OXIG Oxford Instruments Plc

RNS Number:9736T
Oxford Instruments PLC
4 April 2002





4 April 2002

                             Oxford Instruments Plc

                                Year end update

Following its financial year end, Oxford Instruments plc, the advanced
instrumentation company, issues a year end update including its preliminary
unaudited orders and turnover figures for the year ended 31 March 2002.

Preliminary estimates of orders and turnover for the year to 31 March 2002,
excluding Oxford Instruments' share of the OMT joint venture, are £190 million
(2001 - £201 million) and £213 million (2001 - £183 million) respectively. Group
pre-tax profit before exceptional items is expected to be within the range of
market expectations.

As anticipated at the start of the year, the technical risk on three of the four
major 'legacy contracts' which have been slowing the recovery of the
Superconductivity business has been successfully reduced. The fourth major
contract is due to be delivered in early 2003.

The first 'Discovery' magnet, a world-leading system to be used for drug
discovery and development, was shipped in March 2002 and several similar magnets
currently in production have passed key tests successfully.

The turnover in the Medical business has fallen short of expectations in the
second half; however progress has been made with a number of operational
improvements during the last quarter. Turnover in the Analytical business has
been strong as the record orders taken in 2000/01 were delivered. However, in
line with company forecasts, new orders in this business were lower than in the
previous year, reflecting reduced activity from the semiconductor industry and
other US markets. The cost base has been reduced accordingly.

Two of the three major buildings released for sale by the 1999 restructuring
have now been sold for a total of £5 million, a price which exceeds the book
value. The initial integration of the CMI acquisition announced in October 2001
has gone to plan.

Looking ahead, although the opening backlog has reduced due to the shipment of a
number of low margin projects during last year, all businesses enter the new
year with a stronger operational base. This underpins initiatives leading to
shorter product lead times, improvements in working capital and further
cost-reduction programmes. Continued near-term weakness in the global markets
for Analytical products is expected to be offset by improvements in the
Superconductivity business.

Andrew Mackintosh, Chief Executive of Oxford Instruments plc, said:

"We have made solid and consistent progress during a year in which there have
been many changes in our world-wide markets. We remain confident that we can
continue to deliver further improvements going forward."



Enquiries contact:
Andrew Mackintosh, Oxford Instruments plc                  Tel: 01865 881437
Martin Lamaison, Oxford Instruments plc                    Tel: 01865 881437
Chris Barrie, Citigate Dewe Rogerson                       Tel: 020 7638 9571




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