Oxford Instruments Plc (OXIG.L, OXINF.PK), a high technology tools and systems provider, reported Tuesday a higher pre-tax profit for fiscal 2008 on acquisition gains and a double-digit growth in its trading profit.
The Oxfordshire, U.K.-based firm's pre-tax profit for fiscal 2008 rose to GBP 5 million from GBP 1.3 million in fiscal 2007. Adjusted pre-tax profit increased 26.7% to GBP 9.5 million from GBP 7.5 million last year.
Annual profit attributable to equity shareholders of the parent was GBP 2.7 million or 5.5 pence per share, compared to a loss of GBP 1.5 million or 3.2 pence per share a year ago. On an adjusted basis, earnings per share however jumped 21.9% to reach 11.7 pence from prior year's 9.6 pence.
Turnover for the full year ended March 31, 2008 increased 9.2%, or 11.6% on a constant currency basis, to GBP 176.5 million from GBP 161.6 million in 2007. The company said that the rise in turnover was benefited by acquisitions, which contributed GBP 6.9 million in the year.
Oxford Instruments' order intake was up 10.6% reaching GBP 180.2 million during the year. The firm also reported a 57.8% rise in its trading profits at GBP 10.6 million, over last year's trading profit of GBP 8.3 million.
The company has recommended a final dividend of 6 pence, in line with last year, which will be paid on October 23, to shareholders on record on September 26. The ordinary shares will be quoted ex-dividend on September 24. The company noted that the payment of the proposed dividend is subject to shareholder approval at the Annual General Meeting on September 23.
Commenting on the results, Nigel Keen, chairman, said, "While it is still early in the current financial year, trading to date has been in line with the Board's expectations. Despite the challenging economic environment, our end markets remain resilient, driven by the demand for products that deliver environmental and safety benefits. These factors make us confident in our ability to deliver long-term profitable growth."
Looking ahead, Oxford Instruments stated that it is confident in the Group's future prospects and its ability to generate increasing and sustainable shareholder value.
OXIG.L is currently trading on the LSE at 234.00 pence, up 2.00 pence, or 0.86%, on a volume of 1,500 shares.
OXINF.PK closed last trading on Monday with $4.10.
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