- High-tech product supplier Oxford Instruments posted a 35% rise in annual profit, as sales edged higher and cost cutting helped fatten margins.

Pre-tax profit for the year through March increased to £52.2 million, up from £38.8 million year-on-year, as revenue edged up 0.3% to £318.5 million.

On a continuing operations basis, revenue rose 1.7% and adjusted pre-tax profit climbed 13% to £55.9 million.

Oxford Instruments declared a full-year dividend of 17p per share, compared to zero payment year-on-year, comprising final and interim payouts of 12.9p and 4.1p, respectively.

Chief executive Ian Barkshire said the company's 'robust performance, strong order book and breadth of attractive end markets' positioned it well for the current year.

He added, however, that the company was facing 'anticipated currency headwinds and the ongoing uncertainties as global economies look to recover from Covid.'

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