Oxford Instruments (OXIG)
- Share Price:
- 2,840.00p
- Market Cap:
- £1,560.30m
- Change Today:
-
-16.00p
- Sector:
- Electronic and Electrical Equipment
Oxford Instruments shares fall despite results ahead of expectations
By Josh White
Date: Tuesday 09 Jun 2026
LONDON (ShareCast) - (Sharecast News) - Oxford Instruments shares fell more than 6% on Tuesday morning despite the company reporting full-year results slightly ahead of expectations, as investors focused on weaker revenue, lower adjusted profit and pressure in its Advanced Technologies division.
The FTSE 250 scientific technology group said revenue from continuing operations fell 4.6% to £423.2m in the year ended 31 March, or 3.0% on an organic constant-currency basis, while adjusted operating profit declined 7.3% to £73.7m.
Adjusted operating margin slipped 50 basis points to 17.4%, although it rose 30 basis points on an organic constant-currency basis to 18.2%.
The share-price fall suggested investors were looking past the stronger second half and improved order momentum, with the headline decline in revenue and adjusted operating profit weighing on sentiment.
Reported operating profit rose 54.2% to £58.0m, reflecting the non-repeat of the prior-year impairment charge at its Belfast-based Andor business and the benefits of restructuring actions.
Reported profit before tax increased 53.1% to £58.5m, while basic earnings per share rose 88.8% to 84.6p.
Order intake rose 6.4% to £450.4m, or 8.0% on an organic constant-currency basis, giving a book-to-bill ratio of 1.06 and providing momentum into the new financial year.
Oxford Instruments said demand from commercial semiconductor customers was strong across both divisions, with Advanced Technologies order intake up 28.1% on a constant-currency basis and its year-end order book 27% ahead of the prior year.
The group said revenue was held back by a disrupted first half in Imaging & Analysis and slower-than-expected conversion of Advanced Technologies orders into revenue.
Revenue returned to growth in the second half, rising 1.3% on an organic constant-currency basis.
Imaging & Analysis revenue fell 4.8% to £314.7m, but adjusted operating profit was down only 3.1% at £70.9m, with margins improving after restructuring at the Belfast cameras and microscopy business.
Advanced Technologies revenue declined 3.9% to £108.5m, while adjusted operating profit fell to £2.8m from £6.3m, reflecting lower revenue, higher costs at the Severn Beach facility and changes to inventory valuation.
Oxford Instruments completed the sale of its NanoScience business in January, generating net cash proceeds of £42.4m.
The company said the divestment simplified the group, improved focus and supported margins.
Net cash rose 11.4% to £94.0m, despite £62.2m returned through a share buyback programme and £13.0m paid in dividends.
The board proposed a final dividend of 18.2p per share, taking the full-year payout to 23.6p, up 6.3% from 22.2p.
"Strong strategic progress and an effective response to market headwinds led to a good full-year performance, despite significant disruption in the first half," said chief executive Richard Tyson.
He added that Imaging & Analysis had benefited from restructuring and productivity improvements, while Advanced Technologies had generated a record order book, providing revenue visibility into the 2027 and 2028 financial years.
"Whilst the macroeconomic and geopolitical environment remains uncertain, we are making clear progress against the strategy set out in 2024 and remain well positioned in structurally growing markets, supported by increased investment in innovation, operational excellence and our people," Tyson said.
At 0836 BST, shares in Oxford Instruments were down 6.35% at 2,890p.
Reporting by Josh White for Sharecast.com.
See latest RNS on Investegate
OXIG Market Data
| Currency | UK Pounds |
| Price | 2,840.00p |
| Change Today | -16.00p |
| 52 Week High | 3,302.00p |
| 52 Week Low | 1,766.00p |
| Volume | 191,032 |
| Shares Issued | 54.94m |
| Market Cap | £1,560.30m |
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What The Brokers Say
| Strong Buy | 3 |
| Buy | 2 |
| Neutral | 2 |
| Sell | 0 |
| Strong Sell | 0 |
| Total | 7 |
