generation tools and systems for the research and industrial sectors with a focus on nanotechnology. Its key market sectors include nano-fabrication and nano-materials. The company's strategy is to expand the business into the life sciences arena, where nanotechnology and biotechnology intersect

This involves the combination of core technologies in areas such as low temperature, high magnetic field and ultra high vacuum environments; Nuclear Magnetic Resonance; x-ray, electron, laser and optical based metrology; atomic force microscopy; optical imaging; advanced growth, deposition and etching.

Oxford Instruments aims to pursue responsible development and deeper understanding of our world through science and technology. Its products, expertise, and ideas address global issues such as energy, environment, security and health.  

 

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