TIDMOXIG
RNS Number : 7089G
Oxford Instruments PLC
11 June 2013
Release Date: 7am Tuesday 11 June 2013
Oxford Instruments plc
Announcement of Preliminary Results for the year to 31 March
2013
Oxford Instruments plc, a leading provider of high technology
tools and systems for industry and research, today announces its
Preliminary Results for the year to 31 March 2013.
Highlights:
-- Good progress in the second year of our 14 Cubed growth plan
-- Revenue up 4.8% on an organic constant currency basis; total
revenues up 4.0% to GBP350.8 million (2012: GBP337.3 million)
-- Adjusted profit before tax* up 14.8% to GBP48.2 million (2012: GBP42.0 million)
-- Adjusted operating profit* margin increased to 14.2% (2012: 12.5%)
-- Adjusted EPS* up 10.9% to 68.3 pence (2012: 61.6 pence)
-- On a constant currency basis, Nanotechnology Tools organic sales up 9.4%
-- Industrial markets remained soft
-- Strong progress in emerging and fast growing economies
-- Asylum Research acquisition integrating well and performing to plan
-- Strong new product pipeline supported by increased investment
in R&D, up 5.9% to GBP25.1 million (2012: GBP23.7 million)
-- Net cash from operating activities of GBP41.5 million (2012: GBP41.6 million)
-- Proposed final dividend increased by 12.8% to 8.15 pence
(2012: 7.23 pence), giving a total dividend for the year of 11.2
pence (2012: 10.0 pence)
*Adjusted numbers are stated to give a better understanding of
the underlying business performance. Details of adjusting items can
be found in Note 1.
Jonathan Flint, Chief Executive of Oxford Instruments plc,
said:
"I am pleased to report that the Group has delivered another
strong performance in the year. We are now two months into the
final year of the three year period covered by the 14 Cubed
objectives. Although the year has started slowly, we are focused on
completing our 14 Cubed plan and delivering further progress in the
years to come. Our R&D plan continues to deliver new products
to the market which take market share from our competitors. We are
building on our strong position in emerging and fast growing
economies and we continue to target growth, both organically and
through bolt-on acquisitions."
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Jonathan Flint, Chief Executive
Kevin Boyd, Group Finance Director
MHP Communications Tel: 020 3128 8100
Rachel Hirst
Ian Payne
Chairman's Statement
Oxford Instruments provides customers with high technology tools
for use in advancing the frontiers of science, improving and
assessing the quality of industrial processes and demonstrating
compliance to environmental legislation. We have a broad spectrum
of products operating in high growth technology markets, supported
by the world-renowned Oxford Instruments brand. This enables us to
sell premium products to our customers and recruit the most highly
skilled people on a global basis.
The Group continues to make good progress. We have seen organic
sales growth supplemented by acquisitions and further improvement
in our margins in line with our 14 Cubed objectives. In today's
uncertain environment, customers continue to invest in research at
the cutting edge of science and in making their manufacturing
processes more efficient through the use of innovative
technologies.
Oxford Instruments has a culture of inclusivity which values the
role of the individual and rewards commercial success and technical
innovation. Our work worldwide has brought together skills and
ideas from across the business to deliver this strong set of
results. On behalf of the Board, I thank all our staff for their
commitment and considerable achievements this year.
During the year, Bernard Taylor stepped down from the Board and
we would like to thank him for his contribution to the development
of the Group. On 15 January 2013, we announced the appointment of
Thomas Geitner as a new Non-Executive Director. Thomas brings
extensive international experience in the technology and
engineering sectors, having spent over thirty years in businesses
operating across the globe. Thomas will assume the chairmanship of
the Remuneration Committee at this year's AGM. We are pleased to
announce that Jennifer Allerton has today joined the Board as a
Non-Executive Director. Jennifer has extensive international
business experience, having spent most of her career in large
companies operating across the globe, particularly in emerging
markets. In addition, Charles Holroyd and Mike Hughes will be
stepping down from the Board at our forthcoming AGM. As a result of
these changes to the Board, the constitution of the Board will be
compliant with provision B.1.2 of the UK Corporate Governance
Code.
The Group is recommending a final dividend of 8.15 pence (2012:
7.23 pence), an increase of 12.8% over the prior year, bringing the
total for the year to 11.2 pence (2012: 10.0 pence).
As we enter the final year of our three year 14 Cubed plan, we
are focused on delivering shareholder value in line with the 14
Cubed objectives.
Nigel Keen
Chairman
11 June 2012
Chief Executive's Statement
The Group delivered another strong performance in the year with
revenues rising 4.0% to GBP350.8 million (2012: GBP337.3 million).
Organic revenue growth on a constant currency basis was 4.8%.
Adjusted profits before tax grew 14.8% to GBP48.2 million (2012:
GBP42.0 million). Adjusted operating profit margin increased to
14.2% (2012: 12.5%). Adjusted earnings per share rose to 68.3p
(2012: 61.6p) and the Group ended the year with a cash balance of
GBP39.2 million (2012: GBP35.1 million), after funding the
acquisition of Asylum Research (Asylum) in December 2012.
Asylum, based in California, is a leading provider of scanning
probe microscopes which are used to capture images and characterise
the properties of surfaces and structures down to the atomic scale.
Its products are used by academic and industrial customers for a
wide range of materials and bioscience applications. Asylum has
been combined with our NanoAnalysis business in our Nanotechnology
Tools sector. The business is integrating well, performing
according to the acquisition assumptions and contributing to the
acquisition related part of the 14 Cubed revenue growth
objectives.
The acquisitions made in 2011 are also contributing to growth.
Platinum Medical Imaging (Platinum) has performed well, securing a
number of multi-year service contracts and the integration of
Omniprobe into our NanoAnalysis business is now complete. Omicron
NanoTechnology (Omicron) saw poor market conditions in the first
half of the year and underperformed against expectations.
Performance in the second half improved significantly as management
changes took effect. This part of the business now has a strong
long term order book.
Sales in Europe grew 9.5% to GBP126.2 million (2012: GBP115.3
million) helped by sales to ITER, an international collaboration
project to develop carbon free energy. The Group has negligible
exposure to expenditure from the Southern European economies.
Russia and Sweden delivered particularly strong performances. Sales
in North America fell by 4.2% to GBP91.0 million (2012: GBP95.0
million). This reflects some weakness in US government-funded
research markets, partially offset by a strong performance in
Canada. It is not yet clear to what extent this was the result of
sequestration of government spend in the US, which may call for a
reduction in state-funded research of around 9%. We currently have
revenues of approximately $30 million from the US government. Sales
in Asia increased by 8.0% to GBP123.0 million (2012: GBP113.9
million), representing 35% of total Group revenues (2012: 34%). The
performance of our new Indian subsidiary was particularly pleasing,
delivering orders growth of 56%, albeit from a low base. The high
brightness LED market, which provides a significant growth
opportunity in Asia, stabilised during the year after a period of
softening demand.
With some regional variations, our research markets continue to
be strong. Constant currency sales in our Nanotechnology Tools
sector grew by 9.4% organically in the year. We believe that there
is structural growth in demand for nanotechnology tools over the
medium term. Operating margins in Nanotechnology Tools improved to
12.5% (2012: 11.2%) due to good progress on our Business
Improvement Plan in NanoAnalysis and Plasma Technology.
As previously reported, industrial markets continue to be soft
with reported sales down 3.1%. On a constant currency organic
basis, sales in the Industrial Products Sector grew by 1.4%. This
reflects general uncertainty about the economic environment which
is causing customers to delay investment in key technology capital
goods. During this period of market retrenchment, we have
concentrated on further improving business efficiency which has
resulted in a 26% increase in profit in the Industrial Products
sector, bringing the margin to 13.9% (2012: 10.7%).
Innovation remains at the core of the Group's culture. Our
strong performance is made possible by our continued investment in
commercially driven R&D. Our R&D cash spend this year was
GBP25.1 million (2012: GBP23.7 million) an increase of 5.9%. The
percentage of revenues generated from products launched in the last
3 years, our Vitality Index, remained healthy at 41%.
We are now in the final year of our 14 Cubed plan which sets a
target for achieving an average compound annual sales growth rate
of 14% in the years 2011-2014 and a return on sales of 14% by 2014.
We remain focused on meeting our three year objectives supported by
the strength and diversity of the business and our exposure to
growing markets.
We operate in three sectors: Nanotechnology Tools, Industrial
Products, and Service.
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