Following the uncertainty created by covid-19, the Oxford Instruments Group has suspended payment of the interim dividend of 4.1p per share. As a result of continued uncertainty, the Board will defer a decision on payment of dividends but will keep this under review as the year progresses while we assess the impact of covid-19 on our markets and trading performance.
Other financial highlights include:
• Good progress underpinned a strong financial performance until the impact of covid-19 in Q4
• Trading disruption due to the pandemic equated to approximately two weeks' equivalent revenue following deferred product shipments and installations in the last quarter
• Reported orders up 0.3% to £336.0m (2019: £335.1m), a decrease of 1.3% at constant currency; book to bill ratio of 1.06
• Order book of £175.0m (31 March 2019: £153.2m), up 14.2% (12.1% at constant currency), assisted by finished goods not shipped or installed at the year end
• Reported revenue increased by 1.1% to £317.4m (a decline of 0.7% at constant currency)
• Adjusted operating profit from continuing operations up 5.9% at £50.5m (a decline of 1.0% at constant currency)
• Adjusted operating margin of 15.9% (2019: 15.2%), 15.1% at constant currency
• Net cash grew to £67.5m, aided by strong operating cash flow (124% cash conversion) and proceeds from business disposals. At the end of March, our revolving credit facility remained undrawn, leaving approximately £105m of undrawn committed facilities. This represents total headroom of approximately £200m
