Oxford Instruments preliminary results delayed, announces share buyback
High technology products business revealed on Tuesday that it would soon launch a share buyback despite preliminary results being delayed.
Oxford Instruments said its FY25 preliminary results, previously scheduled for today, had been delayed as a result of its auditors, BDO LLP, requesting further time to complete its standard audit procedures.
"The results will be announced at the earliest possible opportunity," said the FTSE 250-listed firm.
Separately, Oxford Instruments announced it has entered into a binding agreement to sell its quantum-focused business, NanoScience, to Quantum Design for a total of £60.0m in cash, including up to £3.0m of deferred consideration linked to future revenues from quantum scaling systems.
"The divestment will better enable Oxford Instruments to focus on its remaining businesses, which have growth and margin characteristics that will ensure the group is better placed to deliver value for shareholders," said Oxford Instruments.
It also added that, given the strength of its balance sheet, the expected cash proceeds from the sale, and in line with its capital allocation policy, Oxford Instruments now plans to return up to £50.0m to shareholders via a share buyback, commencing shortly.
As of 0755 BST, Oxford Instruments shares were untraded at 1,904.0p.
Reporting by Iain Gilbert at Sharecast.com
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