Oxford Instruments (LSE:OXIG) shares slipped to 2,880p, down 6.7%, after Advanced Technologies order intake rose 28.1% in the year ended 31 March.
“With a strong order book, a robust balance sheet and clear priorities, we are confident in our ability to deliver attractive sustainable growth and value for all our stakeholders,” Chief Executive Richard Tyson said.
Group revenue declined 3.0% on an organic constant currency (OCC) basis (down 4.6% reported) after a disrupted first half, with revenue returning to growth in H2 (up 1.3% OCC) and a book-to-bill of 1.067.
Group adjusted operating margin moved forward by 30 basis points on an OCC basis to 18.2%, despite a £4.5m currency headwind, and normalised cash conversion was 89%.
The Imaging & Analysis division saw orders up 1.3% OCC for the year and 8% in H2, while its OCC operating margin improved 120 basis points, offsetting a 3.0% revenue decline and delivering 2.3% divisional operating profit growth.
The sale of NanoScience generated £42.4m of proceeds, simplified the Group and left some stranded costs to be absorbed, while reported results benefited from prior-year impairment adjustments.
Net cash rose to £94m and the company completed a £62.2m share buyback, with the board proposing a 6.3% increase in the full-year dividend to 23.6p.
