Shares in Oxford Instruments have rallied 13% today despite the firm reporting a 22.9% drop in half-year operating profit to £24.7 million.
At the time of writing (1.30pm), shares are trading at 2,030 pence, giving it a market capitalisation of £1.15 billion.
The FTSE 250 provider of high technology products and systems for industry and research said that for the six months to 30th September 2025, revenue was down 7.9% to £185.5m.
However the markets responded positively after it raised its interim dividend by 5.9% to 5.4p and also doubled its share buyback programme from £50 million to £100m. By the end of October, £32m of this had been executed.
Cash flow climbed from £39.3m to £45.1m while rising order momentum in Q2 from large commercial customers, including academic and industrial laboratories, saw order intake rise 1.4% to £205.2m.
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Oxford Instruments maintained its full year guidance of £5.5m operating profit after ending the period with net cash of £45.1m.
It expects proceeds of around £57m from the upcoming sale of its NanoScience business in the third quarter of the year. The funds will be invested into its top-performing semiconductors and life sciences divisions.
“Our trading performance reflects that we, like others, have had to navigate the impact of tariffs and the related global economic disruption,” said chief executive Richard Tyson (pictured).
Oxford Instruments sold its Somerset factory in September for £4.8m and has now moved to a new semiconductor site in Bristol, with a resulting increase in production capacity.