Oxford Instruments (OXIG): Imaging & Analysis recovery

This situation live

£1,508m · £24.96 · +39% since the first step

11 Nov 2025 · H1 actions taken; H2 recovery expected · +13% until the next step We expect to provide a further trading update on 15th January 2026.

9 Jun 2026 · I&A back to growth; margin up 120 bps · +7% until the next step Order intake grew 8% in H2, and full-year orders closed 1.3% OCC up for the year.

Segment turn

Imaging & Analysis recovery

Recovery continuing; H1 orders up over 11%

NOV10 Next: H1 FY27 results presentation in 17 days

Every step · 5

11 Nov 2025 H1 actions taken; H2 recovery expected – We expect to provide a further trading update on 15th January 2026. ↗
15 Jan 2026 Q3 orders +2.4%; Belfast savings delivering – Cost restructuring actions completed during H1 in our Belfast-based imaging business are delivering the expected benefits in H2. ↗
14 Apr 2026 I&A back to growth in H2; Belfast savings flowing – After a tariff-disrupted start to the financial year, we have seen continued positive quarter-on-quarter order intake momentum in our Imaging & Analysis... ↗
9 Jun 2026 I&A back to growth; margin up 120 bps – Order intake grew 8% in H2, and full-year orders closed 1.3% OCC up for the year. ↗
13 Oct 2026 Recovery continuing; H1 orders up over 11% – I am really pleased to see the positive order momentum in H1 in Imaging and Analysis, continuing the solid recovery we saw in H2 last year, supported by... ↗

What is happening

Oxford Instruments: Imaging & Analysis recovery – Recovery continuing; H1 orders up over 11%. ['Recovery continuing; H1 orders up over 11%']

In short: Since the weak H1 FY26 (tariff and funding disruption), I&A has improved each quarter. FY26 orders rose 1.3% OCC and margin rose 120 bps after the Belfast restructuring. H1 FY27 orders rose over 11% on semiconductor and materials science demand, the order book grew c. 5%, and margin improved.
Announced: 11 Nov 2025 · H1 actions taken; H2 recovery expected
Latest: 13 Oct 2026 · Recovery continuing; H1 orders up over 11%
Belfast actions: 20% workforce reduction; extra £5.6m cashflow from productivity and lower inventory
Belfast book-to-bill: 1.05 for cameras and microscopy product lines
H1 FY27 orders: Up over 11% versus prior year
Order book: Total division order book up c. 5% versus H1 FY26
H1 revenue: Growth c. 2-3%; some smaller product lines replenishing orderbook
Margin: Adjusted operating margin improved following a challenging H1 FY26
FY revenue: Full-year revenue growth expected in line with guidance
Next milestone: Half-year results on 10 November 2026

H1 FY27 results presentation (10 Nov 2026).

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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