Oxford Instruments hikes dividend as interims surge

Research tools maker Oxford Instruments on Tuesday reported a surge in interim profits boosted by growth across each of its sectors as it raised the dividend by 8%.

The company booked a 55% rise in pre-tax profit to £18m for the six months to September 30, as it shot up by 55% compared to the same period last year, while revenue rose 13% to £166.3m and the interim lifted to 4.10p a share.

The increase in turnover followed growth from all of the Oxford Instruments' three sectors, with materials & characterisation leading the charge as it achieved a 16% jump in sales to £69.8m after the success of new products.

Meanwhile, revenue from research & discovery climbed by 13% to £61.2m and service & healthcare saw reported 8% growth to £35.3m.

The company's order book stood at £186.8m, up 9% year on year.

Chief executive Ian Barkshire said he expected the second half of the year to benefit from the normal seasonal bias, with forecasts for the current financial year remaining unchanged on a constant currency basis.

Oxford Instruments shares were up by 7.00% at 1,470.12p at 0947 GMT.

(writing by Frank Prenesti; Editing by Michele Maatouk)