Oxford Instruments's profits rise on double-digit revenue growth

Manufacturing and research company Oxford Instruments saw profits rise on the back of a double-digit revenue increase in its last trading year.

Oxford Instruments recorded a 3.8% increase in pre-tax profits to £35.5m, while revenues picked up 12% to £333.6m on the back of increased demand and successful product launches during the period, principally from its materials and characterisation and research and discovery sectors.

The London-listed group said its service and healthcare unit had also delivered good growth.

Orders grew 13% year-on-year to £353.5m, while the group's order book expanded 12% to £171.6m.

On the back of that solid performance, Oxford Instruments declared a final dividend of 10.6p per share, bringing its total payout for the year ending 31 March to 14.4p - up 8.3% on the year before.

Chief executive Ian Barkshire said: "While mindful of the backdrop of geopolitical and market uncertainty, we remain focused on improving the business and expect to make further progress in the year.

"We have made good progress in the year with the continued implementation of our Horizon strategy, which is delivering good growth and improved profitability. We are serving attractive markets with long-term fundamental growth drivers and focusing on segments where we can maintain leadership positions."

As of 1025 BST, Oxford shares had climbed 6.62% to 1,157.84p.