April 10 Technology tools maker Oxford
Instruments Plc said it expects full-year performance
to be in line with the prior year, after benefits from the
acquisition of imaging specialist Andor Technology were offset
by a strengthening pound.
The company said trading was strong in the last quarter of
the year ended March 31.
Analysts on average expected a pretax profit of 47.15
million pounds ($78.43 million) for the year, according to
Thomson Reuters I/B/E/S.
Oxford Instruments, which makes CT and MRI maintenance
systems and parts, cryogenic systems and nanotechnology tools,
reported an adjusted pretax profit of 48.20 million pounds on
revenue of 350.8 million pounds in the year ended March 2013.
The pound appreciated 9.45 percent against the dollar
in the year through March 2014.
The currency hit a five-year high against a host of
currencies including the dollar in mid-February on
expectations that the Bank of England would be the first major
central bank to raise interest rates.
Oxford gets only 9 percent of its total revenue from the UK,
while about 25 percent comes from North America.
The company said last December that it would acquire
AIM-listed Andor Technology for about 175 million pounds. The
acquisition was expected to add to its earnings in the first
full financial year following completion.
(Reporting by Noor Zainab Hussain in Bangalore; Editing by