Oxford Instruments Plc’s superconductivity business continues to reap outstanding increases in profit. The Oxford-based company has reported an 55% increase in net profits of ú11m for the year to March 26, on turnover up 12% to ú125m. Some two years ago, Oxford Instruments issued dire warnings to its shareholders, (CI No 2,296), yet almost immediately benefitted from the decline in sterling, which boosted the 85% of its sales coming from abroad. Finance director Martin Lamaison attributed this year’s increase in profits to a solid, sustained growth in volume of sales, and the company reported that its analytical systems businesses had made a very strong contribution to profits. Following the huge success of its first synchrotron, an X-ray generating machine for microchip production, Oxford Instruments has spent almost ú8m to date on building its second synchrotron, Helios II, which is scheduled for completion towards the end of this year. While no firm order has been received for Helios II, the company says that interest in it remains high in Japan and the US so it remains hopeful. Oxford Instruments said it is committed to sustained future investment, especially in manufacturing and in research and development, on which the company has already spent ú8.8m this year, an increase on last year of 14%. Chairman Peter Williams reported that the company enters the new financial year with our highest order intake for four years, and said he was confident that the company can maintain its progress, even if the benefits of recovery from the worldwide recession have already been realised. The board recommends a final net dividend of fourpence, making a total dividend for the year of 5.7 pence.
