RNS No 2956j
OXFORD INSTRUMENTS PLC
12th November 1997
1997/98 INTERIM RESULTS ANNOUNCEMENT
Summary
The Consolidated Interim Results (Unaudited) of Oxford Instruments plc, the
advanced instrumentation company, for the half year to 30 September 1997 show:
Half year ended Half year ended Change
30 September 1997 30 September 1996
Turnover #81.4 million #67.0 million up 22%
Profit before tax #7.3 million #9.5 million down 23%
Earnings per share 10.0 pence 12.5 pence down 20%
Dividend per share 2.3 pence 2.1 pence up 10%
The Interim Results and Chairman's Statement are attached.
The Interim Report will be sent to shareholders on 18 November 1997. The
Interim Dividend will be paid on 26 March 1998 to shareholders registered at
the close of business on 20 February 1998 the record date. The shares will be
marked ex-dividend on 16 February 1998.
Enquiries:
Oxford Instruments plc Tel: 01865 881437 Fax: 01865 881944
Peter Williams, Executive Chairman
Martin Lamaison, Financial Director
Citigate Communications Plc Tel: 0171 282 8000 Fax: 0171 282 8010
Miranda Kavanagh
Further copies: For further copies of this Interim Results announcement please
contact Della Gorham at the Company's registered office at Old Station Way,
Eynsham, Witney Oxon OX8 1TL. The Company is registered in England Number
775598.
Chairman's statement
Peter Williams, Executive Chairman of Oxford Instruments plc, said today:-
"Our 22% increase in sales to #81.4 million in the half year to 30th September
1997 was in great part due to the sale of Helios 2, our second compact
synchrotron, to Singapore. Nevertheless, profitability in this period has
been affected by both the strength of Sterling and the relocation of two of
our major business units. As a result, interim pre-tax profits of #7.3
million are down 23% on the corresponding period a year ago. This figure
contains a small profit contribution from the sale of Helios 2.
We estimate that the effect of the present strength of Sterling relative to
the major currencies which most affect our exports has been to depress
operating profit in the half year by #1 million compared with the same period
one year ago. On the basis of the Group's current forward exchange contracts
and the length of our order book, we are able to estimate that the operating
profit for the full year to 31st March 1998 will be adversely affected by up
to #3 million cumulatively compared with last year. These movements are
almost entirely transaction related and translation effects are negligible.
During the half year, two of our leading businesses - Research Instruments and
Microanalysis - were relocated to new purpose built facilities. Both sites
are now fully operational and will have a favourable impact on efficiency and
output from the second half onwards as well as allowing for future expansion
in sales. However, as anticipated, the short term delays in shipments caused
by the moves also adversely affected our performance in the half year to a
considerable extent. Although it is difficult to quantify this, it is likely
that it was comparable in profit terms to the effects of Sterling. We are now
able to proceed with the relocation of our NMR business into the space vacated
by Research Instruments and we are making good progress on the new facility
for our Industrial Analysis business, which will be completed by the end of
the financial year. This major cycle of long term capital investment in
manufacturing and facilities, which will largely be completed within the
current financial year, will undoubtedly strengthen the Group and enhance our
performance in years to come.
As forecast, the further modest fall in the profit contribution from our
associate company, Oxford Magnet Technology, also impacted our pre-tax profits
for the half year. However, I believe the decline in OMT's contribution will
soon be arrested and with a growing order book, I am confident that the
operation will continue to make a very valuable contribution to our future. In
particular, relationships continue to strengthen with both our partner,
Siemens and our other principal customers in the USA and East Asia. OMT
remains world No.1 in its field.
In my statement with the full year results for last year I noted that the
growth in our order book was also beginning to be affected by the strength of
Sterling. At the half year the annualised rate of intake of new orders was
running at #162 million, virtually the same as the closing prior year end rate
of #163 million, which is encouraging in the current export climate. However,
it should be remembered that this figure includes the order for Helios 2 so
that the underlying rate of receipt of new business is now somewhat below that
at last year end. Nevertheless, order backlog remains healthy and it should be
stressed that in our major export markets in the USA, Germany and Japan we
continue to focus on market share in order to preserve and enhance our long
term competitiveness.
The net cash position was largely unchanged since the year end closing at
#24.1 million in spite of continuing expenditure on new facilities. We are
actively continuing to explore the possibility of enhancing growth by the
acquisition of businesses complementary to our existing activities and I am
optimistic that progress can be made in this area.
Helios 2 has now completed its commissioning trials in Oxford and has received
formal factory acceptance by the National University of Singapore. Work will
commence shortly in Singapore on the new facility which will house the system
and we plan to install Helios 2 during the latter part of 1998. Meanwhile, the
performance of the synchrotron has been well above its specified levels which
has helped to focus further interest on the part of other potential customers.
We remain confident of the potential of X-ray lithography for certain critical
process stages in the manufacture of semiconductor devices once the resolution
limits have been reached with current optical techniques.
Our sales offices in both Singapore and Beijing are now fully operational and
will rapidly begin to make a contribution towards our drive for further sales
growth throughout East Asia. Despite the recent financial problems elsewhere
in the region, we believe that our focus on East Asia as a whole,
complementing our long established activities in Europe and North America,
will enhance our overall prospects in years to come. In addition, initiatives
are under way to explore the potential for further sales growth in Central and
South America.
Taking all the above factors into account and reflecting our continuing
confidence in the long term future of your company, your Directors have
recommended an interim dividend of 2.3p, up by 10% on the prior half year.
During recent years your company has enjoyed a period of sustained growth.
Looking to the future, I am confident that momentum will be re-established in
the second half, although the full benefits of this will not be felt until
next financial year. Our fundamental strategies remain unchanged and I would
like to thank all our employees world-wide for their continuing efforts and
their dedication."
Consolidated Profit and Loss Account (Unaudited)
Half year to Half Year to Year to
30 Sep 97 30 Sep 96 31 Mar 97
Notes #000 #000 #000
----- ------------ ------------ ---------
Turnover 1 81,404 66,966 147,056
------------ ------------ ---------
Operating profit 4,726 6,430 16,543
Net interest receivable 837 672 1,345
Income from associate 2 1,730 2,427 5,087
------------ ------------ ---------
Profit before tax 7,293 9,529 22,975
Taxation 3 (2,334) (3,336) (7,766)
------------ ------------ ---------
Profit after tax 4 4,959 6,193 15,209
Dividends 5 (1,128) (1,032) (3,714)
------------ ------------ ---------
Retained profit 3,831 5,161 11,495
------------ ------------ ---------
pence pence pence
Earnings per share 4 10.0 12.5 30.8
Dividend per share 5 2.3 2.1 7.5
Statement of Total Recognised Gains and Losses (Unaudited)
Half year to Half year to Year to
30 Sep 97 30 Sep 96 31 Mar 97
#000 #000 #000
------------ ------------ ---------
Profit after tax 4,959 6,193 15,209
Currency translation
differences on foreign currency
net investments 293 (582) (1,918)
------------ ------------ ---------
Total recognised gains and 5,252 5,611 13,291
losses for the period
------------ ------------ ---------
Consolidated Balance Sheet (Unaudited)
As at As at As at
30 Sep 97 30 Sep 96 31 Mar 97
#000 #000 #000
------------ ------------ ---------
Fixed assets
Tangible assets 35,029 25,243 31,160
Investments 5,208 14,058 3,804
------------ ------------ ---------
40,237 39,301 34,964
------------ ------------ ---------
Current assets
Stocks 31,880 35,301 35,323
Debtors 48,560 38,809 47,607
Cash at bank and in hand 26,797 24,697 26,825
------------ ------------ ---------
107,237 98,807 109,755
------------ ------------ ---------
Creditors: amounts falling due
within one year
Bank loans and overdrafts (2,719) (3,396) (2,642)
Other creditors (46,485) (47,911) (48,076)
------------ ------------ ---------
(49,204) (51,307) (50,718)
------------ ------------ ---------
Net current assets 58,033 47,500 59,037
------------ ------------ ---------
Total assets less current 98,270 86,801 94,001
liabilities
Provision for liabilities (1,586) - (1,586)
& charges
------------ ------------ ---------
Net assets employed 96,684 86,801 92,415
------------ ------------ ---------
Equity shareholders' funds 96,684 86,801 92,415
------------ ------------ ---------
Movements in Shareholders' Funds (Unaudited)
Half year to Half year to Year to
30 Sep 97 30 Sep 96 31 Mar 97
#000 #000 #000
------------ ------------ ---------
Profit for the period 4,959 6,193 15,209
Dividends (1,128) (1,032) (3,714)
Other recognised gains and losses 293 (582) (1,918)
New share capital subscribed 185 328 950
Goodwill written off (40) (358) (364)
------------ ------------ ---------
Net movements in shareholders' 4,269 4,549 10,163
funds
Opening shareholders' funds 92,415 82,252 82,252
------------ ------------ ---------
Closing shareholders' funds 96,684 86,801 92,415
------------ ------------ ---------
Consolidated Cash Flow Statement (Unaudited)
Half year to Half year to Year to
30 Sep 97 30 Sep 96 31 Mar 97
Notes #000 #000 #000
----- ------------ ------------ ---------
Net cash inflow from 7 4,590 11,928 17,012
operating activities
Returns on investments and
servicing of finance 7 808 849 13,000
Taxation 337 (1,642) (5,678)
Capital expenditure and
financial investment 7 (5,977) (6,084) (13,892)
Acquisition - (547) (547)
Equity dividends paid - - (3,319)
------------ ------------ ---------
Cash (outflow) inflow before (242) 4,504 6,576
use of liquid resources and
financing
Management of liquid 7 2,000 (7,000) (8,722)
resources
Financing 7 185 328 950
------------ ------------ ---------
Increase (decrease) in cash 1,943 (2,168) (1,196)
in the period
------------ ------------ ---------
Reconciliation of Net Cash Flow to Movement in Net Funds
Half year to Half year to Year to
30 Sep 97 30 Sep 96 31 Mar 97
#000 #000 #000
------------ ------------ ---------
Increase (decrease) in cash 1,943 (2,168) (1,196)
in the period
Change in liquid resources (2,000) 7,000 8,722
Translation difference (48) 112 300
------------ ------------ ---------
Movement in net funds in the (105) 4,944 7,826
period
Opening net funds 24,183 16,357 16,357
------------ ------------ ---------
Closing net funds 24,078 21,301 24,183
------------ ------------ ---------
Analysis of net funds
Cash at bank on demand 6,797 4,697 4,825
Bank overdrafts (155) (812) (183)
------------ ------------ ---------
Closing net cash 6,642 3,885 4,642
Cash on deposit 20,000 20,000 22,000
Debt due within one year (2,564) (2,584) (2,459)
------------ ------------ ---------
Closing net funds 24,078 21,301 24,183
------------ ------------ ---------
Notes on the Interim Financial Statements
1. Accounting policies The consolidated profit and loss account and
balance sheet for the half years ended 30 September 1997 and 30 September 1996
have been prepared on a basis consistent with the accounting policies
disclosed in the Group's Report and Accounts 1997. No operations were
discontinued during the period.
The principal average exchange rates used to translate the Group's overseas
results were as follows:-
Half year to Half year to Year to
30 Sep 97 30 Sep 96 31 Mar 97
Average Period End Average Period End Average Period End
------------------------------------------------------------------------------
US Dollar 1.63 1.62 1.54 1.56 1.59 1.64
German Mark 2.86 2.85 2.32 2.38 2.47 2.74
Yen 196 195 167 174 180 203
------------------------------------------------------------------------------
2. Income from associate
The Group's income from its associated undertaking consists of its 49% share
in the profit before tax of Oxford Magnet Technology Limited. Turnover of
Oxford Magnet Technology Limited for the half year ended 30 September 1997 was
#36.7 million (1996 #34.3 million).
3. Taxation
The tax charge for the half year ended 30 September 1997 has been based on the
estimated effective rate for the full year, taking into account the reduced UK
corporation tax rate.
4. Earnings per share
Earnings per share have been calculated on the weighted average of 49,607,407
shares in issue during the 26 weeks ended 30 September 1997 (1996 49,419,460
shares).
5. Dividends per share
An interim dividend of 2.3p (1996 2.1p) will be paid on 26 March 1998 to
shareholders registered at the close of business on 20 February 1998, the
record date. The shares will be marked 'ex-dividend' on 16 February 1998.
6. Report and Accounts 1997
The comparative figures for the financial year ended 31 March 1997 are
extracted from the Company's statutory accounts for that financial year.
Those accounts have been reported on by the company's auditors and delivered
to the Registrar of Companies. The report of the auditors was unqualified and
did not contain a statement under section 237 (2) or (3) of the Companies Act
1985. Copies of the Report and Accounts 1997 are available from the Company's
registered office by applying to the Company Secretary, Oxford Instruments
plc, Old Station Way, Eynsham, Witney, Oxon, OX8 1TL.
Notes on the Interim Financial Statements
7 Cashflows netted in the cashflow statement
Half year to Half year to Year to
30 Sep 97 30 Sep 96 31 Mar 97
#000 #000 #000
------------ ------------ ---------
Operating Profit 4,726 6,430 16,543
Depreciation charges and
amortisation 1,897 1,775 3,417
Change in Stocks 3,561 (3,745) (4,261)
Change in Debtors (381) 6,617 (4,935)
Change in Creditors (5,213) 851 6,248
------------ ------------ ---------
Net cash inflow from 4,590 11,928 17,012
operating activities
------------ ------------ ---------
Interest received 837 893 1,212
Interest paid (29) (44) (87)
Dividend received from - - 11,875
associate
------------ ------------ ---------
Net cash inflow from returns on
investments and servicing of
finance 808 849 13,000
------------ ------------ ---------
Purchase of fixed assets (5,625) (5,785) (13,756)
Sale of fixed assets 132 143 284
Investments acquired (484) (442) (420)
------------ ------------ ---------
Net cash outflow for capital
expenditure and financial (5,977) (6,084) (13,892)
investment
------------ ------------ ---------
Decrease (increase) in term
deposits 2,000 (7,000) (9,000)
Increase in term loans - - 278
------------ ------------ ---------
Net cash inflow (outflow) from 2,000 (7,000) (8,722)
management of liquid resources
------------ ------------ ---------
Issue of ordinary shares
including share premium 185 328 950
------------ ------------ ---------
Net cash inflow from financing 185 328 950
------------ ------------ ---------
END
IR FFUFMFUWUFSF
Oxford Instruments (LSE:OXIG)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Oxford Instruments (LSE:OXIG)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
