Oxford Instruments presents its half-year results to analysts and investors in London today, Tuesday 10 November 2026, after a trading update last month showed order intake up nearly 44% in the six months to 30 September.

The FTSE 250 scientific technology group said demand was strong across both of its divisions, with reported revenue up about 8% in the first half, or 9% on an organic constant-currency basis. Adjusted operating margin is expected to have improved by more than 100 basis points on the same period last year.

Datacom demand drives Advanced Technologies

The standout performer was the Advanced Technologies division, where order intake rose by more than 125% on the prior year. Around three quarters of the division's first-half orders came from datacom applications, following a number of commercial volume manufacturing customer wins.

The division's order book now extends well into the 2028 financial year, with expected revenue for the year to March 2027 fully covered. Advanced Technologies revenue grew by about 26% in the first half as the business expanded production capacity and its supply chain to meet rising demand, and its adjusted operating margin improved materially despite the extra investment.

Chief executive Richard Tyson said order intake in the division had been "outstanding, growing even faster than expected", adding that the group was winning multiple new customers thanks to its differentiated process and platform technology.

Imaging and Analysis recovery continues

The Imaging and Analysis division also grew, with order intake up more than 11%, driven by demand for semiconductor and materials science applications. Its total order book grew by about 5% on the first half of last year, while revenue rose by about 2% to 3% as some smaller product lines rebuilt their order books after heavy deliveries in the previous fourth quarter.

The division's adjusted operating margin improved after a challenging first half last year, and the group said full-year revenue growth for the division was expected to be in line with guidance.

Cash strengthens and buyback nears completion

Cash conversion improved significantly in the first half, helped by better working capital movements, fewer adjusting items and the end of pension contributions. Net cash stood at £75 million at the end of September, up from £45.1 million a year earlier.

The group had completed £83 million of its £100 million share buyback programme by 30 September, and said the programme was expected to finish early in the new year.

What to watch in today's results

Investors will be watching whether the numbers confirm the trading update's momentum, and whether management holds its confidence in delivering full-year results in line with market expectations. The consensus for the year to March 2027 points to revenue of £444.4 million and adjusted operating profit of £81.0 million.

Shares in Oxford Instruments closed at 2,574p in London on Monday. The company, founded in 1959 and listed on the London Stock Exchange, designs and makes tools and systems used to image, analyse and manipulate materials for industry and research.