Oxford Instruments records 'modest' order growth amid Covid-19

Oxford Instruments said the coronavirus outbreak had continued to have an impact on trading, with cumulative revenues down 2% year-on-year.

However, the FTSE 250-listed firm said revenues had been supported by "a strong uplift" in shipments of its compound semiconductor process solutions and installations of cryogenic and magnet systems, in addition to the carry-over of systems that we were unable to ship or install in the last financial year due to the closure of customer sites and travel restrictions.

"This has partially offset lower revenue to academic markets for our scientific cameras, microscopy products and electron analysers, due to continued disruption across these customers," said chairman Neil Carson at the group's annual general meeting.

"Although there remains considerable uncertainty as to the future impact and longevity of Covid-19 disruption, we have seen modest order growth over the first five months of trading and a good improvement in the order book."

Carson also highlighted that strong order growth across commercial customers, particularly from its compound semiconductor process solutions, had offset a small decline in orders from academic customers, where it was seeing "a slower rate of recovery".

As of 0900 BST, Oxford Instruments shares were up 1.54% at 1,578.0p.