Oxford Instruments PLC (LON:OXIG) said strong demand in its first half drove growth across the period, with revenues and orders both up year-on-year.
The FTSE 250 company said its revenue for the six months to 30 September was up 10.2% compared to last year at constant currency to £200.5mln, even though it was partially constrained by supply chain disruption and export licence delays.
Adjusted operating profit was 4.6% firmer at constant exchange rates at £36.8mln, while operating profit margins improved to 18.4% from 18%.
Its reported order book totalled £315.7mln at period end, 28.7% higher than last year at constant currency while net cash rose to £97.1mln from £70.1mln, despite an increase in inventories as well as deferred shipments.
“The group has continued to deliver strong growth momentum despite the challenging external landscape,” said chief executive officer Ian Barkshire.
Barkshire said the firm expected higher production in the second half, combined with a positive impact of recent price increases as it converted its record order book.
“This provides good visibility for an expected improvement in trading in the second half, with full-year trading at constant currency remaining in line with expectations.”
The company lifted the interim dividend by 4.5% to 4.6p per share for the half-year.
Shares in the company rose 0.85% to 1,994.80p.