RNS Number : 0924E
Oxford Instruments PLC
23 September 2008
23 September 2008
Oxford Instruments plc
Chairman's AGM Statement 2008
Oxford Instruments plc, the high technology tools and systems company, is holding its Annual General Meeting today at which the Chairman, Nigel Keen, will make the following statement:
Two and a half years ago, Oxford Instruments embarked on a strategy to reposition the business towards future growth markets such as those benefiting from environmental legislation and nanotechnology investment. Though becoming increasingly competitive, these markets show strong intrinsic growth, notwithstanding the current economic turmoil. This resilience, coupled with an increasingly commercial approach across the Group, provides firm foundations for a successful and sustainable growth model.
In June, we reported on the second full year of this strategy. We achieved progress in line with our plan to double the size of the business in five years and improve EBIT margins by ten percentage points, despite adverse currency effects. The recent strengthening of the dollar and the euro against sterling should now support rather than hinder our growth.
Since the start of this financial year, we have acquired two companies in line with our growth strategy. Technologies and Devices International Inc (TDI) was acquired in April 2008 and has a unique technology which facilitates the manufacture of energy efficient high brightness light emitting diodes (HBLEDs). Work is currently underway to industrialise this process. A fabrication tool based on this technology is due for launch within 12 months. In May 2008, we acquired Oxford Instruments Nordiska AB from LINK Analytical AB, a distributor of analytical instrumentation in the Nordic countries. The acquisition strengthens our position in this important region. I would like to welcome our new colleagues to Oxford Instruments.
The two acquisitions we made last year, Worldwide Analytical Systems AG and VeriCold Technologies GmbH, have been integrated successfully into the Oxford Instruments Group and are performing to plan.
Despite the general economic uncertainty, our turnover and order intake to date this year are ahead of the same period last year. As a result, the Board remains confident that the outcome for the full year will meet its expectations.
Oxford Instruments plc Tel: 01865 393200
Jonathan Flint, Chief Executive
Kevin Boyd, Group Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
Rachel Hirst / Andrew Jaques / Ian Payne
Notes to Editors
Oxford Instruments designs, supplies and supports high-technology tools, processes and solutions with a focus on physical science, bioscience, environmental and industrial research and applications. It provides solutions needed to advance fundamental nanoscience research and its transfer into commercial nanotechnology applications. Innovation has been the driving force behind Oxford Instruments' growth and success for over 40 years, and its strategy is to effect the successful commercialisation of these ideas by bringing them to market in a timely and customer-focused fashion.
The first technology business to be spun out from Oxford University over forty years ago, Oxford Instruments is now a global company with over 1500 staff worldwide and a listing on the London Stock Exchange (OXIG). Its objective is to be the leading provider of new generation tools and systems for the Physical Science and Bioscience sectors.
This involves the combination of core technologies in areas such as low temperature and high magnetic field environments, Nuclear Magnetic Resonance, X-ray electron and optical based metrology, and advanced growth, deposition and etching. Our products, expertise, and ideas address global issues such as energy, environment, terrorism and health and are part of the next generation of telecommunications, energy products, environmental measures, security devices, drug discovery and medical advances.
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