Oxford Instruments reported a 44% jump in first-half orders to £296 million on Tuesday 10 November 2026, as demand from semiconductor makers lifted the scientific equipment group's revenue and profits.

Revenue for the six months to 30 September rose 8.4% to £201.1 million, or 9.0% on an organic constant-currency basis, while adjusted operating profit climbed 21.5% to £30.0 million. The operating margin improved by 160 basis points to 14.9%, and adjusted diluted earnings per share grew 29% to 42.2p.

The order book stood at £317 million at the end of September, giving the Abingdon-based group cover for deliveries in the second half of its financial year. Free cash flow improved sharply to £19.1 million, from £0.2 million a year earlier, and net cash rose to £74.8 million from £45.1 million.

Semiconductor demand drives Advanced Technologies

Growth was led by the Advanced Technologies division, which supplies tools for compound semiconductor manufacturing. Orders in the division rose 126%, and revenue climbed 26.6% on an organic constant-currency basis, with around three-quarters of first-half orders coming from datacom applications.

The Imaging and Analysis division grew more slowly, with orders up 12% and revenue up 3.1% on the same basis, but its order book grew 8% and is now replenished after heavy deliveries in the final quarter of the last financial year.

Chief executive Richard Tyson said the group had "a very encouraging first half, with strong order momentum", and confirmed Oxford Instruments continues to trade in line with market expectations for the full year. For the 2028 financial year, the company expects revenue in Advanced Technologies to grow by about 20%.

Dividend raised as buyback nears completion

The board declared an interim dividend of 5.8p per share. Oxford Instruments has completed £83.1 million of its £100 million share buyback programme, with the remainder expected to finish in early 2027, and it intends to extend the programme by a further £25 million to summer 2027.

Adjusted profit before tax rose 28.3% to £30.9 million. On a statutory basis, operating profit rose to £27.1 million from £20.0 million, and profit before tax increased to £27.9 million from £20.3 million a year earlier.

Shares in Oxford Instruments rose in morning trading after the results, trading around 2,636p, up about 2.4% on Monday's close of 2,574p. The next trading update is scheduled for 14 January 2027. DirectorsTalk reported the interim results, and El Fondo covered the 44% jump in orders. Share prices can fall as well as rise, and this article is not investment advice.