OXIG Oxford Instruments Plc

RNS Number:5831B
Oxford Instruments PLC
4 April 2001

Release Date: 7.30am, 4 April 2001

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 2001.

Preliminary estimates of orders and turnover for the year to 31 March 2001,
excluding Oxford Instruments' share of the OMT joint venture, are #199 million
(2000 - #169 million) and #181 million (2000 - #161 million) respectively. The
turnover of OMT, the joint venture with Siemens, is estimated at #99 million
(2000 - #100 million). Operating profit before exceptional items for
continuing businesses is expected to be within the range of market
expectations.

In line with company forecasts, turnover from the Medical business increased
in the second half of the year following the earlier site relocation. The
major part of the Analytical business was also successfully consolidated onto
one site in March 2001. Of the three major sites now vacated, two are under
offer. This completes the management and site restructuring programme
initiated under the 'TopFlight' banner in September 1999 across the UK-based
businesses. The planned savings have been achieved, while continued investment
in the improvement programmes set up over the past 18 months is also
contributing progressively to operational efficiencies.

The successful launch last summer of a world-leading magnet for use in
biological research and drug development has already been followed by the
receipt of multiple orders worth several million pounds for this product.
Furthermore, the total number of overdue projects in the Superconductivity
business has been reduced by a further 30% in the past 6 months and progress
has been made with the delivery of a number of old unprofitable technically
challenging 'legacy contracts' which have been holding back the recovery of
the business.

In addition to the magnet orders above, the increase in new orders over the
past year has been driven primarily by the strength of the semiconductor and
telecommunications industries. These two sectors were responsible for around
20% of orders in 2000/01. While order levels from other markets have also held
up well, the company is cautious over the possible impact on future growth of
current trends in the major world economies. However, with second half orders
last year of around #107 million, the company enters 2001/02 with a record
order book. Moreover, it is committed to realising further operational
improvements in the coming year from the programmes already in place now that
site relocations are complete.

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

"I am pleased with the way the company has performed following the
restructuring started in 1999. The solid base we have created will aid our
continued recovery."

Enquiries contact:

Andrew Mackintosh, Oxford Instruments plc                     Tel: 01865 881437

Martin Lamaison, Oxford Instruments plc                       Tel: 01865 881437

Toby Mountford, Citigate Dewe Rogerson                       Tel: 020 7282 2901

Melanie York, Citigate Dewe Rogerson                         Tel: 020 7282 2907

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