Oxford Instruments plc have declared an interim dividend of 5.1p per share (2023: 4.9p per share), growth of 4.1%. The interim dividend will be paid on 10 January 2025 to shareholders on the register as of 29 November 2024.
Other financial highlights include:
Strong revenue growth of 10.4% at constant currency ('CC')
Orders up 2.6% (CC) with underlying book-to-bill of 1.01 (Imaging & Analysis: 1.04)
Adjusted operating profit up 3.6% at CC (2023: £36.5m)
CC adjusted operating profit margin of 16.3% (2023: 17.4%), reflecting:
- Imaging & Analysis CC margin of 24.6% maintained
- mix effect of stronger growth from Advanced Technologies
- continued investment in operational improvement
Growth in both divisions:
- Imaging & Analysis: 6.0% CC revenue growth with strong margins maintained
- Advanced Technologies: 21.4% CC revenue growth with good visibility of margin improvements
Strong balance sheet with £39.3m net cash and cash conversion expected to improve in H2
- Low normalised cash conversion of 17% reflects normal seasonality and increased working capital due to timing of quantum contract cash receipts; improvement expected in H2
