Oxford Instruments impresses on all fronts

Oxford Instruments (OXIG) continues to benefit from heightened levels of activity in its high-tech end markets, registering constant-currency order growth of 19.9 per cent at its March year-end. That translated to a 26.6 per cent increase in the order book on a cash basis to £260mn, while the book-to-bill ratio came in at 1.15. This could suggest that there may be more demand than can be efficiently supplied across its main markets, or perhaps it simply points to pent-up demand linked to the pandemic.