Half-Year Results
Summary by AI BETAClose X
Oxford Instruments plc half-year results FY27
10 November 2026
Strong order growth and revenue momentum underpin full-year expectations
Oxford Instruments plc today (10 November 2026) announces its interim results
for the six months to 30 September 2026.
|
Financial highlights |
Adjusted1 |
Statutory | |||||
|
|
H1 FY27 |
H1 FY26 |
Change |
OCC2 change |
H1 FY27 |
H1 FY26 | |
|
Order intake |
£296.0m |
£205.2m |
+44.2% |
+44.3% |
|
| |
|
Revenue |
£201.1m |
£185.5m |
+8.4% |
+9.0% |
£201.1m |
£185.5m | |
|
Operating profit |
£30.0m |
£24.7m |
+21.5% |
+28.3% |
£27.1m |
£20.0m | |
|
Operating margin |
14.9% |
13.3% |
+160bps |
+240bps* |
13.5% |
10.8% | |
|
Profit before tax |
£30.9m |
£25.4m |
+21.7% |
+28.3% |
£27.9m |
£20.3m | |
|
Diluted earnings per share |
42.2p |
32.7p |
+29.1% |
+36.1% |
37.9p |
25.9p | |
|
Dividend per share |
|
|
|
|
5.8p |
5.4p | |
|
Normalised cash conversion |
85% |
41% |
|
|
|
| |
|
Net cash |
£74.8m |
£45.1m |
|
|
|
| |
Financial highlights
-
Group order intake up 44% and order book of £317m underpin H2 delivery
- I&A: Order intake growth 12% and order book up 8%, providing good cover going into H2
- AT: High volume manufacturing (HVM) customers driving 126% order intake growth, with full order cover for FY27 and building well into FY28
- Group revenue growth of 9.0% OCC with AT growth of 26.6% OCC following strong execution; I&A up 3.1% OCC with order book replenished post strong deliveries in Q4 FY26
- AOP up 21.5%, despite £1.7m FX headwind. AOP margin up 160bps (+240bps OCC) to 14.9%, with both divisions improving margins versus a softer H1 FY26
- Diluted adjusted EPS growth of 29% due to the higher profit and accretive impact of the ongoing share buyback programme
- Step up in free cash flow to £19.1m (FY26: £0.2m), driven by strong operating cash conversion of 85% (H1 FY26: 41%) and by reduced restructuring and zero pension contributions
- £74.8m net cash at the end of the period; £83.1m of £100m share buyback programme complete by 30 September 2026. Remaining £16.9m expected to be completed in early 2027; intention to then extend by £25m to Summer 2027
Strategic and operational highlights
- Global market strength in compound semiconductors, and continued structural growth in material sciences drove high demand from commercial customers in these segments
-
Good progress continues in I&A:
- Commercial order intake up 20%, driven by semiconductor and materials analysis applications. Regional sales model supported the stronger order growth; investments made in new customer demonstration centres in Korea, Taiwan and Germany
- Academia intake grew 2.8% OCC despite ongoing softness in US life science academic research
-
AT scaling to meet exceptional demand:
- Multiple high-volume manufacturing customer wins, as they choose our differentiated compound semiconductor process technology as they ramp for global demand for datacentre infrastructure
- Investment in operational capacity including strategic supply chain initiatives, cleanroom optimisation, ongoing productivity improvements and planned skilled labour increases
- Continued R&D investment in line with target at c. 9% of revenue driving innovation, new products and software upgrades, including a focus on integrating AI capabilities
- Strong balance sheet provides optionality in line with our capital allocation priorities, which include ongoing organic investment, dividends, M&A and further share buybacks
Current trading and outlook
- The Group continues to trade in line with market expectations for FY27
-
For FY28, the strength of the Advanced Technologies order book and expected new order intake improves our outlook for this division:
- Revenue is now expected to grow c. 20%
- Margin is expected to move up into our medium target range of 12%-15%
Richard Tyson, Chief Executive Officer of Oxford Instruments plc, said:
“We have had a very encouraging first half, with strong order momentum. Through the continued delivery of our strategy, our talented teams are building a platform for sustainable growth, significantly extending our commercial customer base, while continuing to enable Nobel Prize-winning academic research.
“We are seeing good momentum in Imaging and Analysis, despite the challenging macro landscape and pressure on US academic spend. We continue to invest in the front end of the business to maximise our opportunities for organic growth into H2 and beyond.
“In Advanced Technologies, high-volume manufacturing customers across the world are choosing our compound semiconductor processes to support the delivery of datacentre and communications infrastructure. We are focusing on ensuring we have the capacity, supply chain and service model needed to execute on this demand.
“While remaining mindful of the ongoing complexity of the external landscape and the challenges of rapid growth, given the growth in our order book, we are confident in our ability to meet market expectations for the full year, and are on track for our medium-term goals.”
We expect to provide a further trading update on 14 January 2027.
Notes:
- Definitions of the Group’s Alternative Performance Measures can be found in note 3 to the Interim Financial Statements
- Organic constant currency (OCC), as defined in Note 3 to the Interim Financial Statements.
- Book-to-bill is defined as orders received in the period divided by revenue in the period.
- The mean of consensus estimates for reported full-year FY27 results are for revenue of £446.1m, adjusted operating profit of £81.2m, and adjusted operating margin of 18.2%. Please refer to the Company website for more details of how consensus is calculated.
The financial information in this interim announcement has been prepared in accordance with UK adopted international accounting standards. The Group has applied all accounting standards and interpretations issued relevant to its operations and effective for accounting periods beginning on 1 April 2026. The UK adopted IFRS accounting policies have been applied consistently to all periods.
LEI: 213800J364EZD6UCE231
Oxford Instruments management will present its interim results at Deutsche Numis, 21 Moorfields, London, EC2Y 9DB, to analysts and investors at 9:00 today (Tuesday 10 November 2026). The presentation will be streamed live at https://brrmedia.news/OXIG_IR26/27 and a recording will be made available later today at www.oxinst.com/investors/financial-reports-and-presentations .
Enquiries:
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Oxford Instruments plc Richard Tyson, Chief Executive Officer Paul Fry, Chief Financial Officer
|
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|
Stephen Lamacraft, Head of Investor Relations |
07776 433916
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MHP Group Katie Hunt/Hugo Harris/Ally Bayne |
07884 494112 |
Notes to Editors
About Oxford Instruments plc
Oxford Instruments provides academic and commercial organisations worldwide with market-leading scientific technology and expertise across its key market segments: materials analysis, semiconductor, and healthcare & life science.
Innovation is the driving force behind Oxford Instruments' growth and success, supporting its core purpose to accelerate the breakthroughs that create a brighter future for our world. The vigorous search for new ways to make our world greener, healthier and more productive is driving unprecedented levels of R&D investment in new materials and techniques to support productivity and decarbonisation worldwide, creating a significant opportunity for Oxford Instruments to grow.
Oxford Instruments holds a unique position to anticipate global drivers and connect academic researchers with commercial applications engineers, acting as a catalyst that powers real world progress.
Founded in 1959 as the first technology business to be spun out from Oxford University, Oxford Instruments is now a global, FTSE250 company listed on the London Stock Exchange (OXIG).
For more information, visit www.oxinst.com
Chief Executive Officer’s Review
We have made a very positive start to the year, with strong momentum across the Group driven by further progress made in delivering our strategy. Our focus on expanding our commercial customer base, combined with sustained investment in innovation and operational excellence, is increasing our exposure to attractive structural growth opportunities and strengthening the quality of our earnings.
In both divisions, we are benefiting from increasing demand for technologies that support advances in compound and silicon semiconductor applications. This is complemented by continued growth in materials analysis within I&A, while our broad customer base and global reach continue to provide resilience in a complex external environment. Our customer-centric regional operating model is now well established, enabling us to operate closer to customers, respond more effectively to local market dynamics and navigate changing market conditions, while building deeper commercial relationships.
We are also continuing to invest for future growth and strengthening our operational capabilities, expanding capacity as well as advancing our technology portfolio. Together, these actions are creating a stronger, more scalable business and positioning Oxford Instruments well for sustained growth and value creation.
I’m grateful to colleagues worldwide, whose talent, commitment and agility continue to strengthen the Group as we capture the opportunities ahead, while navigating a rapidly changing external landscape.
Good progress in Imaging and Analysis
The Imaging and Analysis division entered the second half with strong order momentum, reflecting our growing presence in commercial markets alongside continued strength in our longstanding academic customer base. Our extensive portfolio of advanced products and software enables us to design tailored solutions to help customers in both groups to characterise, image and analyse almost any type of material. Currently, we are gaining notable traction with our growing range of solutions in a variety of compound and silicon semiconductor applications, from corporate R&D to in-line testing and failure analysis in production settings. We have also seen double digit growth in order intake in materials analysis, which remains the largest market for this division, encompassing a very broad range of applications from structural materials development to analysis and prevention of manufacturing defects. These growth opportunities have more than offset what remains a continued soft healthcare and life science market, where order intake was down 6% OCC year on year.
The US academic sector, which represented 10% of H1 revenue, continues to show a decline in orders and revenue versus the prior year. However, good growth in academia outside the US, especially in Asia-Pacific and Europe, more than offset US headwinds, with overall academic order intake growing 2.8% OCC on the prior period.
The transformation of our Belfast cameras and microscopy facility continues, with a major upgrade to the cleanroom completed in April, and a full site refurbishment underway to embed the efficiency improvements delivered to date.
We continue to focus on strengthening our service proposition, recognising the importance of providing timely, effective support for our customers and the opportunity to generate further profitable growth from service throughout the lifecycle of our products.
Further detail on our progress in I&A is provided in the divisional overview on pages 8 to 9.
Outstanding order growth in Advanced Technologies
Advanced Technologies has seen exceptionally strong order growth in H1, up 124% OCC, as we become more deeply embedded in the supply chain that enables high speed optical communications. Most notably in the first half of the year, demand has broadened across customers, regions and technologies as customers invest to expand capacity for next-generation datacentre connectivity. We have secured significant new customer wins as volume manufacturers invest in our compound semiconductor processes and platforms across multiple geographies. Current demand is being accelerated by investment in AI datacentres and the transition towards higher-volume, larger-wafer indium phosphide (InP) device manufacturing, an area of differentiation for OI. Planned revenue for FY27 is fully covered by the current order book, which now extends well into next year, supporting an improved FY28 outlook for the division.
Revenue for the first half was up by 27% OCC to £58.9m as we delivered against last year’s strong order growth, with strong conversion to profit. Adjusted operating margin has made meaningful progress towards our medium-term target, up by 530bps to 7.5%, despite investments in the facility and supply chain capacity to support future growth. With a full order book supporting increased operating leverage, we anticipate further margin progression in H2.
Our success in datacom is underpinned by our differentiated process and platform technology, which enables customers to transition advanced photonic devices from development into high-volume manufacturing. We have continued to support key etch and deposition processes used in critical datacom device architectures, while adapting our solutions to meet the requirements of next-generation optical connectivity technologies, photonic integration and increasing levels of manufacturing automation.
The capabilities underpinning recent customer wins, including high-performance plasma processes, low-damage processing, interface control, automation and scalable production platforms, are also relevant to emerging high-volume opportunities in power electronics and microLEDs. We are engaging with multiple organisations to validate processes, provide samples and support future developments.
A key focus for the business is the continued scaling of production and service capacity, through investments in supply chain resilience, talent, and operational and productivity improvements. These initiatives position us to support growth in customer demand and execute against the significant opportunities we see across our target markets.
Further detail on our progress in AT is provided in the divisional overview on pages 10 to 11.
Investing in capacity and resilience to support demand
With such strong demand for our products and services, particularly in Advanced Technologies, we are investing across the Group to support supply-chain resilience and extend our operational capabilities. Ongoing initiatives include securing long-term agreements with key suppliers, increasing sourcing resilience, and working closely with strategic suppliers to support future capacity requirements, including through our recent supplier day at Severn Beach. We also continue to invest in targeted inventory increases to ensure availability of key components, hedge against price rises and support customer delivery commitments.
We are making targeted headcount increases in key areas of the business to support execution of strong demand and anticipated future growth. These include additional skilled labour in some production sites and new apprentice roles for our internal Talent Academy at Severn Beach, which has more than doubled in size. We continue to build a strong pipeline of early careers talent from work experience through to internships and graduate and post-graduate roles.
A further initiative in support of future growth is the introduction of a new and more robust product introduction process with earlier procurement involvement, targeting cost-efficient and sustainable product design which ensures buildability and reliability.
Regional sales structure generating growth
Historically Oxford Instruments operated a very product and technology-centric commercial model, driven from its major R&D centres. A key component of our strategy over the last three years has been to deploy a more balanced commercial model, to ensure customer and regional dynamics play an equally important role in our commercial growth plans.
In practice this has meant building stronger regional sales and service organisations, with more devolved decision making, who are better able to drive local growth in both product and service revenues, as well as provide a richer input to our R&D pipeline planning. These four regions – Americas, China, EMEAI and Asia-Pacific - led by strong, experienced commercial leaders, are now in place and are driving improved selling processes across our range of products and services, ultimately supporting order and revenue growth.
We are making ongoing capital investments to support this growth, with new customer demonstration centres opened during the half in Korea and Taiwan and a third soon to open at our primary regional office in Germany, to enable greater numbers of customers to experience our products at first hand. Additional demonstration units are also being supplied to other regional sites. Data from our US team indicates that conversion rates are typically around 40% higher among customers who have benefited from a demonstration. The regional model is also encouraging greater collaboration and cross-selling opportunities across our two divisions.
Innovating for industry and academia
Our ability to accelerate our customers’ product development progress, addressing constantly evolving challenges with ever more advanced technology solutions, is the lynchpin of our ongoing success. We are committed to investing around 8-9% of revenue annually on R&D to maintain – and, crucially, to extend – our technology leadership across our chosen structural growth markets and growing customer base. We have invested c. £19m in the first half of the year (9% of revenue), in line with our target range.
A significant proportion of our current R&D spend is focused on developing targeted solutions for commercial markets in both divisions, as we seek to build on our strong growth into production settings.
We are engaged in a number of projects relating to the semiconductor market, where we are scaling current products and developing new ones in order to address customers’ appetite to work with larger wafer sizes. AI is a further area of focus as we embed its capabilities into our products and software, creating opportunities to deliver more powerful and efficient analysis of the data produced by our imaging and analysis systems.
Additionally, we are exploring potential for further OEM integration, notably in our camera portfolio but also across our metrology equipment, where there is growing demand for integration into semiconductor production lines.
While expansion into commercial markets is a key strategic driver of progress at Oxford Instruments, the deep partnerships we have built with universities and academic institutions continue to play an important role in maintaining our leading edge and authority in the innovations that underpin future commercial applications. We were delighted that Dr Karl Deisseroth, of Stanford University, a longstanding user of our cameras and microscopy products, was awarded this year’s Nobel Prize in Physiology or Medicine for his work on optogenetics, together with fellow researchers Peter Hegemann and Georg Nagel.
Enabling pure academic research for customers across both divisions puts us in a strong position to anticipate likely developments in commercial and production settings. We are then able to pair these insights with market intelligence from our customer-facing teams in the regions and use them to develop products and software to address the next generation of opportunities.
The period has seen a number of software upgrades in I&A, with further product developments in the pipeline for release in the coming months, including the launch of an improved scientific camera range. We are also developing customer-facing application programming interfaces (APIs) across a number of product ranges, to enable customers to integrate our tools and analytical software into AI workflows.
We have seen pleasing adoption of several recent product launches, including strong sales of our witec360 Raman platform and growing traction for Unity, which features capabilities unique to Oxford Instruments, as it combines backscattered electron microscopy with X-ray in a single detector to acquire structural and compositional information simultaneously.
On track to our medium-term goals
Our first-half performance provides further evidence that the strategic actions taken across the Group are delivering results. We are progressing in line with our medium-term financial goals, with revenue growth at the top of our target range and continued investment in R&D, supported by a step up in cash generation and operational discipline. We continue to make meaningful progress towards our margin goal of 20%+, and return on capital employed met our target of 30% in H1. Together, these achievements reinforce our confidence in the Group’s long-term growth and value creation potential.
Deploying capital for value creation
Our strong balance sheet, with £74.8m net cash at the end of the period provides us with optionality for further value creation and shareholder returns. Our capital allocation priorities are unchanged, and include organic investment, dividends, M&A and capital returns to shareholders.
We remain committed to investing 8-9% of revenue annually in R&D, alongside capital investment to support increased returns. We are also making additional investments in a number of areas where we see strong potential for organic growth, including increasing site capacity, opening new demonstration centres and developing new capabilities, as set out above.
We have awarded an interim dividend of 5.8p per share for the first half, up 7.4% on the prior year, reflecting our confidence in our ability to deliver sustainable long-term value for shareholders.
We continue to actively consider M&A opportunities, primarily focused on our I&A division. We take a disciplined approach to evaluating opportunities, to ensure that they provide clear strategic advantages and meet our investment returns threshold.
With £83.1m of our £100m share buyback programme completed as at 30 September 2026, the programme is expected to fully complete early in the new year. Following this, we intend to undertake a further buyback of £25m, which we would expect to complete by Summer 2027.
Well-positioned for the full year and medium term
We have had a very encouraging first half, with strong order momentum. Through the continued delivery of our strategy, our talented teams are building a platform for sustainable growth, significantly extending our commercial customer base, while continuing to enable Nobel Prize-winning academic research.
We are seeing good momentum in Imaging and Analysis, despite the challenging macro landscape and pressure on US academic spend. We continue to invest in the front end of the business to maximise our opportunities for organic growth into H2 and beyond.
In Advanced Technologies, high-volume manufacturing customers across the world are choosing our compound semiconductor processes to support the delivery of datacentre and communications infrastructure. We are focusing on ensuring we have the capacity, supply chain and service model needed to execute on this demand.
While remaining mindful of the ongoing complexity of the external landscape and the challenges of rapid growth, given the growth in our order book, we are confident in our ability to meet market expectations for the full year, and on track for our medium-term goals.
RICHARD TYSON
Chief Executive Officer
9 November 2026
Imaging and Analysis
The Imaging and Analysis division develops and manufactures microscopes, scientific cameras, analytical instruments and software, with manufacturing bases in the UK (High Wycombe and Belfast), Europe (Aix-en-Provence, Ulm and Zurich) and the USA (Santa Barbara).
Key highlights
|
Imaging and Analysis |
H1 FY27 |
H1 FY26 |
Growth |
OCC growth1 |
|
|
|
|
|
|
|
Orders |
£163.8m |
£146.6m |
+11.7% |
+12.6% |
|
Revenue |
£142.2m |
£138.9m |
+2.4% |
+3.1% |
|
Adjusted1 operating profit |
£25.6m |
£23.7m |
+8.0% |
|
|
Adjusted1 operating margin |
18.0% |
17.1% |
+90bps |
|
|
OCC adjusted1 operating margin |
19.3% |
|
|
+220bps |
|
|
|
|
|
|
1Details of adjusting items can be found in note 3 to the interim financial statements.
The I&A division brings together the Group’s extensive capabilities in imaging and analysis, where we offer highly sophisticated scientific instruments paired with bespoke software and services, to a wide range of customers. The division commands high margins and runs on a shorter order cycle than the Advanced Technologies division, where we typically sell larger scale capital equipment with longer lead times and structurally lower, albeit growing, margins.
Market dynamics and demand drivers
We have seen strong demand for our imaging and analysis technology in the first half of the year, with order intake growth of 12.6% OCC.
In line with our strategy, we have achieved strong growth with commercial customers, up 20% year on year, with double digit growth in both commercial applied R&D and production and testing environments. Commercial growth has been particularly strong in Asia Pacific and China.
Orders in academic research have also proved resilient, with strong growth in Asia-Pacific and EMEA more than offsetting ongoing challenges in US academic funding in life sciences.
Our largest end market in this division continues to be materials analysis, where we have generated double digit order growth as customers use our technology to characterise, image and analyse the properties of almost every type of material. Applications range from the development and analysis of advanced, structural and energy-efficient materials in academic and commercial settings to quality control in the food industry.
The strongest growth in the period has been generated in compound and silicon semiconductor applications, driven not only by investment in leading-edge logic and AI infrastructure but also by the increasing complexity in memory and data storage technologies.
In advanced memory, manufacturers are investing in increasingly sophisticated 3D solid state storage architectures, with devices incorporating many more layers than previous generations. As structures become more complex, customers require more advanced imaging, characterisation and failure analysis capabilities to understand materials behaviour, optimise yields and accelerate process development. This trend is increasing demand for high-performance analytical workflows across the semiconductor manufacturing value chain.
AI is also creating opportunities across established storage technologies. While solid-state storage continues to grow, the scale and economics of AI datacentres are driving renewed demand for hard disk drive (HDD) technologies, where manufacturers require sophisticated contamination analysis and quality-control solutions.
These evolving market dynamics are also broadening the range of analytical techniques used by customers. For example, Raman microscopy is attracting interest alongside more established electron microscopy-based approaches, providing complementary insights into materials and contamination that can be difficult to detect using conventional methods alone. As a result, we are seeing opportunities to deploy a wider range of technologies from across the I&A portfolio.
The healthcare and life science market remains challenging. Market signals are gradually improving, with large pharmaceutical companies committing more capital to R&D and manufacturing, which is ultimately expected to flow through into the demand for research and analytical tools. Orders and revenue were relatively resilient during H1, but have not yet returned to consistent growth.
Strategic and operational progress
The division’s strong momentum and margin progression in the first half of the year has been underpinned by ongoing progress on strategic actions. Order book grew 7.6%, giving improved revenue visibility as we move through the second half.
Our new regional sales and service operating model is now fully embedded, with teams effectively deploying local market insights to grow and convert pipeline opportunities, with particular success in extending the commercial customer base. Increased collaboration between manufacturing sites and regional teams continues to identify further opportunities to optimise the model and drive growth through greater alignment.
As we target further organic growth via our regional infrastructure, we have invested in three new demonstration centres: Seoul and Taiwan are already operational, and a further centre is set to open in Wiesbaden, Germany. Now numbering 11 sites globally, these demonstration centres have a powerful impact, enabling significantly higher numbers of prospective customers to experience our technology at first hand.
Changes made to our manufacturing footprint in the prior year have been fully embedded, with atomic force microscopes now routinely produced from two locations (Santa Barbara and Ulm), nanoindenters now produced in Zurich and High Wycombe, and a small number of additional product lines set to be added to our Made in China initiative to support customer demand for locally produced products. All of these initiatives have provided additional flexibility for customers as well as generating operational efficiencies.
Order intake in Belfast is more consistent albeit yet to see momentum returning, supported by our efforts to rebuild and grow our OEM customer base which are gaining traction.
At the start of the year we invested in a full upgrade of the cleanroom in Belfast, and a wider site refurbishment is now well underway, to embed the efficiency improvemnts delivered to date.
Supply chain management is a key focus across the division, together with staffing requirements as we prepare to meet increased demand. We remain mindful of the potential for geopolitical disruption, and are investing in increased inventory to mitigate risks of component shortages and protect lead times.
In R&D, we are focusing on a number of key projects, informed by our customer insights, including:
- greater integration of AI into our bespoke analysis software, together with increased alignment and interoperability
- development of customer-facing APIs to allow customers to integrate our products into their own AI workflows
- a new scientific camera platform, warmly received in pre-launch customer trials
- investing to enable our I&A tools to support larger wafer sizes in line with market demand.
We continue to see positive progress for recent launches, most notably the continued adoption of EBSD for industrial use cases, increased adoption of our proprietary BEX (backscattered electron microscopy combined with X-ray) technology, and very encouraging take up of our witec360 Raman platform.
Advanced Technologies
The Advanced Technologies division develops and manufactures compound semiconductor fabrication capital equipment (Severn Beach, UK) and X-ray tubes (Scotts Valley, USA).
Key highlights
|
Advanced Technologies |
H1 FY27 |
H1 FY26 |
Growth |
OCC growth1 |
|
|
|
|
|
|
|
Orders |
£132.2m |
£58.6m |
+125.6% |
+123.9% |
|
Revenue |
£58.9m |
£46.6m |
+26.4% |
+26.6% |
|
Adjusted1 operating profit |
£4.4m |
£1.0m |
+340.0% |
|
|
Adjusted1 operating margin |
7.5% |
2.1% |
+530bps |
|
|
OCC adjusted1 operating margin |
6.8% |
|
|
+470bps |
|
|
|
|
|
|
1Details of adjusting items can be found in note 3 to the interim financial statements.
The primary driver of growth in Advanced Technologies is our compound semiconductor business, responsible for more than 90% of divisional revenue. The business is at an important inflection point in its development as it successfully converts its longstanding technology leadership into significant traction with high-volume manufacturers. This is reflected in order intake, which more than doubled year on year.
Compound semiconductor: market dynamics and growth drivers
Demand in the datacom market remains very strong, driven by continued investment from high volume manufacturers in datacentre and communications infrastructure and the associated need for higher-performance optical connectivity. Following a significant order received early in the first quarter, we have won orders from a number of other leading industry participants, building out our customer base in volume production, as well as a growing number of repeat orders from existing key customer accounts. Growth is increasingly supported by customers expanding production capacity across multiple geographies as they seek to diversify manufacturing and de-risk their supply chains. This dynamic is generating opportunities not only within existing customer programmes but also as manufacturers prepare for future generations of datacom devices and increasingly automated production environments.
Our success in datacom continues to be underpinned by our differentiated process and platform technology, which enables customers to transition advanced photonic devices from development into high-volume manufacturing. We have continued to support key etch and deposition processes used in critical datacom device architectures, while adapting our solutions to meet the requirements of next-generation optical connectivity technologies, photonic integration and increasing levels of manufacturing automation. As a result, we are seeing growth expanding beyond our core etch and deposition platforms, with increased orders for atomic layer deposition, ion beam technologies and additional process applications.
A particular area of differentiation is our ability to deliver highly controlled, low-damage process solutions that support demanding device performance requirements while maintaining the throughput, repeatability and uniformity required for production environments. This combination is increasingly important as customers scale manufacturing and introduce more complex device designs.
We have also strengthened our position through our proprietary high-temperature electrostatic chuck (ESC) technology, which supports multiple wafer sizes and rapid changeover between production configurations. This capability allows customers to adapt production quickly between wafer formats while maintaining process consistency, providing greater manufacturing flexibility and helping to mitigate risks associated with an increasingly constrained and geographically diverse wafer supply chain.
In combination, these innovations reinforce our position as a strategic technology partner for leading datacom manufacturers as they move towards larger wafer formats, higher levels of automation and the next generation of AI-driven optical connectivity solutions.
We are also well positioned for the long-term market opportunity in GaN/SiC power electronics and microLED, which remains attractive, and where we are working with customers whilst commercial validation and qualification for these applications progresses.
By focusing on applications where our differentiated process capabilities deliver the greatest customer value, directly influencing device economics, we believe we are well positioned to participate in multiple long-term growth opportunities beyond the current datacentre investment cycle.
X-ray Technology
In our small, California-based X-ray tube manufacturing facility, we are seeing encouraging signs of tariff-related uncertainty easing, with revenue up by almost 11% and a large two-year order received early in the second half.
Strategic and operational update
As the business scales, we are investing in operational capability, supply chain resilience and customer service to support effective conversion of orders into revenue.
Our strong order book, with order cover through FY27 and well into Q3 FY28, gives excellent visibility for forthcoming periods and supports disciplined investment in scaling of capacity, inventory and factory resources to meet projected future demand. In line with this we have made targeted headcount increases, notably across operations, supply chain and service functions., as we reinforce our capabilities to support the expectations of our volume manufacturing customers. To support the medium and longer-term order pipeline, we have more than doubled size of our internal Talent Academy, recruiting apprentices across all functions. We have a strong pipeline of early careers talent from work experience through to internships and graduate and post-graduate roles. We continue to recruit a wide range of technical experts from engineers to innovation developers to resource new product development programmes.
We continue to deepen collaboration with key suppliers, providing greater visibility of future demand through enhanced forecasting and joint capacity planning. Activity over the first half of the year has included a well-attended supplier forum and site visits with key strategic suppliers. In parallel, we have advanced product rationalisation initiatives to simplify configurations, reduce complexity and increase the use of standardised solutions in high-volume applications.
Within manufacturing, process improvements across cleanroom operations, production planning and performance management, led by our dedicated Operational Excellence team, are supporting higher schedule adherence, more efficient use of resources and working to reduce lead times. These actions are strengthening our ability to scale production, improve responsiveness to customer demand by reducing cycle times and support long-term margin expansion as the business grows. The team were pleased to be awarded a Digital and Smart Operations award by the Kaizen Institute for their work to introduce a new digital problem-solving methodology which has significantly improved resolution time for root cause analysis and corrective actions.
In sales and marketing, our pipeline remains strong and continues to expand, supported by healthy lead generation, increasing commercial opportunities and a broad range of customer engagements across strategic growth markets.
Service delivered a good performance in the first half, with both revenue and orders ahead of the prior year. Growth was supported by strong demand for service contracts, spares, and billable services. We continue to see opportunities to further develop the service business through software-enabled upgrades and increased penetration of our installed base.
Finance Review
Financial highlights
|
£’m |
H1 FY26 |
OCC growth |
H1 FY27 at OCC |
FX |
Reported H1 FY27 |
OCC change |
Reported change |
|
Order intake |
205.2 |
91.0 |
296.2 |
(0.2) |
296.0 |
+44.3% |
+44.2% |
|
Revenue |
185.5 |
16.7 |
202.2 |
(1.1) |
201.1 |
+9.0% |
+8.4% |
|
Adjusted operating profit |
24.7 |
7.0 |
31.7 |
(1.7) |
30.0 |
+28.3% |
+21.5% |
|
Adjusted operating margin |
13.3% |
|
15.7% |
|
14.9% |
+240bps |
+160bps |
Basis of preparation
The Finance Review includes a mixture of reported IFRS measures and alternative performance measures (APMs) which have been derived from our reported results to provide a useful basis for measuring our operational performance. Movements in revenue and adjusted operating profit are given on an organic constant currency (OCC) basis so that the assessment of performance is not distorted by acquisitions, disposals and movements in exchange rates. Note 3 to the interim financial statements provides further information on APMs and how they reconcile to reported IFRS measures.
In the year to 31 March 2026 the Group completed the disposal of its NanoScience business. The H1 FY27 and H1 FY26 comparative financial information is presented to reflect the classification of NanoScience as a discontinued operation.
All growth rates described in the text of this review are organic constant currency (OCC) measures unless otherwise stated.
Strong order momentum across both divisions
Order intake for H1 was up over 44% versus the prior period, led by semiconductor applications (both silicon and compound) across both divisions, and good momentum in materials analysis applications in our Imaging and Analysis (I&A) division.
Order intake by end market segment
|
£’m |
H1 FY27 |
H1 FY261 |
OCC Change |
% of total H1 order intake |
|
Materials analysis |
85.5 |
83.5 |
2.9% |
29% |
|
Healthcare and life sciences |
33.2 |
35.3 |
(4.8)% |
11% |
|
Semiconductors |
164.3 |
70.4 |
132.7% |
56% |
|
Other |
13.0 |
16.0 |
(19.4)% |
4% |
|
Total |
296.0 |
205.2 |
44.3% |
100% |
Order growth in compound semiconductors was led by the Advanced Technologies (AT) division, which grew total orders by 123.9% versus the prior year, driven by continued high demand for chip fabrication equipment to support global growth in datacom applications. Order growth in silicon semiconductors was led mainly by the I&A division, which grew semiconductor related orders by nearly 60%, driven by demand for both continued semiconductor R&D, as well as for deployment ‘in line’ in mainly silicon semiconductor production settings.
The Group saw growth in core materials analysis applications of 2.9% in H1, continuing the order momentum we saw returning in H2 last year. This was partly offset by continued weakness in Healthcare and Lifesciences where order intake declined nearly 5% on the prior period, mainly driven by continued weak demand from US academia.
Order intake by end customer type
|
£’m |
H1 FY27 |
H1 FY26 |
OCC change |
% of total H1 order intake |
|
US academia |
18.0 |
27.7 |
(35.2)% |
6% |
|
Rest of world academia |
58.2 |
63.2 |
(7.7)% |
20% |
|
Total Academia |
76.2 |
90.9 |
(16.1)% |
26% |
|
Total Commercial |
219.8 |
114.3 |
92.4% |
74% |
|
Total |
296.0 |
205.2 |
44.3% |
100% |
The growth in order intake in H1 was driven by commercial customers, growing over 92% on the prior period, mainly for silicon and compound semiconductor applications. Of these orders demand was predominantly for production and testing applications, mainly from large high volume chip manufacturers.
Total academia order intake declined 16%, driven largely by US academia weakness which declined 35%. For the I&A division this was driven largely by continued weakness in US healthcare and life science academic funding. Academic order growth in the AT division was also impact by the intake of several large orders in the prior period for research-focused equipment. Overall, the book-to-bill ratio for total academic orders was just below 1.0, with AT below this and I&A above.
Imaging and Analysis continuing to build on last year’s second half recovery
Imaging and Analysis division performance
|
£’m |
H1 FY26 |
OCC growth |
H1 FY27 at OCC |
FX |
Reported H1 FY27 |
OCC change |
Reported change |
|
Order intake |
146.6 |
18.4 |
165.0 |
(1.2) |
163.8 |
12.6% |
11.7% |
|
Revenue |
138.9 |
4.3 |
143.2 |
(1.0) |
142.2 |
3.1% |
2.4% |
|
Adjusted operating profit |
23.7 |
4.0 |
27.7 |
(2.1) |
25.6 |
16.9% |
8.0% |
|
Adjusted operating margin |
17.1% |
|
19.3% |
|
18.0% |
220bps |
90bps |
Order intake growth in the Imaging and Analysis division was strong in H1, up 12.6% OCC, building on the recovery in order growth we saw in H2 FY26, following a challenging H1 last year. This year’s growth has been led by semiconductor applications where orders were up 59.4% and revenue up 33.9%. There was also good order momentum in the division’s core materials analysis market, which was up 10.2%, but with revenue lagging, down 2.0%.
Total order growth was partially offset by continued weakness in US academia, mainly in Healthcare and Life Sciences. However, academic order growth outside of the US was strong enough to enable the division to grow total academia order intake by 2.8%, and move book to bill for academia as a whole to 1.11.
Recovering order intake has helped replenish the division’s order book, which started this year lower than the start of the prior year, driven by the book to bill ratio in H2 last year being below one, as more orders were booked and then shipped in H2 than in previous years. Despite the weaker opening order book this year, the very positive order intake in H1 enabled the division both to rebuild its order book to £144m by the end of the half, - 7.6% up on the prior period and about the same level it was at the same point in FY25 - and to grow revenue by 2.4%, or just over 3% at constant currency.
Divisional revenue remains well balanced across our four main regions, each accounting for around a quarter of the total. Reported revenue growth has been c.7.5% for Europe and Asia-Pacific, and around 1.0% for China, all helping to offset an overall decline in the Americas driven by US academia. Revenues for US commercial customers grew nearly 9%.
Around 70% of the H1 closing order book is scheduled for delivery in H2 FY27. Assuming an order intake in Q3 similar to the average seen in H1, we would expect to see H2 revenues around 25% higher than H1, which would translate to a low single digit revenue growth for the full year, in line with guidance. We also continue to be mindful of the macroeconomic and geopolitical backdrop, which remains uncertain.
Reported operating margins increased 90 basis points versus the prior year, and were up 220 basis points on an OCC basis, benefitting from profit drop through on higher revenues as well as a beneficial movement in sales mix. Some of this H1 gain will be offset in H2 as we see the full year effect of investments made in our regional sales teams, which has helped to drive improved order growth. Overall, we expect margins for the full year to be maintained versus the prior year on a constant currency basis, although on a reported basis we expect a currency headwind of around 120 basis points.
Advanced Technologies strong order intake re-shaping revenue and margins
Advanced Technologies division performance
|
£’m |
H1 FY26 |
OCC growth |
H1 FY27 at OCC |
FX |
Reported H1 FY27 |
OCC change |
Reported change |
|
Order intake |
58.6 |
72.6 |
131.2 |
1.0 |
132.2 |
123.9% |
125.6% |
|
Revenue |
46.6 |
12.4 |
59.0 |
(0.1) |
58.9 |
26.6% |
26.4% |
|
Adjusted operating profit |
1.0 |
3.0 |
4.0 |
0.4 |
4.4 |
300.0% |
340.0% |
|
Adjusted operating margin |
2.1% |
|
6.8% |
|
7.5% |
470bps |
540bps |
Accelerating demand for compound semiconductors has continued to drive a transformation in the Advanced Technologies (AT) order book. The first half of the year saw order growth of 123.9% OCC versus the prior period, driven predominantly by commercial customer demand for equipment to enable high volume production of compound semiconductor chips. Of the H1 order intake approximately 75% has been for datacom applications. The remainder has been for a variety of applications, such as augmented and virtual reality, or power, where customers are still in the positioning phase of developing and qualifying products and equipment before moving to production scale up.
Order momentum from FY26 has now started to convert to revenue growth, with the division growing 26.6% OCC versus the prior period. The division enters H2 with an order book of approximately £173m, an increase of over 90% versus the same time last year, of which around 40% is scheduled for delivery in H2. Any further order intake in FY27 will be for delivery in FY28 or FY29, with lead times now averaging around 12 months, influenced by both our production capacity and our customers’ own ramping constraints. Assuming lead times do not extend during H2, we expect to deliver high teens revenue growth for the full year, in line with guidance.
Adjusted operating margins progressed to 7.5%, or by 470bps on an OCC basis, benefiting from a positive operational leverage impact as revenue grows. There has been some offset from planned investments to support growth, as well as the full-year effect of Severn Beach depreciation and running costs (c. £1.9m). We expect margins to progress further in H2, with the full year adjusted operating margin expected to be in high single digits.
Given the growth already seen in H1 in the order book for delivery in FY28 and the further growth anticipated in H2, we now expect FY28 revenue growth to be around 20%, assuming lead times remain as they are. This growth would support an expected FY28 operating margin outcome within our target range of 12%-15%.
Group margin continuing to progress alongside a step up in free cash flow
Adjusted operating margin for H1 FY27 was 14.9%, up from 13.3% in H1 FY26. On an organic constant currency basis operating margins increased by 240 basis points. Improved margins in I&A accounted for c. 170bps of this gain, whilst the step up in the AT operating margin added around 120bps, offset by around 50bps of mix headwind as AT becomes a larger proportion of Group revenues.
The foreign exchange headwind to adjusted operating profit in H1 FY27 was c.£1.7m, around 80bps of margin, and our expected full year headwind remains at approximately £3.2m. We now expect to more than offset the full year margin effect of this headwind, continuing to improve Group margin versus the prior year.
Operating cash conversion in H1 FY27 was 85%, up from 41% in H1 FY26 on a normalised basis, driven by an improved working capital movement. Working capital represented 14.0% of revenue as at 30 September 2026, compared to 14.8% as at 30 September 2025.
We also saw a step up in free cash flow in H1 to £19.1m, from £0.2m in H1 last year. Free cash flow benefited from the improvement in operating cash flow, but also from a reduction in adjusting cash items as some of the prior year restructuring programmes conclude, and from the elimination of defined benefit pension contributions following the purchase of a bulk annuity policy (buy-in) with Royal London in December 2025.
Cash-related adjusting items are expected to amount to c. £2m-£3m for the full year. This amount includes £0.6m costs incurred in H1 as a result of active assessment of potential M&A targets, but may increase for the full year if further opportunities present themselves.
Net cash was £74.8m as at 30 September 2026, reduced from £94.0m as at 31 March 2026, with free cash flow of £19.1m more than offset by shareholder returns of £31m through dividends and our ongoing share buyback programme, and a £4.5m deferred consideration payment relating to the FemtoTools acquisition, following achievement of their earn-out targets.
Growth in adjusted operating profit combined with disciplined working capital management has supported further progression of the Group’s return on capital employed (ROCE), increasing to 30.1% for the 12 months ending 30 September 2026, and into our target range.
Disciplined capital allocation
We reconfirm our capital allocation priorities which were originally set out in 2025. Our number one priority is to invest organically to drive growth and margin opportunities. Investment in R&D at 8%-9% of revenues remains core to our growth plans. We have continued to invest at this level in H1, and expect to do so for the full year. We continue to see opportunities in both divisions to widen our offerings, refresh our product lines and further upgrade our product demonstration and production facilities. As we continue to ramp our production facility in Severn Beach we will be investing in people, supply chain and inventory levels to ensure capacity is available for accelerating order growth.
Looking slightly further ahead, we also know we will need to make some selected ERP upgrades in the Group over the next two to three years to ensure we can support our growth execution plans. These will also give us opportunities to simplify some of the operating processes in the Group, particularly in I&A. We are currently working through the deployment options in more detail and will provide a further update in due course as our plans crystallise.
As with all organic investments we will apply a disciplined approach to ensure we are driving incremental returns above our cost of capital.
Our second capital allocation priority remains our dividend which we have committed to grow in line with underlying earnings. The interim dividend for FY27 will be 5.8p, up 7.4% on H1 FY26.
Cash generation in excess of these priorities will either be deployed against inorganic opportunities, or returned to shareholders. In H1 we made a £4.5m payment relating to the settlement of the FemtoTools earnout, following achievement of their post-acquisition targets. We continue to actively review further potential M&A opportunities which will enable us to drive growth and/or margin upside to our plans, with returns in excess of our cost of capital. We incurred £0.6m of adjusting cost in H1 undertaking these assessments. We aim to maintain a strong balance sheet to ensure we are well positioned in future competitive processes should they arise.
We announced the company’s first buyback programme of £50m in June 2025, and a further £50m extension in November 2025. The programme is progressing well with £83.1m of shares purchased up to the 30 September 2026, of which £20.9m of shares were purchased during H1 FY27. The remaining £16.9m is expected to be completed early in the next calendar year. Following this, we intend to undertake a further buyback of £25m, which we would expect to complete by Summer 2027.
Research and development
The Group has set out a medium-term goal to spend between 8% and 9% of revenue on R&D. R&D expenditure charged to the income statement in H1 FY27 was £18.7m, equivalent to 9.3% of revenue (H1 FY26: £17.2m; 9.3% of revenue). A further £1.3m of R&D was capitalised in the period (H1 FY26: £1.5m).
Adjusting items
Adjusted measures are presented alongside statutory results to support users of the accounts in their understanding of the Group’s performance from one period to the next, as well as comparison to other peers in the sector. Further details on adjusting items relating to continuing operations are provided in note 3 to the interim financial statements.
Adjusted profit measures are adjusted to exclude:
£1.8m (H1 FY26: £4.2m) relating to amortisation of acquired intangibles, which has reduced compared to the prior year due to a number of assets becoming fully amortised during the prior year
A £0.2m gain (H1 FY26: £1.2m gain) relating to movements in the fair value of foreign exchange hedging contracts which hedge expected exposures in future trading periods
- £0.6m (H1 FY26: £nil) of acquisition costs relating to an opportunity which was considered in the period but did not progress to completion
- £0.2m (H1 FY26: £nil) of transaction costs related to the move of the Group’s defined pension scheme to an insurance provider (‘buy-in’) in December 2025
£0.5m of restructuring costs comprising the residual costs of prior year restructuring activities together with the initial programme costs related to the assessment of deployment options for selected ERP upgrades and opportunities to simplify the Group’s operational processes.
The adjusting item related to discontinued operations (£2.3m) represents an adjustment to the post-tax gain on disposal of the NanoScience business following finalisation of the completion accounts and associated net working capital adjustment. Details of all adjusting items are set out in Note 3 to the interim financial statements.
Net finance income
Adjusted net finance income for the Group was slightly up at £0.9m (H1 FY26: £0.7m), supported by a higher average cash balance following completion of the NanoScience disposal in the second half of FY26.
Taxation
The adjusted tax charge of £7.4m (2026: £6.3m) represents an effective tax rate of 23.9% (H1 FY26: 24.8%), in line with our full year guidance of 24%. Half-year tax rates are calculated based on the expected effective tax rate for the year, based on certain assumptions about where profits will arise. The statutory tax charge of £6.8m (2026: £5.2m) represents an effective tax rate of 24.4% (H1 FY26: 25.6%). The decrease has arisen primarily due to a greater expected benefit arising from the UK patent box regime.
Cash tax paid in the period was £6.1m (H1 FY26: £3.7m), the increase was due to a normalisation of UK tax payments following overpayments in the prior year.
Discontinued operations
The Group disposed of the NanoScience business in January 2026 for an initial gross consideration of £54.7m, with a net cash inflow of £42.4m. Final agreement of the completion accounts with the buyer occurred in H1 FY27, resulting in an adjustment to the gain on disposal recognised in the prior year of £2.3m and a reduction in the net disposal proceeds of £1.5m. The NanoScience business was reported as a discontinued operation in H1 FY26.
Earnings per share
Adjusted diluted earnings per share (EPS) from continuing operations increased by 29.1% to 42.2p (H1 FY26: 32.7.p), reflecting the increase in operating profit and the benefit of the ongoing share buyback programme. The number of diluted weighted average shares in issue decreased to 55.7m (H1 FY26: 58.4m) as a result of the share buyback programme. Without the reduction in share capital diluted EPS growth would have been 23.0%.
Reported basic earnings per share increased from 20.7p to 34.1p due to the increase in adjusted operating profit and a lower level of adjusting items.
Currency
The impact of currency on the Group arises predominantly from transactional effects, as the Group bases the majority of its production, R&D and central costs in the UK, whereas revenue is largely denominated in US dollars, euros, and Japanese yen. Translational impacts can also arise on the consolidation of overseas company results into sterling.
The Group’s translation and transaction foreign currency exposure for H1 FY27 is summarised below. The Group is most exposed to USD movements as 49% of revenue is denominated in USD.
|
£m equivalent |
Revenue |
Adjusted operating profit |
|
Sterling |
21.8 |
(42.8) |
|
US Dollar |
99.3 |
37.3 |
|
Euro |
54.0 |
26.8 |
|
Japanese Yen |
16.4 |
9.3 |
|
Chinese Renminbi |
6.5 |
(0.1) |
|
Other |
3.1 |
(0.5) |
|
|
201.1 |
30.0 |
To mitigate the transactional effects of the movement in exchange rates the Group implements a rolling hedging programme against the major currencies it trades in. The Group aims to have hedged a significant proportion of expected currency inflows at least 12 months ahead, with the remainder transacted at spot rates during the year. The weighted average blend of these hedged rates and spot rates represents the effective blended exchange rate at which the Group transacted currency for the year.
The table below details the effective blended exchange rates (based on H1 FY27 hedging levels) at which the Group transacted foreign currency and the headwind or tailwind impact on Group adjusted operating profit:
|
GBP exchange rate |
H1 FY27 |
H1 FY26 |
% change |
AOP impact versus PY £’m |
|
US Dollar |
1.34 |
1.29 |
4.0% |
(2.2) |
|
Euro |
1.13 |
1.18 |
(3.7)% |
0.8 |
|
Japanese Yen |
205 |
193 |
6.0% |
(0.5) |
|
Other |
|
|
|
- |
|
Total transactional impact |
(1.9) | |||
|
Total translational impact |
0.2 | |||
|
Total currency (headwind)/tailwind |
(1.7) | |||
Over the same period the weighted average spot rates used to convert the Group’s revenue into GBP for USD moved (0.1)%, EUR 0.2% and JPY 8.3%.
Taking into account hedged rates for the remainder of FY27 and currently prevailing spot rates for the major currencies the Group continues to expect a full-year headwind to adjusted operating profit of approximately £3.2m. This includes an assumption of 1.325 as an average spot rate for the USD. A one cent movement in the GBP to USD exchange rate would have an approximately £0.2m impact on adjusted operating profit in the second half of the year.
Taking into account prevailing exchange rates, which have recently seen a strengthening of GBP against the major currencies, and assuming these rates formed the basis for the remainder of hedging contracts for FY28, there would be an estimated headwind of c.£1.8m to adjusting operating profit next year. This assumes the mix of currencies in FY28 remains similar to this year. This estimate relies on several assumptions which are likely to change during H2.
Working capital
The cash outflow in H1 arising from net working capital movements was £4.3m (H1 FY26: £16.2m). Inventory increased by £15.9m in line with the increased order book in both divisions as the businesses ensure they are properly positioned for growth, and as we continue to deploy supply chain risk management plans. Customer deposits increased by £14.8m in H1 versus year end, also as a result of increased order intake. Overall working capital equated to 14.0% of revenue in H1 FY27 (H1 FY26: 14.8%).
Return on Capital Employed (ROCE)
Our ROCE metric progressed from 28.2% at 31 March 2026 to 30.1% at 30 September 2026 due to the increase in profitability, strong cash conversion and disciplined investment. The ROCE metric is used by management to help ensure that capital is used efficiently. It has been consistently calculated as adjusted operating profit less amortisation of acquired intangibles for the preceding 12 months, divided by the average capital employed. Average capital employed is defined as the average of two closing balances: capital employed at the current period end and capital employed 12 months earlier.
Pensions
The Group has a defined benefit pension scheme in the UK which has been closed to new entrants since 2001 and closed to future accrual from 2010.
In December 2025, the Trustee of the Scheme completed the purchase of a bulk annuity policy (buy-in). This policy is in the name of the Trustee and is an asset of the Scheme. In accordance with IAS 19 accounting standards, the value of the policy as an asset of the Scheme is set to the same value as the Scheme liabilities covered by the policy. The net surplus arising from the UK defined benefit pension scheme obligations on 30 September 2026 was £8.2m (31 March 2026: £9.2m).
Following the confirmation of policy pricing the Group ceased further contributions to the Scheme, and does not expect to make any contributions in future years.
Liquidity and financing
The Group ended the period with £75.2m in cash or cash equivalents (£74.8m net cash). The Group maintains an unsecured multi-currency revolving facility agreement which expires in June 2030. An option to extend the facility from June 2029 to June 2030 was exercised during the period and there are now no further extension options available. The facility, which was undrawn throughout the period, is supported by four banks and comprises a euro-denominated multi-currency facility of €95.0m (£80m) and a US dollar-denominated multi-currency facility of $150.0m (£116m). Debt covenants are net debt to EBITDA less than 3.0 times and EBITDA to interest greater than 4.0 times.
Dividend
The Group’s dividend policy takes into account changes to underlying earnings, dividend cover, and demands on our cash. The Board remains confident in the long-term performance of the business and has proposed an interim dividend of 5.8p (H1 FY26: 5.4p) per share, a growth of 7.4%. The interim dividend will be paid on 8 January 2027 to shareholders on the register as at 27 November 2026.
Forward-looking statements
This document contains certain forward‑looking statements. The forward-looking statements reflect the knowledge and information available to the company during the preparation and up to the publication of this document. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future, thereby involving a degree of uncertainty. Therefore, nothing in this document should be construed as a profit forecast by the company.
PAUL FRY
Chief Financial Officer
9 November 2026
Principal risks and uncertainties
Information regarding the risk management process in place at the Group is set out on pages 79 to 80 of the 2026 Annual Report and Financial Statements.
The principal risks and uncertainties identified through that process are set out on pages 80 to 95 of the 2026 Annual Report and Financial Statements and can be found on the Group’s website at www.oxinst.com.
In line with its risk management framework, the Group has completed its half-year review of principal risks as at 30 September 2026. This review was informed by updated business unit and functional risk registers and by the Group’s key risk indicators. Having evaluated the disclosures in the 2026 Annual Report and Financial Statements, the Board has concluded that the principal risks identified remain relevant for the remaining six months of the financial year ending 31 March 2027, and that there are no additional principal risks to be disclosed.
A summary of the risks and uncertainties identified in the 2026 Annual Report and Financial Statements is set out below:
Geopolitical risk;
Supply chain risk;
Macroeconomic risk;
Cyber-attack risk;
Major ERP or system failure risk;
Routes to market risk;
New Product Initiation (NPI) risk;
Operational transformation risk;
Product compliance risk;
Health and safety risk;
Laws and regulation risk; and
Climate change risk;
Since the publication of the 2026 Annual Report, the geopolitical and macroeconomic environment has remained uncertain. The half-year review has considered the effect of the current environment on the Group’s principal risks, in particular Geopolitical, Macroeconomic and Supply Chain risks. These risks are correlated, and the Group continues to monitor them closely and to assess their combined effect. Management has mitigating actions in place which are kept under regular review as part of the Board’s risk management and assurance processes.
Condensed consolidated statement of income
Half year to 30 September 2026
|
|
|
Half year to 30 September 2026 (Unaudited) |
|
Half year to 30 September 2025 (Unaudited) | ||||
|
|
|
Adjusted |
Adjusting items (Note 3) |
Total |
|
Adjusted |
Adjusting items (Note 3) |
Total |
|
|
Note |
£m |
£m |
£m |
|
£m |
£m |
£m |
|
Revenue |
2 |
201.1 |
- |
201.1 |
|
185.5 |
- |
185.5 |
|
Cost of sales |
|
(89.8) |
- |
(89.8) |
|
(83.4) |
- |
(83.4) |
|
Gross profit |
|
111.3 |
- |
111.3 |
|
102.1 |
- |
102.1 |
|
Research and development |
4 |
(18.7) |
- |
(18.7) |
|
(17.2) |
- |
(17.2) |
|
Selling and marketing |
|
(38.7) |
- |
(38.7) |
|
(37.5) |
- |
(37.5) |
|
Administration and shared services |
|
(24.2) |
(3.1) |
(27.3) |
|
(23.0) |
(5.9) |
(28.9) |
|
Foreign exchange gain |
|
0.3 |
0.2 |
0.5 |
|
0.3 |
1.2 |
1.5 |
|
Operating profit/(loss) |
|
30.0 |
(2.9) |
27.1 |
|
24.7 |
(4.7) |
20.0 |
|
Financial income |
|
1.7 |
- |
1.7 |
|
1.6 |
- |
1.6 |
|
Financial expenditure |
|
(0.8) |
(0.1) |
(0.9) |
|
(0.9) |
(0.4) |
(1.3) |
|
Profit/(loss) before income tax |
2/3 |
30.9 |
(3.0) |
27.9 |
|
25.4 |
(5.1) |
20.3 |
|
Income tax (expense)/credit |
|
(7.4) |
0.6 |
(6.8) |
|
(6.3) |
1.1 |
(5.2) |
|
Profit/(loss) for the period from continuing operations |
|
23.5 |
(2.4) |
21.1 |
|
19.1 |
(4.0) |
15.1 |
|
Loss from discontinued operations after tax |
|
- |
(2.3) |
(2.3) |
|
(2.2) |
(0.9) |
(3.1) |
|
Profit/(loss) for the period attributable to equity shareholders of the parent |
|
23.5 |
(4.7) |
18.8 |
|
16.9 |
(4.9) |
12.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (in pence) |
7 |
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
|
|
|
|
|
|
From continuing operations |
|
42.6p |
|
38.3p |
|
33.0p |
|
26.1p |
|
From discontinued operations |
|
- |
|
(4.2)p |
|
(3.8)p |
|
(5.4)p |
|
Basic |
|
42.6p |
|
34.1p |
|
29.2p |
|
20.7p |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
7 |
|
|
|
|
|
|
|
|
From continuing operations |
|
42.2p |
|
37.9p |
|
32.7p |
|
25.9p |
|
From discontinued operations |
|
|
|
(4.1)p |
|
|
|
(5.3)p |
|
Diluted |
|
|
|
33.8p |
|
|
|
20.5p |
The attached notes form part of these Financial Statements.
Condensed consolidated statement of comprehensive income
Half year to 30 September 2026
|
|
Half year to 30 September |
Half year to 30 September 2025 (Unaudited) |
|
|
£m |
£m |
|
Profit for the period |
18.8 |
12.0 |
|
|
|
|
|
Other comprehensive (expense)/income: |
|
|
|
Items that may be reclassified subsequently to Consolidated Statement of Income |
|
|
|
Foreign exchange translation differences |
(2.0) |
1.6 |
|
|
|
|
|
Items that will not be reclassified to Consolidated Statement of Income |
|
|
|
Remeasurement loss in respect of post-retirement benefits |
(0.8) |
(6.2) |
|
Tax credit on items that will not be reclassified to Consolidated Statement of Income |
0.3 |
1.6 |
|
Total other comprehensive expense |
(2.5) |
(3.0) |
|
|
|
|
|
Total comprehensive income for the period attributable to equity shareholders of the parent |
16.3 |
9.0 |
|
|
|
|
Condensed consolidated statement of financial position
As at 30 September 2026
|
|
|
As at 30 September 2026 (Unaudited) |
As at 31 March 2026 |
|
|
Note |
£m |
£m |
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
75.6 |
76.4 |
|
Intangible assets |
|
110.2 |
112.7 |
|
Right-of-use assets |
|
31.7 |
29.9 |
|
Long-term receivables |
|
1.2 |
1.0 |
|
Derivative financial instruments |
10 |
0.5 |
1.6 |
|
Retirement benefit asset |
11 |
8.2 |
9.2 |
|
Deferred tax assets |
|
9.8 |
10.0 |
|
|
|
237.2 |
240.8 |
|
Current assets |
|
|
|
|
Inventories |
|
88.2 |
72.5 |
|
Trade and other receivables |
|
107.3 |
125.0 |
|
Tax receivable |
|
5.8 |
6.4 |
|
Derivative financial instruments |
10 |
0.6 |
0.5 |
|
Cash and cash equivalents |
|
78.7 |
106.9 |
|
Total current assets |
|
280.6 |
311.3 |
|
|
|
|
|
|
Total assets |
|
517.8 |
552.1 |
|
|
|
|
|
|
Equity |
|
|
|
|
Capital and reserves attributable to the company’s equity shareholders |
|
|
|
|
Share capital |
|
2.7 |
2.7 |
|
Share premium |
|
62.7 |
62.7 |
|
Capital contribution reserve |
|
0.4 |
0.4 |
|
Translation reserve |
|
6.1 |
8.1 |
|
Retained earnings |
|
253.1 |
266.3 |
|
|
|
325.0 |
340.2 |
|
Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Bank loans |
|
0.2 |
0.2 |
|
Lease liabilities |
|
29.7 |
27.8 |
|
Derivative financial instruments |
10 |
- |
0.2 |
|
Retirement benefit obligations |
11 |
1.1 |
1.2 |
|
Provisions |
|
1.1 |
1.2 |
|
Deferred tax liabilities |
|
10.3 |
11.1 |
|
|
|
42.4 |
41.7 |
|
Current liabilities |
|
|
|
|
Bank loans and overdrafts |
|
3.7 |
12.7 |
|
Trade and other payables |
|
131.7 |
137.6 |
|
Contingent consideration |
|
- |
4.7 |
|
Lease liabilities |
|
3.7 |
3.8 |
|
Tax payable |
|
8.1 |
7.5 |
|
Derivative financial instruments |
10 |
0.3 |
0.8 |
|
Provisions |
|
2.9 |
3.1 |
|
Total current liabilities |
|
150.4 |
170.2 |
|
|
|
|
|
|
Total liabilities |
|
192.8 |
211.9 |
|
|
|
|
|
|
Total liabilities and equity |
|
517.8 |
552.1 |
Condensed consolidated statement of changes in equity
Half year to 30 September 2026
|
|
Share capital |
Share premium |
Capital contribution reserve |
Translation reserve |
Retained earnings |
Total |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
As at 1 April 2026 |
2.7 |
62.7 |
0.4 |
8.1 |
266.3 |
340.2 |
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
- |
18.8 |
18.8 |
|
Foreign exchange translation differences |
- |
- |
- |
(2.0) |
- |
(2.0) |
|
Remeasurement loss in respect of post-retirement benefits |
- |
- |
- |
- |
(0.8) |
(0.8) |
|
Tax credit on items that will not be reclassified to Consolidated Statement of Income |
- |
- |
- |
- |
0.3 |
0.3 |
|
Total comprehensive (expense)/income |
- |
- |
- |
(2.0) |
18.3 |
16.3 |
|
|
|
|
|
|
|
|
|
Share-based payment transactions |
- |
- |
- |
- |
(0.2) |
(0.2) |
|
Income tax on share-based payment transactions |
- |
- |
- |
- |
(0.3) |
(0.3) |
|
Proceeds from shares issued |
- |
- |
- |
- |
- |
- |
|
Share buyback (1) |
- |
- |
- |
- |
(20.9) |
(20.9) |
|
Dividends |
- |
- |
- |
- |
(10.1) |
(10.1) |
|
Total transactions with owners: |
- |
- |
- |
- |
(31.5) |
(31.5) |
|
|
|
|
|
|
|
|
|
As at 30 September 2026 (Unaudited) |
2.7 |
62.7 |
0.4 |
6.1 |
253.1 |
325.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 1 April 2025 |
2.9 |
62.6 |
0.2 |
5.4 |
305.0 |
376.1 |
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
- |
12.0 |
12.0 |
|
Foreign exchange translation differences |
- |
- |
- |
1.6 |
- |
1.6 |
|
Remeasurement loss in respect of post-retirement benefits |
- |
- |
- |
- |
(6.2) |
(6.2) |
|
Tax credit on items that will not be reclassified to Consolidated Statement of Income |
- |
- |
- |
- |
1.6 |
1.6 |
|
Total comprehensive income |
- |
- |
- |
1.6 |
7.4 |
9.0 |
|
|
|
|
|
|
|
|
|
Share-based payment transactions |
- |
- |
- |
- |
1.5 |
1.5 |
|
Income tax on share-based payment transactions |
- |
- |
- |
- |
- |
- |
|
Proceeds from shares issued |
- |
0.1 |
- |
- |
- |
0.1 |
|
Share buyback |
(0.1) |
- |
0.1 |
- |
(25.5) |
(25.5) |
|
Dividends |
- |
- |
- |
- |
(9.9) |
(9.9) |
|
Total transactions with owners: |
(0.1) |
0.1 |
0.1 |
- |
(33.9) |
(33.8) |
|
|
|
|
|
|
|
|
|
As at 30 September 2025 (Unaudited) |
2.8 |
62.7 |
0.3 |
7.0 |
278.5 |
351.3 |
|
|
|
|
|
|
|
|
(1) During the period ended 30 September 2026, 768,027 ordinary shares were repurchased and cancelled by the Group as part of the ongoing £100m share buyback programme, resulting in a cash outflow of £20.9 million. The remaining amount of share buyback is expected to complete in the second half of the year ended 31 March 2027.
Condensed consolidated statement of cash flows
Half year to 30 September 2026
|
|
|
Half year to 30 September 2026 (Unaudited) |
Half year to 30 September |
|
|
Note |
£m |
£m |
|
Cash flows from operating activities |
|
|
|
|
Profit for the period |
|
18.8 |
12.0 |
|
Loss for the period from discontinued operations |
|
2.3 |
3.1 |
|
Profit for the period from continuing operations |
|
21.1 |
15.1 |
|
Adjustments for: |
|
|
|
|
Income tax expense |
|
6.8 |
5.2 |
|
Net financial income |
|
(0.8) |
(0.3) |
|
Fair value movement on financial derivatives |
|
(0.2) |
(1.2) |
|
Depreciation of right-of-use assets |
|
3.0 |
2.6 |
|
Depreciation of property, plant and equipment |
|
4.0 |
3.0 |
|
Amortisation and impairment of intangible assets |
|
2.0 |
4.4 |
|
Profit on disposal of plant, property and equipment |
|
- |
(3.7) |
|
(Credit)/charge in respect of equity-settled employee share schemes |
|
(0.2) |
1.5 |
|
Contributions paid to the pension scheme less than/(more than) the charge to operating profit |
|
0.4 |
(4.0) |
|
Increase in inventories |
|
(15.9) |
(7.8) |
|
Decrease in receivables |
|
18.4 |
1.5 |
|
Decrease in payables and provisions |
|
(21.6) |
(15.5) |
|
Increase in customer deposits |
|
14.8 |
5.6 |
|
Cash generated from operations |
|
31.8 |
6.4 |
|
Interest paid |
|
(0.6) |
(0.6) |
|
Income taxes paid |
|
(6.1) |
(3.7) |
|
Net cash from operating activities - continuing operations |
|
25.1 |
2.1 |
|
Net cash from operating activities - discontinued operations |
|
- |
(1.0) |
|
Net cash from operating activities |
|
25.1 |
1.1 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Proceeds from sale of property, plant and equipment |
|
- |
4.8 |
|
Purchase of property, plant and equipment |
|
(3.3) |
(3.9) |
|
Payment of deferred consideration |
|
(4.5) |
- |
|
Capitalised development expenditure |
|
(1.3) |
(1.5) |
|
Interest received |
|
1.3 |
1.0 |
|
Net cash (used in)/generated from investing activities - continuing operations |
|
(7.8) |
0.4 |
|
Net cash used in investing activities - discontinued operations |
|
(1.5) |
(1.4) |
|
Net cash (used in)/generated from investing activities |
|
(9.3) |
(1.0) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from issue of share capital |
|
- |
0.1 |
|
Interest paid on lease liabilities |
|
(0.2) |
(0.3) |
|
Payment of lease liabilities |
|
(2.5) |
(2.0) |
|
Repayment of borrowings |
|
(0.1) |
(0.2) |
|
Share buyback |
|
(20.9) |
(25.5) |
|
Dividends paid |
|
(10.1) |
(9.9) |
|
Net cash used in financing activities |
|
(33.8) |
(37.8) |
|
|
|
|
|
|
Change in cash and cash equivalents |
|
(18.0) |
(37.7) |
|
Cash and cash equivalents at beginning of the year |
|
94.5 |
85.3 |
|
Effect of exchange rate fluctuations on cash held |
|
(1.3) |
(1.8) |
|
Cash and cash equivalents at end of the period |
|
75.2 |
45.8 |
|
Comprised of: |
|
|
|
|
Cash and cash equivalents |
|
78.7 |
72.3 |
|
Bank overdrafts |
|
(3.5) |
(26.5) |
|
|
|
75.2 |
45.8 |
Notes to the half-year financial statements
Half year to 30 September 2026
1 Basis of preparation
Reporting entity
Oxford Instruments plc is a company incorporated in England and Wales. The condensed consolidated half-year set of Financial Statements consolidate the results of the Company and its subsidiaries (together referred to as the "Group") for the six-month period ending 30 September 2026. They have been prepared and approved by the Directors in accordance with UK adopted IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual Financial Statements, and should be read in conjunction with the consolidated Financial Statements of the Group for the year ended 31 March 2026. The Group Financial Statements were prepared in accordance with UK adopted International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006 and interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies reporting under UK adopted IFRS.
The financial information contained herein is unaudited and does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. The comparative figures for the financial year ended 31 March 2026 are not the Company’s statutory accounts for that financial year. Those accounts have been reported on by the Company’s auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
The Board of Directors approved the Condensed Consolidated Interim Financial Statements on 9 November 2026.
Significant accounting policies
As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed set of Financial Statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Company’s published consolidated Financial Statements for the year ended 31 March 2026.
Changes in accounting standards
The IASB (International Accounting Standards Board) issued a new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, on 9 April 2024 that will replace IAS 1 Presentation of Financial Statements. The purpose of the new standard is to provide more consistent presentation of financial information across preparers as it is acknowledged that existing standards have given flexibility to present information in different ways. IFRS 18 will not impact the recognition or measurement of items in the financial statements. Many of the existing presentation principles in IAS 1 are retained, but there are some more specific requirements that will require the Group to make some changes in its future Annual Report and Interim Financial Statements.
The new Standard was endorsed by the UK Endorsement Board ‘UKEB’ on 10 December 2025 and is applicable for reporting periods beginning on or after 1 January 2027, although early adoption is permitted. Comparative information for financial year ending 31 March 2027 will need to be restated when the Interim Financial Statements for the period ending 30 September 2027 and Annual Report and Accounts for the year ending 31 March 2028 are published.
The Group has started an initial review of the Standard and expects minor changes to the presentation of the income statement. The process of assessing the financial impact on the Consolidated Financial Statements will continue during 2026 and early 2027.
There are no other new standards or interpretations issued by the IASB that had a significant impact on the Consolidated Financial Statements.
There are no standards or amendments that are not yet effective and that would be expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.
Estimates
The preparation of half-year Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these half-year Financial Statements, the significant judgements made by management in applying the Group’s accounting policies and key sources of estimation uncertainty were the same as those that applied to the Consolidated Financial Statements as at and for the year ended 31 March 2026. For further information, refer to accounting policies (b) for details of all other significant estimates and judgements in the 2026 Report and Financial Statements.
Going concern
The Financial Statements have been prepared on a going concern basis based on the Directors’ opinion, after making reasonable enquiries, that the Group has adequate resources to continue in operational existence for the foreseeable future. The Finance Review discloses information relevant to the Group’s financial position, its cash flows, borrowing facilities and liquidity.
The directors have considered the appropriateness of the going concern basis of preparation following a detailed assessment of the risks to the Group as outlined above, and have a reasonable expectation that the Group will be able to continue operating and meet its liabilities as they fall due over a period of 12 months from approval of these half year financial statements.
The Group maintains an unsecured multi-currency revolving facility agreement which expires in June 2030. An option to extend the facility from June 2029 to June 2030 was exercised during the period and there are now no further extension options available. The facility is supported by four banks and comprises a euro-denominated multi-currency facility of €95.0m (£80m) and a US dollar-denominated multi-currency facility of $150.0m (£116m). Debt covenants are net debt to EBITDA less than 3.0 times and EBITDA to interest greater than 4.0 times. At the date of approving these financial statements, the facility remains undrawn.
The relatively diverse nature of the Group together with its current financial strength provides a solid foundation. In its going concern assessment, the directors considered several scenarios, including base case and downside scenarios. The assessment is based on the board approved budget, incorporating severe but plausible scenarios in the forecast. These scenarios reflected a 25% reduction in the Group’s performance, a 25% increase in working capital and a third scenario of incorporating both. In each scenario the Group’s cash balances remained positive and the facility remains undrawn throughout the going concern period to 10 November 2027.
Based on this assessment, incorporating a review of current position, the scenarios, the principal risks and mitigation, the Directors have a reasonable expectation that the group will be able to continue operating and meet its liabilities as they fall due over a period of 12 months from approval of these half year financial statements and there are no material uncertainties which may cast significant doubt over its ability to continue as a going concern.
2 Segment information
As required by IFRS 8 Operating Segments, the segmental structure reflects the current internal reporting provided to the Chief Operating Decision Maker (deemed to be the Executive Directors).
The Group is organised into two segments:
- The Imaging & Analysis segment comprises a group of businesses focusing on microscopy, cameras, analytical instruments and software.
- The Advanced Technologies segment comprises a group of businesses focusing on compound semiconductor fabrication equipment and X-ray tubes.
Discrete financial information is available for each segment and used by the Executive Directors for decisions on resource allocation and to assess performance. The Group’s internal management structure and financial reporting systems differentiate the two operating segments.
The NanoScience business which was disposed of in January 2026 is classified as a discontinued operation and is not included in the segment results. Further information can be found in Note 13 of the Annual Report for the year ended 31 March 2026. NanoScience was previously reported within the Advanced Technologies segment. The reported segment results are from continuing operations. No asset information is presented below as this information is not presented in reporting to the Chief Operating Decision Maker.
Revenue by segment is further disaggregated between product revenue recognised at a point in time and service revenue recognised over time.
Results
|
Half year to 30 September 2026 |
Imaging & Analysis |
Advanced Technologies |
Total |
|
|
£m |
£m |
£m |
|
External product revenue |
113.1 |
49.0 |
162.1 |
|
External service revenue |
29.1 |
9.9 |
39.0 |
|
Total segment revenue |
142.2 |
58.9 |
201.1 |
|
|
|
|
|
|
Segment adjusted operating profit |
25.6 |
4.4 |
30.0 |
|
Half year to 30 September 2025 |
Imaging & Analysis |
Advanced Technologies |
Total |
|
|
£m |
£m |
£m |
|
External product revenue |
109.9 |
38.4 |
148.3 |
|
External service revenue |
29.0 |
8.2 |
37.2 |
|
Total segment revenue |
138.9 |
46.6 |
185.5 |
|
|
|
|
|
|
Segment adjusted operating profit |
23.7 |
1.0 |
24.7 |
No individual customer accounts for more than 10% of revenue.
Revenue by destination of the end customer
|
|
Half year to 30 September 2026 (Unaudited) |
Half year to 30 September |
|
|
£m |
£m |
|
Europe |
51.9 |
47.6 |
|
China |
50.8 |
43.5 |
|
USA |
45.7 |
47.9 |
|
Japan |
16.9 |
16.3 |
|
Rest of Asia |
24.8 |
22.0 |
|
Rest of World |
11.0 |
8.2 |
|
|
201.1 |
185.5 |
3 Alternative Performance Measures (APMs)
The Group uses Alternative Performance Measures ("APMs") which are not defined or specified under IFRS. These measures are used by management and the Board to monitor the performance of the business in addition to statutory financial measures.
APMs should not be considered as a substitute for, or superior to, measures prepared in accordance with IFRS. Definitions and reconciliations to the nearest IFRS statutory measures are provided below.
a) Adjusting items
Adjusting items are those which management consider should be disclosed separately due to their size, nature or incidence and that excluding them from certain statutory financial measures provides stakeholders with additional useful information when comparing across reporting periods or between industry peers.
These adjusting items are excluded in the calculation of adjusted operating profit, adjusted profit before tax, adjusted profit for the period, adjusted EPS, adjusted cash conversion and adjusted effective tax rate. Details of adjusting items are given below.
|
|
H1 FY27 |
H1 FY26 |
|
|
£m |
£m |
|
Defined benefit pension buy-in costs |
(0.2) |
- |
|
Transaction-related costs |
(0.6) |
- |
|
Restructuring costs |
(0.5) |
(5.4) |
|
Profit on disposal of property, plant and equipment |
- |
3.7 |
|
Amortisation of acquired intangibles |
(1.8) |
(4.2) |
|
Fair value movement on financial derivatives |
0.2 |
1.2 |
|
Total adjusting items to operating profit |
(2.9) |
(4.7) |
|
Unwind of discount in respect of contingent consideration |
(0.1) |
(0.4) |
|
Total adjusting items to profit before tax |
(3.0) |
(5.1) |
|
Adjusted income tax expense |
0.6 |
1.1 |
|
Total adjusting items to profit from continuing operations |
(2.4) |
(4.0) |
|
Discontinued operations - loss on disposal net of transaction costs and tax |
(2.3) |
(0.9) |
|
Total adjusting items to profit for the period |
(4.7) |
(4.9) |
|
|
|
|
Defined benefit pension scheme buy-in costs
These represent the costs of one-off charges incurred in relation to the buy-in of the defined benefit pension scheme, and potential future buy-out transaction.
Transaction-related costs
In the current period, these represent the costs relating to an opportunity which was assessed but did not progress to completion.
Restructuring costs and charges associated with management changes
Restructuring costs comprise the residual costs of the restructuring activities which took place in prior periods, together with the initial programme costs related to the assessment of deployment options for selected ERP upgrades and for simplifying the Group’s operational processes.
Profit on disposal of assets
In the prior period, this represented the profit on disposal of the Yatton site by the Plasma Technology business following their move to Severn Beach.
Amortisation of acquired intangibles
Adjusted profit excludes the non-cash amortisation of acquired intangible assets.
Fair value movement on financial derivatives
Under IFRS 9, all derivative financial instruments are recognised initially at fair value. Subsequent to initial recognition, they are also measured at fair value. In respect of instruments used to hedge future foreign exchange risk and interest rate risk, the Group does not apply the hedge accounting rules provided for in IFRS 9 since the stringent criteria are not met. Accordingly, the Group accounts for these derivative financial instruments at fair value through profit or loss. To the extent that instruments are hedges of future transactions, adjusted profit for the period is stated before changes in the valuation of these instruments so that the underlying performance of the Group can be more clearly seen.
Unwind of discount in respect of contingent consideration
This represents the final unwind of the discount in respect of the contingent consideration on the acquisition of FemtoTools.
Adjusted income tax expense
Statutory income tax is adjusted for the income tax impact on the adjusting items described above.
Gain/(loss) on disposal of NanoScience net of transaction costs and tax
In the current period, an adjustment was made to the post-tax gain on disposal of the NanoScience business following finalisation of the completion accounts process and associated net working capital adjustment.
b) Organic constant currency (OCC)
Organic constant currency (OCC) is used to assess performance between reporting periods excluding the impact of acquisitions, disposals and movements in exchange rates. OCC numbers are prepared on a month-by-month basis using the translational and transactional exchange rates which prevailed in the previous year rather than the actual exchange rates which prevailed in the year. Transactional exchange rates include the effect of our hedging programme on adjusted operating profit. Results from acquisitions and disposals are excluded so that the OCC comparison reflects an equivalent composition of the Group.
Revenue and adjusted operating profit are reconciled to OCC results as follows:
Results summary
|
£'m |
H1 FY26 |
OCC |
CY at PY rates |
FX |
H1 FY27 |
OCC Change |
Change |
|
|
|
|
|
|
|
|
|
|
Order intake |
205.2 |
91.0 |
296.2 |
(0.2) |
296.0 |
+44.3% |
+44.2% |
|
Revenue |
185.5 |
16.7 |
202.2 |
(1.1) |
201.1 |
+9.0% |
+8.4% |
|
Adjusted operating profit |
24.7 |
7.0 |
31.7 |
(1.7) |
30.0 |
+28.3% |
+21.5% |
|
Adjusted operating margin % |
+13.3% |
|
+15.7% |
|
+14.9% |
240bps |
160bps |
Imaging & Analysis divisional performance
|
£'m |
H1 FY26 |
OCC |
CY at PY rates |
FX |
H1 FY27 |
OCC Change |
Change |
|
|
|
|
|
|
|
|
|
|
Order intake |
146.6 |
18.4 |
165.0 |
(1.2) |
163.8 |
+12.6% |
+11.7% |
|
Revenue |
138.9 |
4.3 |
143.2 |
(1.0) |
142.2 |
+3.1% |
+2.4% |
|
Adjusted operating profit |
23.7 |
4.0 |
27.7 |
(2.1) |
25.6 |
+16.9% |
+8.0% |
|
Adjusted operating margin % |
+17.1% |
|
+19.3% |
|
+18.0% |
220bps |
90bps |
Advanced Technologies divisional performance
|
£'m |
H1 FY26 |
OCC |
CY at PY rates |
FX |
H1 FY27 |
OCC Change |
Change |
|
|
|
|
|
|
|
|
|
|
Order intake |
58.6 |
72.6 |
131.2 |
1.0 |
132.2 |
+123.9% |
+125.6% |
|
Revenue |
46.6 |
12.4 |
59.0 |
(0.1) |
58.9 |
+26.6% |
+26.4% |
|
Adjusted operating profit |
1.0 |
3.0 |
4.0 |
0.4 |
4.4 |
+300.0% |
+340.0% |
|
Adjusted operating margin % |
+2.1% |
|
+6.8% |
|
+7.5% |
470bps |
540bps |
c) Adjusted Basic and Diluted Earnings per Share (EPS)
Adjusted EPS is calculated using adjusted profit divided by the weighted average number of shares outstanding.
|
|
H1 FY27 |
H1 FY26 |
|
|
£m |
£m |
|
Weighted average number of shares |
55.1 |
57.9 |
|
Dilutive effect of shares under option |
0.6 |
0.5 |
|
Diluted number of shares |
55.7 |
58.4 |
|
|
H1 FY27 |
H1 FY26 | ||
|
|
£m |
Pence |
£m |
Pence |
|
Profit for the period |
18.8 |
34.1 |
12.0 |
20.7 |
|
Less: Adjusting items (from a) above) |
4.7 |
8.5 |
4.9 |
8.5 |
|
Adjusted profit for the period |
23.5 |
42.6 |
16.9 |
29.2 |
|
Less: Discontinued operations adjusting items |
- |
- |
2.2 |
3.8 |
|
Adjusted profit for the period from continuing operations |
23.5 |
42.6 |
19.1 |
33.0 |
Adjusted diluted EPS from continuing operations is calculated using the adjusted profit from continuing operations and dividing by the weighted average number of shares in issue, augmented by an assumed conversion value of all potentially dilutive ordinary shares.
|
|
H1 FY27 |
H1 FY26 | ||
|
|
£m |
Pence |
£m |
Pence |
|
Profit for the period |
18.8 |
33.8 |
12.0 |
20.5 |
|
Less: Adjusting items (from a) above) |
4.7 |
8.4 |
4.9 |
8.4 |
|
Adjusted profit for the period |
23.5 |
42.2 |
16.9 |
28.9 |
|
Less: Discontinued operations adjusting items |
- |
- |
2.2 |
3.8 |
|
Adjusted profit for the period from continuing operations |
23.5 |
42.2 |
19.1 |
32.7 |
d) Cash conversion and normalised cash conversion
Cash conversion is calculated as adjusted cash generated from operations as a percentage of adjusted operating profit.
Normalised cash conversion excludes certain large investments, typically related to property, plant and equipment, where these investments are not deemed to be operational in nature. The items excluded from adjusted cash from operations to determine normalised cash conversion are shown below.
Reconciliation of cash generated from operations to adjusted operating cash flow
|
|
H1 FY27 |
H1 FY26 |
|
|
£m |
£m |
|
Cash from operations |
31.8 |
6.4 |
|
Add back: |
|
|
|
Pension scheme payment above charge to operating profit |
(0.4) |
4.0 |
|
Non-recurring items |
1.3 |
5.4 |
|
Capitalised development expenditure |
(1.3) |
(1.5) |
|
Net (expenditure)/proceeds on tangible and intangible assets |
(3.3) |
0.9 |
|
Payments made in respect of lease liabilities |
(2.7) |
(2.3) |
|
Adjusted cash from operations |
25.4 |
12.9 |
|
Add back: |
|
|
|
Capital expenditure related to completion of the Severn Beach facility |
- |
0.7 |
|
Capital expenditure relating to the purchase of a building in High Wycombe |
- |
1.3 |
|
Net proceeds on the sale of the Yatton facility |
- |
(4.8) |
|
Normalised adjusted cash from operations |
25.4 |
10.1 |
|
|
|
|
|
Adjusted operating profit |
30.0 |
24.7 |
|
|
|
|
|
Cash conversion % |
85% |
52% |
|
Normalised cash conversion % |
85% |
41% |
e) Free cash flow
Free cash flow (FCF) is calculated as net operating cash flow after deducting cash outflows (or adding cash inflows) for interest income, taxation, capitalised development expenditure, expenditure on intangible and tangible fixed assets and payments made with respect to finance leases. FCF represents cash available to the Group to service debt, return capital to shareholders, through dividends or share buybacks, or invest in other corporate development activity such as acquisitions. The priorities for deploying free cash flow are guided by the Group’s capital allocation priorities.
|
|
H1 FY27 |
H1 FY26 |
|
|
£m |
£m |
|
Adjusted operating profit |
30.0 |
24.7 |
|
Depreciation and amortisation |
7.2 |
5.8 |
|
Adjusted EBITDA |
37.2 |
30.5 |
|
Working capital movement |
(4.3) |
(16.2) |
|
Equity settled share schemes |
(0.2) |
1.5 |
|
Capitalised development expenditure |
(1.3) |
(1.5) |
|
Net (expenditure)/proceeds on tangible and intangible assets |
(3.3) |
0.9 |
|
Payments made in respect of finance leases |
(2.7) |
(2.3) |
|
Adjusted cash generated by operations |
25.4 |
12.9 |
|
Non-recurring items |
(1.3) |
(5.4) |
|
|
|
|
|
Pension scheme payment above charge to operating profit |
0.4 |
(4.0) |
|
Net finance income |
0.7 |
0.4 |
|
Tax paid |
(6.1) |
(3.7) |
|
Free cash flow (FCF) |
19.1 |
0.2 |
|
Payment of deferred consideration |
(4.5) |
- |
|
Share buyback |
(20.9) |
(25.5) |
|
Dividends paid |
(10.1) |
(9.9) |
|
Proceeds from issue of share capital and exercise of share options |
- |
0.1 |
|
Decrease in borrowings |
(0.1) |
(0.2) |
|
Net decrease in cash and cash equivalents from continuing operations |
(16.5) |
(35.3) |
|
Net decrease in cash and cash equivalents from discontinued operations |
(1.5) |
(2.4) |
|
Net decrease in cash and cash equivalents |
(18.0) |
(37.7) |
|
Effect of exchange rate fluctuations on cash held |
(1.3) |
(1.8) |
|
Closing cash |
75.2 |
45.8 |
|
Borrowings |
(0.4) |
(0.7) |
|
Net cash |
74.8 |
45.1 |
4 Research and development (R&D)
The total research and development spend by the Group is as follows:
|
|
Half year to 30 September 2026 |
Half year to 30 September |
|
|
£m |
£m |
|
R&D expense charged to the condensed consolidated statement of income |
18.7 |
17.2 |
|
Less: depreciation of R&D-related fixed assets |
(0.1) |
- |
|
Less: amortisation of R&D costs previously capitalised as intangibles |
(0.2) |
(0.1) |
|
Add: amounts capitalised as intangible assets |
1.3 |
1.5 |
|
Total cash spent on R&D during the period |
19.7 |
18.6 |
5 Taxation
|
|
Half year to 30 September 2026 |
|
Half year to 30 September 2025 | ||||
|
|
Adjusted |
Adjusting items |
Total |
|
Adjusted |
Adjusting items |
Total |
|
|
£m |
£m |
£m |
|
£m |
£m |
£m |
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before income tax |
30.9 |
(3.0) |
27.9 |
|
25.4 |
(5.1) |
20.3 |
|
Income tax (expense)/credit |
(7.4) |
0.6 |
(6.8) |
|
(6.3) |
1.1 |
(5.2) |
|
Profit/(loss) for the period from continuing operations |
23.5 |
(2.4) |
21.1 |
|
19.1 |
(4.0) |
15.1 |
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
23.9% |
|
24.4% |
|
24.8% |
|
25.6% |
The adjusted effective tax rate inherent within the interim financial statements has been calculated based on the expected rate for the full year, taking into account the geographical mix of profits. The tax impact of adjusting items has been modelled separately.
The adjusted tax charge of £7.4m (2026: £6.3m) represents an effective tax rate of 23.9% (H1 FY26 24.8%). The statutory tax charge of £6.8m (H1 FY26: £5.2m) represents an effective tax rate of 24.4% (H1 FY26: 25.6%).
The decrease in the adjusted tax charge has arisen primarily due to a greater expected benefit arising from the UK patent box regime.
6 Dividends
The following dividends have been paid or declared by the Group:
|
|
Pence per share |
£m |
Date paid / payable |
|
|
|
|
|
|
Interim dividend FY27 |
5.8 |
3.2 |
Jan 2027 |
|
|
|
|
|
|
Interim dividend FY26 |
5.4 |
3.1 |
Jan 2026 |
|
Final dividend FY26 |
18.2 |
10.1 |
Aug 2026 |
|
Total for the year ended 31 March 2026 |
23.6 |
13.2 |
|
The interim dividend for the year to 31 March 2026 of 5.4 pence per share was approved by a sub-committee of the Board on 10 November 2025 and was paid on 9 January 2026. The final dividend for the year to 31 March 2026 of 18.2 pence per share was approved by Shareholders at the Annual General Meeting on 23 July 2026 and paid on 18 August 2026.
The interim dividend for the year to 31 March 2027 of 5.8 pence per share was approved by a sub-committee of the Board on 9 November 2026 and has not been included as a liability as at 30 September 2026. The interim dividend is expected to be paid on 8 January 2027 to Shareholders on the register on the record date of 27 November 2026, with an ex-dividend date of 26 November 2026 and with the last date of election for the Dividend Reinvestment Plan (DRIP) being 15 December 2026.
7 Earnings per share
Basic earnings per ordinary share (EPS) is calculated by dividing the profit attributable to equity shareholders of the parent by the weighted average number of ordinary shares in issue during the period.
For the purposes of calculating diluted and diluted adjusted EPS, the weighted average number of ordinary shares is adjusted to include the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares relating to the company’s share-based payment plans that are expected to vest. Potential ordinary shares are only treated as dilutive when their conversion to ordinary shares would decrease EPS.
The following table shows the weighted average number of shares used in the calculation and the effect of share options on the calculation of diluted earnings per share:
|
|
H1 FY27 |
H1 FY26 |
|
|
shares |
shares |
|
|
million |
million |
|
Weighted average number of shares |
55.1 |
57.9 |
|
Dilutive effect of shares under option |
0.6 |
0.5 |
|
Diluted number of shares |
55.7 |
58.4 |
Basic and diluted EPS are based on the profit for the period attributable to equity shareholders of the parent, as reported in the Consolidated Statement of Income. Adjusted and diluted adjusted EPS are based on adjusted profit for the period, as set out in Note 3:
|
|
H1 FY27 |
H1 FY26 | ||
|
|
£m |
Pence |
£m |
Pence |
|
Basic earnings per share |
|
|
|
|
|
Profit for the period from continuing operations |
21.1 |
38.3 |
15.1 |
26.1 |
|
Loss from discontinued operations after tax |
(2.3) |
(4.2) |
(3.1) |
(5.4) |
|
Profit attributable to equity shareholders of the parent/Basic EPS |
18.8 |
34.1 |
12.0 |
20.7 |
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
Profit for the period from continuing operations |
21.1 |
37.9 |
15.1 |
25.9 |
|
Loss from discontinued operations after tax |
(2.3) |
(4.1) |
(3.1) |
(5.3) |
|
Profit attributable to equity shareholders of the parent/Basic EPS |
18.8 |
33.8 |
12.0 |
20.5 |
8 Acquisitions
Acquisition of FemtoTools
On 28 June 2024, the Group acquired 100% of the issued share capital of FemtoTools AG ('FemtoTools') on a cash-free, debt-free basis for consideration of CHF 17.9m (£15.8m), with a further CHF 5.5m which was conditional on trading performance over a period of 33 months from the acquisition. The conditions for the contingent consideration were meeting certain revenue, order and margin thresholds.
During the current period, the conditions for the contingent consideration were met, resulting in a cash outflow of CHF 5.0m (£4.5m). The transaction is treated as an investing cash flow.
9 Discontinued operations
On 2 January 2026, the Group disposed of its NanoScience business for a consideration of £54.7m. At 30 September 2025, the Group's NanoScience business was classified as held-for-sale and as a discontinued operation, given it was a major line of business and that it was highly probable that a sale would take place within 12 months of the statement of financial position date.
|
Results of discontinued operations |
H1 FY27 |
H1 FY26 |
|
|
£m |
£m |
|
Revenue |
- |
19.0 |
|
Expenses |
- |
(21.8) |
|
Adjusted loss before tax |
- |
(2.8) |
|
Income tax credit |
- |
0.6 |
|
Adjusted loss after tax |
- |
(2.2) |
|
Adjusting items: |
|
|
|
Transaction costs related to sale of NanoScience business |
- |
(0.9) |
|
Adjustment to the gain on disposal |
(2.3) |
- |
|
Income tax on adjusting items |
- |
- |
|
Loss from discontinued operations after tax |
(2.3) |
(3.1) |
|
Earnings per share from discontinued operations |
H1 FY27 |
H1 FY26 |
|
|
pence |
pence |
|
Adjusted basic earnings per share |
- |
(3.8)p |
|
Total basic earnings per share |
(4.2)p |
(5.4)p |
|
Total diluted earnings per shares |
(4.1)p |
(5.3)p |
|
Cash flows from discontinued operations |
H1 FY27 |
H1 FY26 |
|
|
£m |
£m |
|
Net cash generated from operating activities |
- |
(1.0) |
|
Net cash used in investing activities |
(1.5) |
(1.4) |
|
Net cash used in financing activities |
- |
- |
|
Net cash flows |
(1.5) |
(2.4) |
10 Financial instruments
Fair values of financial assets and liabilities
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Where the carrying amount is a reasonable approximation of fair value, no further fair value information is provided.
|
|
|
As at 30 September 2026 |
As at 30 September 2025 |
Year to 31 March 2026 | |||
|
|
Fair value hierarchy |
Carrying amount |
Fair value |
Carrying amount |
Fair value |
Carrying amount |
Fair value |
|
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
Financial assets measured at fair value |
|
|
|
|
|
|
|
|
Derivative financial assets: |
|
|
|
|
|
|
|
|
- Foreign currency contracts |
2 |
1.1 |
1.1 |
3.8 |
3.8 |
2.1 |
2.1 |
|
Financial assets measured at amortised cost |
|
|
|
|
|
|
|
|
Long-term receivables |
|
1.2 |
|
0.9 |
|
1.0 |
|
|
Trade receivables |
|
84.7 |
|
75.9 |
|
99.7 |
|
|
Other receivables * |
|
1.6 |
|
5.3 |
|
4.0 |
|
|
Cash and cash equivalents |
|
78.7 |
|
72.3 |
|
106.9 |
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities measured at fair value |
|
|
|
|
|
|
|
|
Derivative financial liabilities: |
|
|
|
|
|
|
|
|
- Foreign currency contracts |
2 |
(0.3) |
(0.3) |
(1.1) |
(1.1) |
(1.0) |
(1.0) |
|
- Contingent consideration |
3 |
- |
- |
(3.9) |
(3.9) |
(4.7) |
(4.7) |
|
Financial liabilities measured at amortised cost |
|
|
|
|
|
|
|
|
Trade and other payables * |
|
(20.0) |
|
(20.1) |
|
(32.4) |
|
|
Bank overdrafts |
|
(3.5) |
|
(26.5) |
|
(12.4) |
|
|
Borrowings |
|
(0.4) |
|
(0.7) |
|
(0.5) |
|
* Accrued income and accruals are no longer included within the financial assets and liabilities classifications on the basis that they are not considered to be financial instruments.
The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the above table.
Derivative financial instruments
Derivative financial instruments are marked-to-market using market prices.
Fixed and floating rate borrowings
The fair value of fixed and floating rate borrowings is estimated by discounting the future contracted principal and interest cash flows using the market rate of interest at the reporting date.
Trade and other receivables/payables
For receivables/payables with a remaining life of less than one year, the carrying amount is deemed to reflect the fair value. All other receivables/payables are discounted to determine their fair value. Advances received are excluded from other payables above as these are not considered to be financial liabilities. Tax-related receivables and payables are excluded from the above table as these are not considered to be financial assets and liabilities.
Fair value hierarchy
The table above gives details of the valuation method used in arriving at the fair value of financial instruments. The different levels have been identified as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (ie. derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data.
There have been no transfers between levels during the period.
11 Retirement benefit assets and obligations
The Group has a defined benefit pension scheme in the UK which has been closed to new entrants since 2001 and closed to future accrual from 2010. In December 2025, the Trustee of the Scheme completed the purchase of a bulk annuity policy (buy-in) with Royal London covering the whole of the Scheme's membership. The bulk annuity policy is in the name of the Trustee and is an asset of the Scheme. Following the purchase of the bulk annuity policy, and in accordance with IAS 19 accounting standards, the value of the policy as an asset of the Scheme is set to the same value as the Scheme liabilities covered by the policy.
A full actuarial valuation of the UK plan was carried out as at 31 March 2026 which, for reporting purposes, has been updated to 30 September 2026 by a qualified independent actuary. At 31 March 2026, the scheme actuary calculated a retirement benefit asset of £9.2m, being the net of £204.1m of assets and a present value of future liabilities of £194.9m.
In the period to 30 September 2026, the surplus retirement benefit asset recognised has reduced to £8.2m, being the net of £192.7m assets and a present value of future liabilities of £184.5m. The movement during the period primarily relates to the timing of cash transactions with the insurer.
Following the confirmation of policy pricing the Group ceased further contributions to the Scheme, and does not expect to make any contributions in future years.
The Group also operates a defined benefit pension scheme in Switzerland. At 31 March 2026 the overall position of the scheme is a deficit of £1.2m which comprises a defined benefit obligation of £4.1m and a fair value of plan assets of £2.9m.
12 Related parties
There have been no related party transactions in the first 6 months of the current financial year which have materially affected the financial position or performance of the Group.
Related parties are consistent with those disclosed in the Group's annual report for the year ended 31 March 2026.
Responsibility statement of the directors in respect of the half-year financial statements
The Directors confirm that, to the best of their knowledge:
- the condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the UK; and
- the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report that could do so.
|
RICHARD TYSON |
PAUL FRY |
|
Chief Executive Officer |
Chief Financial Officer |
9 November 2026
Cautionary statement
Certain statements in this announcement constitute, or may be deemed to constitute, forward-looking statements, projections and information (including beliefs or opinions) with respect to the Company and its subsidiary undertakings ("the Group"). An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They include, without limitation, statements regarding the Group's future expectations, operations, financial performance, financial condition and business. Such forward looking statements are based on current expectations and are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from any expected future results in forward-looking statements. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions, including the continuing uncertainty in the geopolitical and trading environment. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement.
Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority) no undertaking is given by the Group to update any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise. Accordingly, no assurance can be given that any particular expectation will be met, and investors are cautioned not to place undue reliance on the forward-looking statements.
This announcement has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to the Group when viewed as a whole.
Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this announcement.
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