Oxford Instruments plc (OXIG.L), on Monday announced an 8 percent decline in interim revenue for the first half compared to the prior year. On a reported basis, first half revenues are expected to be down 10 percent. However, the firm reported a slight improvement in order intake at the group level.
On the London Stock Exchange, the shares were trading 14.95 percent lower at 1692 pence.
In addition, the firm issued guidance for revenue and adjusted operating profit guidance for half year and full year 2025.
For the six months ended, in the Imaging and Analysis division, the firm reported that order intake fell around 6 percent on an Organic Constant Currency basis in the first half, compared to the previous anticipation, primarily due to market turbulence resulting from tariffs and global economic uncertainty.
This contributed to a decline in revenues of around 9 percent in the first half on organic constant currency growth basis, compared to the prior year. On a reported basis, the revenue declined nearly 11 percent. Imaging and Analysis order intake in the second half was reported as flat compared to the prior year.
However, in the Advanced Technologies division, the firm reports positive momentum with a 25 percent Organic Constant Currency growth in the first half orders and a full order book for the second half, mainly due to market tailwinds in the compound semiconductor market. Advanced Technologies order intake grew 26 percent in the second half.
At the Group level, this has resulted in order intake of up just over 1 percent Organic Constant Currency Growth versus the prior year. The firm reported nearly 6 percent growth in the second half.
Organic Constant Currency Divisional first half revenue is expected to be around 7 percent lower than the prior year, primarily due to tariff-related delays in shipments to China from our US-based X-Ray business.
In addition, on a reported basis, the firm expects second half revenue to be marginally up from the year ago.
The total revenue from continuing operations in the first half is expected to be 204.2 million pounds. For the full year, it is expected to be 442.2 million pounds.
Adjusted operating profit guidance amounted to 35.1 million pounds for the first half and for the full year it amounted to 78.6 million pounds.
Adjusted operating profit margin is guided to be 17.2 percent in the first half and 17.8 percent for the full year.
The high contribution margin on Imaging and Analysis revenue lost in the first half is expected to result in an adjusted operating profit margin for the period of around 14.5 percent on an Organic Constant Currency basis. On a reported basis, this is to be 13.5 percent.
The firm updated that the half-year book-to-bill ratio is expected to be around 1.1 compared to 1.0 in the prior year.
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