Oxford Instruments (OXINF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to today's presentation of our half year results. I'm Richard Tyson, Chief Executive, and I'm joined by Gavin Hill, our Chief Financial Officer. As many of you will know, this is my first time presenting results at Oxford Instruments, having joined the company at the start of October. With that in mind, I'll be focusing on giving you a top level overview of results and some of my first impressions of the company. And Gavin's going to take you through the financial results and more detail on how we've performed in the half. Before I start, I'd like to say thank you to Gavin and my new colleagues at Oxford Instruments for the really warm welcome they've given me over the last six weeks. It's been fantastic to join such an open, collaborative team. Gavin and all those I've met as I've travelled around our sites have gone out of their way to help me understand what really makes Oxford Instruments tick. I'm pleased to say that the group has delivered a really robust performance in the half, particularly in the context of pretty tough trading landscape out there. We've delivered 7.5% constant currency revenue growth and our adjusted operating profit is up by 6.5%. We're seeing continued strong demand for our products. The order book is up 10%, giving us good visibility out to the end of the year. Order intake has remained positive, booking ahead of revenue, with book and bill at 1.07, albeit actual intake is a fraction down on last year's very strong comparator period. Much of our revenue growth has been driven by a really strong performance in healthcare and life science, applications, as well as advanced materials. But we've also performed robustly in semiconductors, slightly up year on year. Here, we're shielded from some of the cyclicality in the mark...