Oxford Instruments Plc, a leading provider of high-tech tools and systems, has announced a strong performance for the first half of the fiscal year, marked by a significant increase in pre-tax earnings and a boost to its interim dividend. Despite a challenging economic environment, the company has reported a 7.5% growth in revenue, reaching £209.7 million, compared to £200.5 million during the same period last year.
The firm's strategic focus on niche markets within structural growth sectors has paid off, with adjusted operating earnings climbing by 6.5% to stand at £36.5 million. The pre-tax income for the six months ending September 30 rose to £29.6 million from £26.6 million in the previous year. Additionally, after excluding certain items, pre-tax income saw a slight increase to £37.5 million from £37.3 million.
Shareholders have reason to celebrate as after-tax profit increased to £22.3 million, translating to 38.1 pence per share, up from last year's £20.7 million or 35.4 pence per share. The company's order book also showed strength, growing to £331.7 million from £315.7 million (GBP1 = USD1.2294) last year.
In line with these positive results, Oxford Instruments has raised its interim dividend by 6.5% to 4.9 pence per share, up from the previous year's 4.6 pence. This dividend is payable on January 12, 2024, to shareholders who are registered as of December 1, 2023.
The CEO of Oxford Instruments, Richard Tyson, expressed optimism about the company's performance amidst an uncertain climate and highlighted the strong sectoral performance, particularly in Research & Discovery (NASDAQ:WBD). This sector's robust activity contributed significantly to the overall revenue surge of 4.6%.
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