Tuesday, Oxford Instruments Plc (OXIG.L), a provider of high technology tools and systems, reported a loss for the full year ended March 31, impacted by reorganization costs and impairment charges. However, on an adjusted basis, earnings increased from last year on a 17% growth in revenues. For the current year, the group said that trading so far has been in line with its expectations.
Oxford Instruments posted full-year loss before taxation of GBP 9.3 million compared with a profit of GBP 5.0 million in the previous year.
Loss attributable to equity shareholders of parent was GBP 6.7 million compared to a profit of GBP 2.7 million a year ago. On a per share basis, loss was 13.9 pence compared to a profit of 5.5 pence last year.
Adjusted earnings increased to GBP 7.2 million or 14.8 pence per share from GBP 5.8 million or 11.7 pence per share last year.
Trading profit increased to GBP 13.1 million from GBP 10.6 million a year earlier.
Revenue advanced to GBP 206.5 million from GBP 176.5 million in the prior year. The increase was due to acquisitions which, net of disposals, contributed GBP 10.4 million and the effect of favourable foreign exchange rates, which added GBP 33.7 million. On an organic constant currency basis, revenues fell 8% primarily due to the downturn suffered by Industrial Analysis business.
Reorganisation costs and impairment amounted to GBP 6.8 million. Amortisation of acquired intangibles rose to GBP 4.3 million from GBP 2.9 million a year earlier.
Order intake rose 13% to GBP 204.2 million from GBP 180.2 million a year earlier.
The group said that the previously published figures for the year to 31 March 2008 have been restated. The effect has been to increase sales and marketing costs and reduce administration and shared services by GBP 2.2 million for the prior year.
The group currently reports in two operating sectors, Analytical and Superconductivity. Starting from the current financial year, Oxford plans to change the reporting structure to bring it into line with revised operational arrangements within the group, which would see the formation of three sectors, Nano Technology, Industrial Products and Service.
In the current half-year, the group plans to further reduce staffing levels by about 30 at a cost of GBP 0.4 million. This would further reduce operating costs by GBP 1.4 million in a full year.
In addition, the group's proposed final dividend of 6.0 pence per share, payable on 29 October, gives a total dividend for the year of 8.4 pence per share.
OXIG.L is currently trading on London stock exchange at 147.60 pence, down 0.27%.
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