Oxford Instruments PLC on Tuesday reported a rise in profit and revenue in its recent financial year, despite headwinds caused by price inflation.

The Abingdon, England-based manufacturing and research company said pretax profit for the financial year that ended March 31 was up 54% to £73.5 million from £47.6 million. Oxford Instruments said that this was despite the inflationary headwinds and supply chain challenges.

Operating profit margin increased to 16.3% in financial 2023 from 13.2% in financial 2022, and on an adjusted basis remained 18.1%, unchanged from last year.

Revenue increased by 21% to £444.7 million from £367.3 million the prior year, with supply chain issues easing in the second half of the financial year, and revenue in China being boosted with the lockdown restrictions becoming loosened.

The company said revenue was boosted by growth in three of its sectors, particularly in the second half of the year: with Materials & Characterisation achieving a 19.2% growth, an 8.1% growth in Research & Discovery, and a 9.6% growth in Service & Healthcare.

‘We have delivered growth in orders, revenue and profit, as well as maintaining margin, with performance strengthened in the second half as we converted our order book and realised the benefits of new pricing structures,’ said Chief Executive Ian Barkshire.

The company declared a final dividend of 14.9 pence per share, up 8.8% from 13.7p the prior year. The total dividend was 19.5 pence per share, up 7.7% from 18.1p per the previous year.

The company said its full-year outlook for the current financial year is in line with its expectations.

‘While mindful that the wider macroeconomic context remains challenging, our record book and strong positions in attractive end markets underpin our confidence in the future growth of the group,’ said Chief Executive Barkshire.

Shares in Oxford Instruments were up 1.6% at 2,772.49 pence in London on Tuesday.

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