Oxford Instruments (LON: OXIG) said first-half order intake rose nearly 44%, and its shares were higher after the update. The FTSE 250 scientific technology group supplies materials analysis, semiconductor and healthcare and life science markets.
The shares were at 3082p at 9.10am in early trade, up 3.9% from yesterday’s 2966p close, on a delayed quote. They opened at 2950p and have ranged from 2930p to 3110p today. The update came at 7am, before the open.
The interim trading update covers the six months to the 30th of September, and the figures are unaudited. Order intake, meaning new orders won in the period, rose nearly 44%. Revenue grew about 8%, or 9% in organic constant currency, which strips out currency swings and acquisitions.
Adjusted operating margin, operating profit before one-off items as a share of revenue, is expected to rise by more than 100 basis points, or one percentage point. The company said strong demand across both divisions underpins confidence in full-year expectations.
Advanced Technologies led the growth. Its orders rose over 125%, with about three quarters coming from datacom, meaning data-centre networking components, after a number of commercial volume manufacturing customer wins. Its orderbook, orders won but not yet delivered, extends well into FY28, and expected FY27 revenue is fully covered.
Revenue there grew about 26% as capacity expanded, and adjusted operating margin materially improved despite higher investment.
Richard Tyson, chief executive of Oxford Instruments, described the division’s performance this way:
Advanced Technologies order intake has been outstanding, growing even faster than expected, and we are winning multiple new customers thanks to our differentiated process and platform technology.
Richard Tyson, CEO, Oxford Instruments
Imaging and Analysis grew more slowly. Orders rose over 11% on semiconductor and materials science demand, but revenue grew only about 2-3% as smaller product lines replenished the orderbook after a high level of deliveries in the fourth quarter of FY26. Full-year revenue growth is expected in line with guidance.
Net cash was £75m at the period end, against £45.1m at the first half of FY26. The company had completed £83m of its £100m share buyback by the 30th of September and expects to finish early in the new year.
The company reaffirmed rather than raised expectations. Consensus for FY27 stands at revenue of £444.4m and adjusted operating profit of £81.0m. Half-year results follow on the 10th of November, presented at Deutsche Numis in London.
