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Oxford Instruments plc Interim trading update - 13 October 2026 Strong demand across both divisions underpins confidence in full - year expectations Oxford Instruments plc , a leading provider of scientific technology and expertise to commercial and academic partners , is today issuing a trading update for the six months ended 30 September 2026 . The period saw strong demand across both divisions , with Group order intake up nearly 44 % . Reported revenue grew by approximately 8 % ( + 9 % OCC [ ¹ ) ) in the first half , and adjusted operating margin is expected to progress by over 100 bps versus the prior year period . The strength of order intake and resulting orderbook cover for H2 underpins the Group's confidence in delivering full year results in line with market expectations [ 2 ] . The Imaging and Analysis division saw strong growth in order intake in H1 , up over 11 % versus the prior year , driven by demand for semiconductor and materials science applications . Total order book for the division grew c . 5 % versus H1 FY26 . Revenue growth was c . 2-3 % as some of the smaller product lines replenished orderbook during H1 following a high level of deliveries in Q4 FY26 . The division continues to show good progress over FY26 , with revenue growth for the full year expected to be in line with guidance . Adjusted operating margin for this division improved following a challenging H1 FY26 , and we continue to invest to support growth and manage external macro risks . Order growth in the Advanced Technologies division was very strong , up over 125 % versus the prior year . Around three quarters of H1 order intake was driven by demand for datacom applications following a number of commercial volume manufacturing customer wins . The current orderbook now extends well into FY28 , with expected revenue fully covered for FY27 . Advanced Technologies revenue grew by c . 26 % in H1 as the business expanded production capacity in both the facility and supply chain to meet increasing demand . Despite increased investment to support this expansion , adjusted operating margin has materially improved versus the prior year . Cash conversion has significantly improved versus prior periods as a result of an improved working capital movement which , along with a reduction in adjusting items and the elimination of pension contributions , has had a very positive impact on free cash flow versus the prior year . Net cash at the end of the period was £ 75m ( H1 FY26 : £ 45.1m ) . As at 30 September 2026 £ 83m of the £ 100m share buyback programme had been completed . The programme is expected to fully complete early in the new year . [ 1 ] Organic constant currency ( OCC ) [ 2 ] Mean of Consensus estimates for FY27 : Revenue £ 444.4m , Adjusted Operating Profit £ 81.0m . Richard Tyson , CEO , commented : " We have made further strong progress in the first half - executing on our strategy , delivering for our customers and building momentum across both our businesses . " I am really pleased to see the positive order momentum in H1 in Imaging and Analysis , continuing the solid recovery we saw in H2 last year , supported by both investment in the front end of the organisation , and by our teams actively managing macro execution risks . " 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 . I'm also very pleased to see the positive order growth feeding through to revenue and margin . Our focus this year is on investing in ramping our capacity , supply chain and service model to deliver for customers and cement our position in this rapidly growing market . " Notice of Interim FY27 results