Oxford Instruments (LSE:OXIG) said group order intake rose nearly 44% in the six months to 30 September, as it issued an interim trading update confirming confidence in delivering full-year results in line with market expectations.
The London-listed scientific instruments maker, which serves semiconductor, materials science and academic customers globally through its Imaging & Analysis and Advanced Technologies divisions, reported revenue growth of approximately 8% on a reported basis (9% on an organic constant currency basis) for the first half.
Adjusted operating margin is expected to improve by more than 100 basis points versus the prior-year period, with management citing strong orderbook cover for the second half as the basis for its confidence.
Advanced Technologies drove the bulk of the gain, with order growth up more than 125% year-on-year, roughly three-quarters of it from datacom applications following several volume manufacturing customer wins.
Divisional revenue rose approximately 26% in the first half as the business expanded production capacity across its facility and supply chain, and the current orderbook now extends well into FY28 with FY27 revenue fully covered.
Imaging & Analysis order intake rose more than 11%, driven by semiconductor and materials science demand, with the division's total order book up approximately 5% versus the first half of FY26; revenue growth of 2-3% reflected smaller product lines replenishing orderbook after a high level of deliveries in the fourth quarter of FY26.
"Advanced Technologies order intake has been outstanding, growing even faster than expected, and we are winning multiple new customers thanks to our differentiated process and platform technology," said chief executive Richard Tyson.
Net cash stood at £75m at period end, up from £45.1m a year earlier, which the company attributed to improved working capital, lower adjusting items and the elimination of pension contributions.
Oxford Instruments had completed £83m of its £100m share buyback programme as of 30 September, with the remainder expected to finish early in the new year.
The group will present interim results to analysts and investors on 10 November.