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Oxford Instruments Plc Report and Financial Statements 2019

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Oxford Instruments Plc Report and Financial Statements 2019 Oxford Instruments plc Report and Financial Statements 2019 Oxford Instruments plc Report and Financial Statements 2019 ABOUT US Oxford Instruments plc is a leading provider of high technology products and services to the world’s leading industrial companies and scientific research communities. We help our customers to image, analyse and manipulate materials down to the atomic and molecular level, enabling them to accelerate their R&D, increase productivity and make new scientific discoveries. Find out more about us www.oxinst.com Front cover image: Biological tissue grown from patient cells captured by an Andor Dragonfly microscopy system Oxford Instruments plc Report and Financial Statements 2019 Inside this year’s CONTENTS Report and Financial Statements Strategic Report How we make in this section Strategic Report Performance Highlights 2 We discuss the progress we a difference Our Business 4 have made over the past year Investment Case 7 Enabling pages 2 to 59 How We Make a Difference 8 5G Chairman’s Statement 12 Chief Executive’s Review 14 Market Context 18 Business Model 20 Our Strategy 22 Key Performance Indicators 24 Operations Review 26 Finance Review 36 Principal Risks 43 Find out more on page 8 Viability Statement 48 Corporate Responsibility 50 Cancer Governance in this section Governance Research Leadership 61 Read about how we manage Effectiveness 67 our Company and maintain Accountability 74 high standards Remuneration 80 pages 60 to 103 Relations with Shareholders 100 Report of the Directors 102 Financial Statements in this section Financial Statements Directors’ Responsibilities 104 Find out more on page 9 See how we are performing Independent Auditor’s Report 105 in light of developments Consolidated Statement of Income 110 in the past year Electric Consolidated Statement of Comprehensive Income 111 Vehicles pages 104 to 163 Consolidated Statement of Financial Position 112 Consolidated Statement of Changes in Equity 113 Consolidated Statement of Cash Flows 114 Accounting Policies 116 Notes to the Financial Statements 123 Parent Company Statement of Financial Position 153 Find out more on page 10 Parent Company Statement of Changes in Equity 154 Notes to the Parent Company Quantum Financial Statements 155 Technology Company Information in this section Company Information Historical Financial Summary 164 Find additional Oxford Instruments Directory 166 information about us Directors and Advisers 168 pages 164 to 168 Find out more on page 11 1 Oxford Instruments plc Report and Financial Statements 2019 PERFORMANCE HIGHLIGHTS We have made good progress in the year with the continued implementation of our Horizon strategy, which is delivering good growth and improved profitability. Revenue1 Adjusted2 operating profit1 £333.6m +12.4% £49.7m +6.9% (2018: £296.9m) (2018: £46.5m) Adjusted2 profit before tax1 Profit before tax1 £47.5m +12.3% £35.5m +3.8% (2018: £42.3m) (2018: £34.2m) Adjusted2 basic earnings per share1 Dividend per share (full year) 64.9p +15.3% 14.4p +8.3% (2018: 56.3p) (2018: 13.3p) Cash generated from operations1 Net cash/(debt) £56.3m £6.7m (2018: £33.4m) (2018: £(19.7)m) 1. Continuing operations. 2. Throughout these Financial Statements we make reference to adjusted numbers. A full definition of adjusted numbers can be found in Note 1. 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 2019 Financial highlights: Operational highlights: Strategic Report • Orders up 12.9% to £353.5 million • Continued progress with the implementation (2018: £313.0 million), an increase of of our Horizon strategy, embedding defined 12.0% at constant currency. capabilities and disciplines across the businesses. • Order book of £171.6 million (31 March 2018: • Significant in-year investment in operational £153.0 million, restated for IFRS 15) up 12.2% excellence with a focus on strategic procurement (9.4% at constant currency). and operating processes. • The Group has adopted IFRS 15 Revenue from • Strong order, revenue and profit growth in Contracts with Customers and IFRS 16 Leases. Materials & Characterisation supported by The impact is to increase revenue by £7.0 million. growth in advanced material and semiconductor • Reported revenue increased by 12.4% to customer segments. £333.6 million (10.8% at constant currency). • Healthy end markets across life science, quantum Governance • Adjusted operating profit from continuing technology and academia supported strong operations up 6.9% to £49.7 million (9.7% order and revenue growth across our Research at constant currency). & Discovery sector. Operating profit was held back in the period by a lower performance from • Adjusted operating margin of 14.9% (2018: scientific X-ray tubes and Scienta Omicron. 15.7%), 15.5% at constant currency, impacted by a currency headwind and one-off investment • Order, revenue and profit growth, with margin Financial Statements in operational excellence. improvement, in Service & Healthcare, supported by growth in service and support of our own • Reported profit before tax up 3.8% to products and an improved performance from £35.5 million after mark-to-market movement our healthcare businesses. on currency derivatives and adjusting items. • Investment in R&D supporting new and future • Net cash of £6.7 million following strong cash product launches; received the Queen’s Award conversion of 103%. for Innovation for our latest material analyser. • Full-year dividend increased by 8.3% to 14.4 pence. Find out more in the Find out more in the Finance Review on pages 36 to 42 Operations Review on pages 26 to 35 Company Information 3 Oxford Instruments plc Report and Financial Statements 2019 OUR BUSINESS Our core purpose is to address 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 26 to 29 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 30 to 33 Service & Healthcare Provides customer service and support for our own products and the service, sale and rental of third-party healthcare imaging systems. Find out more on pages 34 and 35 4 Oxford Instruments plc Report and Financial Statements 2019 Our key enabling technologies, products and services facilitate a Strategic Report greener economy, increased connectivity, improved health and leaps in scientific understanding. Our business is structured around three sectors to support our customer and application focus: Our global end market segments Revenue Materials & Characterisation Healthcare & Lifescience 41% of Group revenue Where growth is driven by demand for End market segments revenue improvements in disease detection and the £137.9m understanding of fundamental mechanisms. +16.8% (2018: £118.1m) Semiconductor & Adjusted operating profit 42% Communications Academic Where there is a focus on speed, Governance £22.1m 58% security and capacity. Commercial +10.0% Quantum Technology (2018: £20.1m) Growth is being driven in quantum communications, computing and sensors, where quantum effects radically change Revenue Research & Discovery the “rule book” of what is possible. Financial Statements 38% of Group revenue End market segments revenue £125.2m Environment +11.8% This includes greener production, recycling, detection of hazardous substances in soil, (2018: £112.0m) 69% and agriculture and food. Adjusted operating profit Academic Energy £12.7m 31% Where improved efficiencies and Commercial -8% sustainability remain core drivers, and includes work in photovoltaics (2018: £13.8m) and batteries. Revenue Service & Healthcare Advanced Materials Where we help customers lead the 21% of Group revenue race to develop lighter, stronger, higher £70.5m functioning and more affordable materials. +5.5% (2018: £66.8m) Research & Company Information Adjusted operating profit Fundamental Science Where we help customers develop breakthrough applications, gaining £14.9m previously unknown insights. +18.3% (2018: £12.6m) This segment is captured within total Group revenue. 5 Oxford Instruments plc Report and Financial Statements 2019 OUR BUSINESS CONTINUED We are proud to be a globally recognised premium brand with a reputation for innovation and product excellence. Principal offices and development & manufacturing sites For a full list of our locations please visit our website: www.oxinst.com/service-and-support 28 offices around the world Revenue from external customers by destination 1,579 people employed worldwide Rest of World Germany Rest of Europe China £9.5m £28.3m £38.7m £70.0m UK Rest of Asia Japan USA £14.2m £34.4m £38.7m £99.8m 6 Oxford Instruments plc Report and Financial Statements 2019 INVESTMENT CASE Horizon, our transformational programme for the Group, is building
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