Oxford Instruments PLC on Thursday said revenue increased in its latest half-year, despite a slight lag in orders, although it expects full-year trading to be at the lower end of guidance.

The stock was down 6.0% at 1,922.00 pence in London on Thursday.

The Abingdon, England-headquartered company said revenue for the six months that ended September 30 is ahead of the £200.5 million delivered in 2022. Growth in its Research & Discovery division was ‘particularly good’, although in Materials & Characterisation this was offset by ‘some softness in higher margin segments’.

Oxford Instruments, which provides technology and services to industrial companies and scientific researchers, expects adjusted operating profit for the half year to be ‘broadly in line with last year’, when it increased 20% to £36.8 million. It attributed this to continued investment in operational capability, capacity and infrastructure alongside a currency headwind.

The FTSE 250-listed firm said orders should be slightly behind a strong comparison period due to some anticipated customer orders experiencing delays, but that it expects to report ‘good order book growth’ regardless.

Oxford Instruments also anticipates improved trading during the rest of the year ending March 31, although trading for the whole year will be at the lower end of expectations.

‘While we remain mindful of the current macroeconomic and political climate, our order book for the remainder of [financial 2024] is strong and supported by a robust pipeline,’ the company said. ‘Our operational improvement programme is expected to support an increase in production alongside our normal seasonal second half weighting.’

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