LONDON (ShareCast) - Oxford Instruments, which provides high-tech tools and systems for industry and research, recorded improved adjusted pre-tax profit for the year as it makes strong progress in emerging and fast growing economies while industrial markets remained soft.

The FTSE 250 high-tech manufacturing and research firm said adjusted profit before tax rose to £48.2m for the year to March 31st 2013, up 14.8% from the same time last year. Revenue climbed 4.8% on an organic constant currency basis; while total revenues increased 4.0% to £350.8m.

Oxford, which was one of the first commercial spin-out from Oxford University, said adjusted operating profit margin increased to 14.2% from 12.5% the year before. Profit before income tax fell to £29.6m from £36.1m before.

In Nanotechnology Tools, revenues grew 7.9%, boosted by the acquisition of Asylum in December 2012.

"While we saw strong growth in both our NanoAnalysis and Plasma Technology businesses, revenues in the newly combined Omicron Nanoscience business were flat," the group explained. Constant currency organic growth was 9.4%.

Following robust growth in 2011/12, revenues in Industrial Products fell back by 3.1%. Service revenues increased by 7.6%, due to the Platinum business it acquired in November 2011.

Chief Executive Jonathan Flint said: "Our R&D plan continues to deliver new products to the market which take market share from our competitors. We are building on our strong position in emerging and fast growing economies and we continue to target growth, both organically and through bolt-on acquisitions."

Oxford has proposed a final dividend of 8.15p, up 12.8%, giving a total dividend for the year of 11.2p compared to 10.0p in 2012.



CJ

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