LONDON (dpa-AFX) - Oxford Instruments plc (OXIG.L), on Tuesday, issued a trading update for the year ended 31 March 2024 and said it expects FY24 adjusted operating profit to be in line with expectations.
The company reported robust revenue growth for the year, and it is expected to increase by about 9% at constant currency in comparison to the previous year. The company attributed its positive momentum to its differentiated positions, which have resulted in growth across all geographies in key sustainability-driven and structurally growing end markets. These markets include advanced materials, life science, and semiconductors.
Operating margin is expected to be about 100bps behind last year, reflecting losses incurred in the company's quantum business as a result of ceasing commercial activities in China, and continued operational investment.
Further, the company enters the new financial year with a strong order book providing good visibility to planned revenues and a good pipeline of growth opportunities in structurally growing end markets.
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