Full Year 2026 Oxford Instruments PLC Earnings Call Transcript
Key Points
- Oxford Instruments PLC (OXINF) reported a strong second half performance, with order intake growth of 8% in the second half and 28% in Advanced Technologies.
- The company successfully divested its NanoScience business, improving group margins and freeing up management time for other strategic initiatives.
- Operational improvements, particularly in the Imaging and Analysis division, led to a 30 basis point increase in group margins.
- Oxford Instruments PLC (OXINF) has a robust order book, with significant growth expected in Advanced Technologies, driven by demand from high-volume manufacturing customers.
- The company is investing in future growth opportunities, including software and AI development, and expanding its semiconductor industry solutions.
- Revenue recognition lagged behind order intake, resulting in a 3% decline in revenue at constant currency for the full year.
- The academic market, particularly in the US, faced retrenchment, impacting order intake in the early part of the year.
- Currency headwinds negatively impacted financial results, with a GBP4.5 million hit in FY26 and an expected GBP3.2 million in FY27.
- The X-ray tubes business within Advanced Technologies experienced a revenue decline due to slow customer demand recovery.
- Challenges in the macroeconomic environment, including geopolitical factors and US academic funding uncertainty, posed risks to the business.
Welcome to the Oxford Instruments full-year results presentation. I'm here today with our CFO, Paul Fry, and thank you for joining us. We're really pleased with these results, which cap off a good year and given the headwinds, some great outcomes. Clearly, a game of two halves, maybe even four quarters, and a strong finish, while making significant progress with our strategy.
All of this puts us in a really good place for the current year and beyond. So first, I'll cover the highlights. Paul will take you through the financials, and I'll return more on our markets, our strategic progress and look into next year. There will, as always, be the opportunity for questions at the end, both here in the room and online.
We've delivered a really strong performance in the second half and a good full-year performance. Paul and I are really proud of what our teams have achieved against a very challenging market backdrop, particularly in the early months of the year, which mostly impacted Imaging and Analysis, where Q1 orders, to
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