StockMarketWire.com - Technology provider to industrial companies and science researchers Oxford Instruments said its revenue had fallen 2% in the first five months of the year, owing to the impact of the Covid-19 crisis.

Revenue had been supported by a strong uplift in shipments of compound semiconductor process solutions and installations of cryogenic and magnet systems, chairman Neil Carson said in AGM speech notes.

Sales had also benefited from the carry-over of systems that we were unable to ship or install in the final weeks of the last financial year due to the closure of customer sites and travel restrictions.

That had partially offset lower revenue to academic markets for the company's scientific cameras, microscopy products and electron analysers, due to continued disruption across those customers.

'Although there remains considerable uncertainty as to the future impact and longevity of covid-19 disruption, we have seen modest order growth over the first five months of trading and a good improvement in the order book,' Carson said.

'Strong order growth across commercial customers, particularly from our compound semiconductor process solutions, has offset a small decline in orders from academic customers, where we are seeing a slower rate of recovery.'




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