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Oxford Instruments Plc Report and Financial Statements 2020 D E V O R P

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Oxford Instruments Plc Report and Financial Statements 2020 D E V O R P tanding nders c u ntif cie n s s i ap Le y om n o c e r e n e e r G Oxford Instruments plc Instruments Oxford Report and Financial Statements 2020 Statements Report Financial and h t l a e h y d t i e v v i t o r c p e n m I n o c d e v o r p m I Oxford Instruments plc Report and Financial Statements 2020 Our Purpose Our core purpose is to support our customers in addressing some of the world’s most pressing challenges, enabling a greener economy, increased connectivity, improved health, and leaps in scientifc understanding. We provide high technology products and services to the world’s leading industrial companies and scientifc research communities, exploiting our world-class ability to image, analyse and manipulate materials down to the atomic and molecular level. Employee Pride Respect Reputation in working for us and being inclusive and for positive making a difference valuing our employees contribution to society Being Oxford FTSE 250 constituent Instruments Accountability Health and Safety Trust for our actions ensuring everyone is safe our people to deliver Strategic Report Governance Financial Statements Company Information Contents How we make a in this section Strategic Report difference We discuss the progress we Performance Highlights 2 have made over the past year Our Business 4 Investment Case 7 pages 2 to 67 Leaps in How We Make a Difference 8 scientific Chair’s Statement 12 understanding Chief Executive’s Review 14 Market Context 20 Business Model 22 Engaging with Stakeholders 24 Our Strategy 28 Key Performance Indicators 30 Operations Review 32 Finance Review 42 Find out more on page 8 Risk Management 50 Viability Statement 55 Corporate Responsibility 56 Enabling a greener in this section economy Governance Read about how we manage Company Leadership and Purpose 69 our Company and maintain Composition, Succession and Evaluation 80 high standards Audit, Risk and Internal Control 83 pages 68 to 116 Remuneration 90 Relations with Shareholders 112 Report of the Directors 114 Find out more on page 9 in this section Financial Statements Improved See how we are performing Directors’ Responsibilities 117 in light of developments in Independent Auditor’s Report 118 health the past year Consolidated Statement of Income 124 pages 117 to 179 Consolidated Statement of Comprehensive Income 125 Consolidated Statement of Financial Position 126 Consolidated Statement of Changes in Equity 127 Consolidated Statement of Cash Flows 128 Accounting Policies 130 Find out more on page 10 Notes to the Financial Statements 136 Parent Company Statement of Financial Position 169 Increased Parent Company Statement connectivity of Changes in Equity 170 Notes to the Parent Company Financial Statements 171 in this section Company Information Find additional Historical Financial Summary 180 information about us Oxford Instruments Directory 182 Directors and Advisers 184 Find out more on page 11 pages 180 to 184 Oxford Instruments plc Report and Financial Statements 2020 1 Performance Highlights Positive progress with our Horizon strategy delivered continued business improvements and good level of growth in the first three quarters of the year. Revenue1 Adjusted2 operating profit1 £317.4m +1.1% £50.5m +5.9% (2019: £314.0m) (2019: £47.7m) -0.7% -1.0% At constant currency At constant currency Adjusted2 profit before tax1 Profit before tax1 £49.5m +8.8% £38.8m +13.1% (2019: £45.5m) (2019: £34.3m) Adjusted2 basic earnings per share1 Dividend per share (full year) 70.2p +12.7% — (2019: 62.3p) (2019: 14.4p) Cash generated from operations1 Net cash £62.3m +17.5% £67.5m +£60.8m (2019: £53.0m) (2019: £6.7m) 1. Continuing operations. 2. Throughout this report we make reference to adjusted numbers. A full definition of adjusted numbers can be found in Note 1 to the Financial Statements. Where we make reference to constant currency numbers, these are prepared on a month-by-month basis using the translational and transactional exchange rates which prevailed in the previous year rather than the actual exchange rates which prevailed in the year. Transactional exchange rates include the effect of our hedging programme. 2 Oxford Instruments plc Report and Financial Statements 2020 Strategic Report Governance Financial Statements Company Information Financial highlights: Operational highlights: • Good progress underpinned a strong financial • Good progress with our Horizon strategy; tangible performance until the impact of covid-19 in Q4 benefits from our customer-centric, market-driven approach and operational excellence programme • Trading disruption due to the pandemic equated to approximately two weeks’ equivalent revenue • Business responded to the challenges of covid-19, following deferred product shipments and installations with the wellbeing of our employees paramount. in the last quarter Manufacturing sites remained operational with products supporting the fight against covid-19 and • Reported orders up 0.3% to £336.0m (2019: £335.1m), a essential industries decrease of 1.3% at constant currency; book to bill ratio of 1.06 • Cost-saving measures implemented to preserve the financial health of the business • Order book of £175.0m (31 March 2019: £153.2m), up 14.2% (12.1% at constant currency), assisted by finished • Underlying growth across all of our customer goods not shipped or installed at the year end segments • Reported revenue increased by 1.1% to £317.4m • Materials & Characterisation saw good underlying (a decline of 0.7% at constant currency) demand for our products across the Semiconductor, Advanced Materials and Energy & Environment • Adjusted operating profit from continuing operations sectors, with covid-19 disruption particularly impacting up 5.9% at £50.5m (a decline of 1.0% at constant shipments into the Semiconductor segment currency) • Research & Discovery had strong underlying revenue • Adjusted operating margin of 15.9% (2019: 15.2%), growth supported by global initiatives related to 15.1% at constant currency quantum technologies and increased research funding. Refined commercial practices and gains • Net cash grew to £67.5m, aided by strong operating through operational excellence contributed to cash flow (124% cash conversion) and proceeds from improved profit and margin business disposals. At the end of March, our revolving credit facility remained undrawn, leaving approximately • In Service & Healthcare, the transformation of our £105m of undrawn committed facilities. This represents customer services approach drove strong order and total headroom of approximately £200m revenue growth with improved profitability • Following the uncertainty created by covid-19, the • Further portfolio focus with disposal of US Healthcare Group suspended payment of the interim dividend of business and equity stake in Scienta Omicron 4.1p per share. As a result of continued uncertainty, the Board will defer a decision on payment of dividends • Alison Wood to join Board as independent but will keep this under review as the year progresses Non-Executive Director in September 2020 while we assess the impact of covid-19 on our markets and trading performance Oxford Instruments plc Report and Financial Statements 2020 3 Our Business Our core purpose is to support our customers in addressing some of the world’s most pressing challenges. Our business is structured around three sectors to support our customer and application focus: Materials & Characterisation Products and solutions that enable the fabrication and characterisation of materials and devices down to the atomic scale, predominantly supporting customers across applied R&D as well as the production and manufacture of high technology products and devices. Find out more on pages 32 to 35 Research & Discovery Provides advanced solutions that create unique environments and enable imaging and analytical measurements down to the molecular and atomic level, predominantly used in scientific research and applied R&D. Find out more on pages 36 to 39 Service & Healthcare Provides customer service and support for our own products. Find out more on pages 40 to 41 4 Oxford Instruments plc Report and Financial Statements 2020 Strategic Report Governance Financial Statements Company Information Our key enabling technologies, products and services facilitate a greener economy, increased connectivity, improved health and leaps in scientific understanding. Global end market segments Revenue Materials & Characterisation Healthcare & Lifescience End market segment revenue Where growth is driven by demand 43.3% of Group revenue for improvements in disease detection £137.6m and the understanding of fundamental -0.2% mechanisms. (2019: £137.9m) Adjusted2 operating profit 45% Semiconductor & Academic Communications 55% Where there is a focus on speed, energy efficiency and capacity. £21.0m Commercial -0.9% (2019: £21.2m) Quantum Technology Growth is being driven in quantum communications, computing and sensors, where quantum effects Revenue Research & Discovery radically change the “rule book” of End market segment revenue what is possible. £126.0m 39.7% of Group revenue +0.6% Energy & Environment Where improved efficiencies and (2019: £125.2m) 65% sustainability remain core and includes 2 Adjusted operating profit Academic work in greener production, batteries, 35% recycling, agriculture and food. £14.5m Commercial +12.4% Advanced Materials Where we help customers lead the (2019: £12.9m) race to develop lighter, stronger, higher functioning and more affordable materials. Revenue Service & Healthcare 17.0% of
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