Tag: OXIG

Oxford Instruments plc (LON:OXIG), a global provider of high technology products and services to many of the world’s leading companies and scientific research communities, has announced succession plans for the role of Chief Financial Officer (CFO) to the Company.

After nearly nine years with the Company, Gavin Hill has agreed with the Board that he will step down from the Board and his role of CFO on 31 March 2025, the end of the financial year. He will remain actively involved with the Company until June 2025 to support a smooth transition.

After a rigorous search process, Paul Fry will be appointed as CFO.  He joins the Company from today (9 January 2025), initially in a non-Board role, before being appointed to the Board and taking up the role of CFO on 1 April 2025.  

Paul has a strong track record in senior positions at international healthcare and technology companies, having held the roles of CFO, most recently at Argenta Group and previously at Vectura plc and Immunocore Limited. With a career spanning more than 25 years, Paul has also held a number of senior roles at Vodafone and GlaxoSmithKline. He is also currently a Non-Executive Director and Chair of the Audit Committee at AIM-listed healthcare company Avacta Group plc.  

Richard Tyson, CEO, said:

“The Board would like to thank Gavin for the very significant contribution he has made to the success of Oxford Instruments over nearly nine years, and I am especially grateful for his support to me since I joined as CEO. He has been a strong steward of the Company’s finances throughout his tenure, shaping our growth and building the foundations for ongoing success. He is enormously well respected and liked by both colleagues and stakeholders, and leaves with our very best wishes for the future.

I am delighted that Paul will be joining us for the next phase of our growth. He brings a wealth of highly relevant experience in business transformation, a clear understanding of our growth drivers, and a shared commitment to our purpose and values-led approach.  

I look forward to working with Paul and the wider leadership team to continue to deliver our exciting plans for the future of Oxford Instruments.”

Gavin Hill, CFO, said:

“I am really proud to have played a role in the considerable achievements made at Oxford Instruments over recent years. Since I joined in early 2016, we have tripled the share price of the Company, providing value for shareholders, great opportunities for our employees and more advanced technologies for our customers. I look forward to seeing Oxford Instruments continue its growth trajectory from the strong position that it is in now.”

Paul Fry, CFO designate, said:

“I’m thrilled to be joining Oxford Instruments, one of the UK’s most exciting and innovative technology growth stories, with a remarkable track record and a clear vision for the future.

I look forward to working with Richard and the leadership team to grow the business and improve returns over the medium term.”

The remuneration arrangements relating to Gavin Hill’s departure will be in line with Oxford Instruments plc’s shareholder-approved Remuneration Policy and will be disclosed in accordance with section 430(2B) of the Companies Act 2006 on the Company’s website and in the Directors’ Remuneration Report, when he steps down from the Board.

Paul Fry is currently Non-Executive Director and Chair of the Audit Committee at Avacta Group plc, a role he has held since February 2020; he held the role of CFO and Executive Director at Vectura plc from October 2018 to March 2022, including a period as acting CEO from 30 June 2019 to 7 November 2019. Paul’s remuneration arrangements are in line with the shareholder-approved Remuneration Policy and will be disclosed in the Directors’ Remuneration Report contained within the Annual Report for the year ended 31 March 2025. There are no further matters that require disclosure under 6.4.8R of the UK Listing Rules in relation to his appointment.

Oxford Instruments plc (LON:OXIG), a leading provider of high technology products and services to industry and scientific research communities, has announced that it has entered into an agreement to acquire FemtoTools AG, a developer of nanoindentation instruments. Completion is subject to certain closing conditions which are expected to be satisfied within the next four weeks.

Based in Zurich, Switzerland, and founded in 2007, FemtoTools specialises in the design and manufacture of high-speed, precision nanoindenters. These enable the imaging of mechanical properties of intricate microstructures for materials research and semiconductor applications. FemtoTools will become part of Oxford Instruments’ Imaging & Analysis division, with a common global customer base spanning leading academic institutions and commercial companies. Its products are highly complementary to Oxford Instruments’ imaging and analysis portfolio, and are used in conjunction with other tools offered by the Group, including electron microscope micro-analysers and Raman microscopes.

Under the terms of the acquisition, Oxford Instruments is paying an initial cash consideration of CHF 17m, on a cash-free, debt-free basis, with a further CHF 7m consideration conditional on FemtoTools’ performance over a 33-month period following completion. FemtoTools’ audited revenue for the 12 months to 31 December 2023 was CHF 10.6m (£9.3m), with return on sales slightly below the average for the Group.

Richard Tyson, Chief Executive Officer, Oxford Instruments plc, said:

“We are delighted that FemtoTools will be joining Oxford Instruments to add to our armoury of materials analysis techniques. The specialist capabilities Felix, Simon and the team have developed will be an excellent addition to our portfolio, enabling us to provide our customers with an even richer range of insights.”

Felix Beyeler, co-founder of FemtoTools, said:

“Joining Oxford Instruments is a great opportunity for FemtoTools to quickly reach new customers who are already using Oxford Instruments’ tools.  Oxford Instruments’ leading reputation and international presence is a great springboard for our next stage of growth and we are super-excited for our future here.”

Oxford Instruments plc (LON:OXIG), a leading provider of high-technology solutions, information and services for industry and research, has announced the appointment of Alison Wood as an Independent Non-Executive Director. Subject to the approval of shareholders at the AGM, she will be joining the Board on 8 September 2020 and will become a member of the Company’s remuneration, nomination and audit and risk committees from the same date.

Alison has wide experience in strategic planning, business development and M&A across a variety of sectors and sits on and leads a number of remuneration committees. She holds a BA in Engineering, Economics and Management from the University of Oxford and an MBA from Harvard Business School. Alison has previously held various leadership roles in business development and strategy in BAE Systems plc and was the Global Director of Strategy and Corporate Development at National Grid. Alison is a highly experienced non-executive director and committee chair. She is currently a non-executive director and remuneration committee chair of TT Electronics Plc and Costain Group PLC and a non-executive director of Cairn Energy PLC and the British Standards Institute (non-listed). She was previously a non-executive director at e2V plc and Cobham plc.

Neil Carson, Chairman of Oxford Instruments, said: “We are delighted to welcome Alison to the Board in September. She brings with her a wealth of executive and non-executive board experience with an understanding of engineering, technology and industrial markets. She has a proven track record of helping companies deliver on their strategic plans, and I believe she will make a valuable contribution as we continue to execute our growth agenda.”

Ian Barkshire, Chief Executive of Oxford Instruments, said: “Alison’s experience in highly respected international businesses will be a great asset. She brings with her sound technical understanding and I know that we will benefit from her strategic insight. We look forward to working with her on the Board.”

Oxford Instruments plc (LON:OXIG), a leading provider of high technology products and services to industrial companies and scientific research communities, today told the markets that it has completed the sale of its OI Healthcare business in the US to MXR Imaging, Inc, for a consideration of $15.0 million (£11.5 million).

The OI Healthcare business in the US offers the sale, service and rental of third-party Magnetic Resonance Imaging and Computer Tomography machines, with offices in Florida, Michigan and California.

Ian Barkshire, Chief Executive of Oxford Instruments said, “The sale of the Oxford Instruments’ US-based OI Healthcare business further supports our ongoing strategy to focus on chosen markets with long-term growth drivers where we can uphold or develop leading positions. This sale will allow us to continue enhancing our ability to deliver further growth and margin improvement while maintaining a customer-centric approach.”

Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. Innovation has been the driving force behind Oxford Instruments’ growth and success for 60 years, supporting its core purpose to address some of the world’s most pressing challenges.

Oxford Instruments plc (LON: OXIG), a leading provider of high technology products and systems for industry and research, has announced its Half Year Results for the six months to the 30th September 2019.

Financial Highlights:

· Orders up 6.4% to £173.3 million (2018: £162.9 million), an increase of 2.8% at constant currency; book-to-bill ratio of 1.04

· Order book of £186.8 million (31 March 2019: £171.6 million), up 8.9% (+6.0% at constant currency)

· Reported revenue increased by 13.1% to £166.3 million (+9.1% at constant currency)

· Adjusted operating profit from continuing operations up 22.9% at £25.8 million (+12.4% at constant currency)

· Adjusted operating margin of 15.5% (2018: 14.3%), 14.7% at constant currency

· Reported profit before tax up 55.2% to £18.0 million after mark-to-mark movement on currency derivatives and other adjusting items

· Net cash of £14.2 million following cash conversion of 65% and one-off US pension termination payment

· Interim dividend increased by 7.9% to 4.10 pence

Operational Highlights:

· Good progress with Horizon, delivering continued growth and improved operating margin

· Market intimacy enabled new growth opportunities from academic and commercial customers, which more than offset softening in silicon semiconductor, electronics and automotive production markets

· Materials & Characterisation delivered a strong performance underpinned by increased sales across Semiconductor & Communications, Advanced Materials and Energy & Environment segments

· Research & Discovery saw growth across Healthcare & Lifescience, Quantum Technology and Fundamental Research segments

· Increased focus on customer support services related to our own products delivered an improved performance in Service & Healthcare

· Improved commercial practices and gains from our operational excellence programme contributed to increased profitability in the period

· Focus on customer applications driving success of recently launched products and the development of richer future product roadmaps and IP portfolio; total cash spend on R&D equivalent to 7.8% of sales

· Underlying order growth impacted by some softer end markets and the phasing of OEM orders

· Our access to all phases of the technology cycle – from academic research through to commercial production – provided resilience against uncertain macroeconomic backdrop

Summary and Outlook:

Ian Barkshire, Chief Executive of Oxford Instruments plc, said:

The Group has delivered a strong first half performance, with revenue, profit and order growth against a backdrop of uncertain macroeconomic conditions. Our customer centric approach has delivered growth within existing markets and expansion into new adjacent markets.

The breadth of our product portfolio and the diversity of our end-markets, together with our focus on understanding customer needs and responding to market changes, underpin our ability to deliver further growth and margin improvement. We expect the second half of the financial year to benefit from the normal seasonal bias, with expectations for the current financial year remaining unchanged on a constant currency basis.