June 13, 2025 -- Oxford Instruments plc, a leading provider of high technology products and systems for industry and research, today (13 June 2025) announces its preliminary results for the 12 months to 31 March 2025.

Highlights

• Revenue exceeds £500m for the first time, up by 6.5% at OCC⁵, driven by:

Good growth in semiconductor and materials analysis, offsetting continued weakness in healthcare & life science

Strong performance across North America, Asia and Europe, with successful pivot to new markets in China, now complete

Double-digit revenue growth from commercial customers (c.50% of revenue, up from 45% in 2024) as we leverage our strength in our priority technologies from academia to commercial and applied R&D

• Adjusted operating profit of £82.2m, up 10.8% OCC, and adjusted operating profit margin of 17.8% OCC, up 70bps, supported by operational efficiencies and new, simplified Group structure:

Imaging & Analysis: OCC margin 24.7%, up 60bps – in the upper range of medium-term guidance, reflecting early results in strategic action, and despite market headwinds in life science holding back growth and operating leverage

Advanced Technologies: constant currency margin of 4.5%, up 360bps – fix and improve action plan on track, with continued double-digit growth in compound semi business scaling and quantum returned to profitability

• Robust demand and resulting orderbook provide good visibility for year ahead
• £84.4m net cash (2024: £83.8m) after £15.4m acquisition consideration; normalised cash conversion improved to 89% from 64% in 2024
• FX headwind of £8.5m on adjusted operating profit, largely due to USD weakening
• 6.7% increase in the total dividend to 22.2p (2024: 20.8p)⁵

Sale of quantum business and £50m share buyback programme launched

• Binding agreement to sell NanoScience, the Group’s quantum business, for consideration of £60m, of which £3m deferred. One-off transaction costs expected to be £2m-£3m.

Enables the Group to focus on businesses with strong growth and margin characteristics where it is best placed to deliver value for shareholders

Accelerates progress to deliver the Group’s medium-term margin targets

• Strength of balance sheet and proceeds from the sale of NanoScience enable up to £50m share buyback programme which will commence shortly

Richard Tyson, Chief Executive Officer of Oxford Instruments plc, said:

“The Group has had a good year, reporting strong revenue, profit growth, and constant currency margin progression. It was also a year of significant progress with our strategic initiatives to improve our operational and commercial outcomes. We have turned around the profitability of our NanoScience business, and subsequently crystallised an attractive value through the sale of the business for £60m, announced this week. The sale is in line with our strategy to focus and invest in the best areas of opportunity to grow the Group and create value for shareholders, and accelerates our progress to our medium-term margin targets. I am really pleased with the agility and performance of the whole Oxford Instruments team as they have responded to the new strategy and navigated the current market environment.

“This year’s results demonstrate the benefits of the long-term drivers of our business model, founded on the growth dynamics in the markets where we operate, and the demand for our market-leading products and solutions. Looking ahead, whilst acknowledging the level of macro uncertainty, we have a strong and more focused business; there is a lot we can control, and we are well placed to mitigate any direct impact from tariffs. There are further benefits to be realised from our strategic initiatives to transform the business, and our revenue visibility is healthy. Our strong balance sheet, and the proceeds to come from the sale of our quantum business, allow us to return capital to shareholders via a share buyback that we’ve also announced this week. We are confident that our differentiated higher margin business will continue to deliver attractive profitable growth.”