Oxford Instruments PLC on Wednesday hailed first-half revenue growth, helped by strong demand in the materials analysis and semiconductor markets.

Progress in those parts of the business offset ‘softer demand from our healthcare & life science market’, the Oxfordshire-based company said.

Shares in the company rose 5.0% to 2,035.00 pence each in London on Wednesday afternoon.

Oxford Instruments, which provides technology and services to industrial companies and scientific researchers, expects revenue of growth of 10% for the half year ended September 30.

‘Adjusted operating profit will be slightly above last year. Group margin will be lower than last year, as expected, reflecting the mix effect of stronger revenue growth from Advanced Technologies. On a reported basis, the currency headwind will result in adjusted operating profit and margin below the comparable period last year,’ Oxford Instruments added.

Looking ahead, it expects to deliver its customary ‘stronger second half trading performance’.

‘This will be supported by the execution of some larger orders in Advanced Technologies, as well as progress in our operational transformation and business restructuring projects, delivering efficiency and cost improvements in the second half of the year. We expect performance for the full year to be in line with expectations on a constant currency basis,’ it added.

Based on current exchange rates, sterling appreciation will mean the currency hit to its operating profit for the full-year will increase by £1.5 million to £2.0 million from previous guidance. It had previously predicted a forex hit to revenue of £8.4 million and to profit of £6.2 million.

The firm releases half-year results on November 12.

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