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Oxford Instruments PLC on Tuesday said revenue growth in its recent financial year was strong, but its operating margin took a hit.
Oxford Instruments is an Abingdon, England-headquartered company that provides technology and services to industrial companies and scientific researchers. Its shares were down 3.7% to 2,013.31 pence each in London on Tuesday morning.
In the financial year that ended March 31, Oxford Instruments said revenue growth was ‘strong’ and is expected to be around 9% at constant currency.
‘Our differentiated positions are driving positive momentum, with growth across all our geographies in our key sustainability-driven and structurally growing end markets, including advanced materials, life science and semiconductors. While orders were lower against a strong comparator year and due to a slowdown in life science OEM orders, our underlying book-to-bill remains positive,’ the company said.
However, operating margin is expected to be approximately 100 basis points behind last year, reflecting losses incurred in its quantum business as a result of ceasing commercial activities in China, and continued operational investment.
Looking ahead, Oxford Instruments said it has entered the new financial year with a ‘strong order book providing good visibility to planned revenues and a good pipeline of growth opportunities in structurally growing end markets’.
Oxford Instruments plans to release full-year results on June 11, together with an update on company strategy.
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