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Oxford Instruments' revenue falls after new Covid-19 working practices
StockMarketWire.com
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Provider of high technology products and systems, Oxford Instruments has said its reported and constant currency revenue fell 11% to to £140.3m in the six months to 30 September 2020 following robust trading performance.
Its adjusted operating profit from continuing operations was down 7.3% at £24.3m - a decline of 11.5% at constant currency. The company's adjusted operating margin was 17.3% up from 16.6% in 201, sustained at 16.6% constant currency despite the revenue decline.
Net cash grew to £81.4 million, aided by good operating cash flow with 97% cash conversion). At the end of September, the group had total headroom of approximately £214 million, including the undrawn £105 million credit facility.
Reported orders were up 6.0% to £175.7 million from £165.7 million in 2019, an increase of 5.9% at constant currency; book-to-bill ratio of 1.25. Its order book was £204.6 million up from £175.0 million on 31 March 2020.
Story provided by StockMarketWire.com
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