Oxford Instruments PLC is holding its Annual General Meeting (AGM) at 2pm today at their offices in Oxford, UK. Chairman Nigel Keen, will be explaining the “testing time” faced by the Group in the year ending March 31 2015. The company’s share price opened the day down by 15% at 678p.
Business in Russia has had a significant impact on results with previously approved export licenses revoked and new license applications rejected, all associated with trade sanctions imposed by the UK Government. Business in Japan too has been slower than expected.
Overall, revenues are up 7% to £385.5m thanks to the mergers and acquisitions made during the year which contributed £54.8m of sales.