Resultados semestrales
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17:09 11/09/17
instrumentos de oxford plc
Anuncio de resultados semestrales del semestre finalizado el 30 de septiembre de 2023
Leading positions in structural growth markets drove revenue, profit and order book increases
Oxford Instruments plc, a leading provider of high technology products and systems for industry and research, today (14 November 2023) announces its interim results for the six months to 30 September 2023.
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Medio año para 30 septiembre | Medio año para 30 septiembre | % cambio | constante | |
Equilibrado1 | 2023 | 2022 | reportaron | moneda4 |
Ingresos | 209.7m | 200.5m | + 4.6% | + 7.5% |
Beneficio operativo ajustado | 36.5m | 36.8m | (0.8%) | + 6.5% |
Margen de beneficio operativo ajustado | 17.4% | 18.4% | (100 bps) | (20 bps) |
Beneficio ajustado antes de impuestos | 37.5m | 37.3m | + 0.5% | |
Utilidad básica ajustada por acción | 49.4p | 50.8p | (2.8%) | |
Normalised cash conversion2 | 41% | 65% | ||
El efectivo neto3 | 79.1m | 97.1m |
| Medio año para | Medio año para | ||||
| 30 septiembre | 30 septiembre | % cambio | |||
Estatutario |
| 2023 | 2022 | reportaron | ||
Ingresos |
| 209.7m | 200.5m | + 4.6% | ||
Beneficio operativo |
| 28.6m | 26.3m | + 8.7% | ||
Margen de beneficio operativo |
| 13.6% | 13.1% | + 50bps | ||
Beneficio antes de impuestos |
| 29.6m | 26.6m | + 11.3% | ||
Ganancias básicas por acción |
| 38.6p | 35.9p | + 7.5% | ||
Dividendo por acción del año |
| 4.9p | 4.6p | + 6.5% |
Aspectos financieros más destacados
· Revenue growth of 7.5% at constant currency driven by particularly good growth in Research & Discovery.
· Constant currency growth in order book of 10% to £332m following positive book-to-bill of 1.07.
· Orders slightly down (2.3%) at constant currency against strong comparator period (2022: up 18.7%).
· Adjusted operating profit of £36.5m (2022: £36.8m), growth of 6.5% at constant currency.
· Constant currency adjusted operating profit margin of 18.2% was broadly in line with last year (2022: 18.4%), reflecting a slightly increased gross margin offset by investments in the period; reported margin at 17.4% after currency headwind.
· Normalised cash conversion of 41% reflects an adjustment for capital expenditure on capacity expansion and inventory build-up ahead of transfer of operations to new facility and is expected to return to historic rates in the second half.
· Growth in interim dividend of 6.5% to 4.9p.
Aspectos destacados estratégicos y operativos
· Leading positions in key markets in Healthcare & Life Science, Semiconductor (with a high proportion to compound semiconductor) and Advanced Materials driving good book-to-bill and 7.5% constant currency revenue growth.
· Strong revenue growth in Healthcare & Life Science (+22% at constant currency) and Advanced Materials (+12%); our robust performance in Semiconductor & Communications (+2%) demonstrates our resilience within the cyclical semiconductor market.
· Revenue growth primarily driven by Europe and Asia. Strong constant currency revenue growth of 18% in China, where we have begun to pivot to a broader customer base, as demonstrated by order growth of 4% at constant currency.
· Strong customer demand for our leading product portfolio which supports Advanced Materials research and our latest optical microscopy systems and imaging software for the Healthcare & Life Science market.
· Strong double-digit growth to academic customers across our markets, offsetting slower phasing of orders from semiconductor and quantum commercial customers.
· Investment in infrastructure to support future growth: new £75m state-of-the-art facility for compound semiconductor systems in Bristol; beginning £15m extension of production capacity in Belfast to meet growing Life Science demand. Continued investment (£2m in H1) in operational and IT capabilities to drive process and cost efficiencies.
Resumen y perspectiva
Richard Tyson, Chief Executive Officer of Oxford Instruments plc, said:
"This is a very robust set of results for Oxford Instruments. Nuestro enfoque en specialist niches within structural growth markets has supported strong revenue and adjusted operating profit growth at constant currency (7.5% and 6.5% respectively), and our positive book-to-bill of 1.07 and order book growth of 10% demonstrates continued strong global demand for our leading products and services.
"We enter the second half with a strong order book and a good pipeline, remaining mindful of the current macroeconomic and political climate. Our operational improvement programme is expected to support an increase in production, underpinning our confidence in an improvement in second half trading, with our normal seasonal second half weighting. Our expectations for the full year trading performance are unchanged.
"Having joined Oxford Instruments six weeks ago, I have been busy getting to know the business. I have already spent a considerable amount of time meeting our people and customers, and immersing myself in the business. These early meetings have reinforced my reasons for joining and the key strengths which drive Oxford Instruments' leading position in the marketplace. These include differentiated, innovative and value-add technologies, outstanding colleagues with deep expertise, and leading positions in structural growth markets.
"Oxford Instruments has made progress over recent years in becoming more commercial, with increased customer intimacy and end-market focus. This remains an important strategic focus, with further opportunity to enhance the Group's customer interface and new product development.
"I believe there is a substantial opportunity to pair this with enhanced operational performance and effectiveness to deliver even better outcomes for customers, together with margin expansion and attractive, sustainable growth. Our strong financial position also supports the current elevated levels of organic investment for future growth and our ability to selectively make acquisitions to augment that growth.
"The Group is in a strong position with exciting prospects. We will continue to build on Oxford Instruments' excellent reputation amongst the world's leading companies and scientific research communities. I look forward to working with the team to build on these strong foundations"
Notas
1. Adjusted items exclude the amortisation and impairment of acquired intangible assets, acquisition items, other significant non?recurring items, and the mark-to-market movement of financial derivatives. A full definition of adjusted numbers can be found in the finance review and Note 2.
2. Normalised cash conversion measures the percentage of adjusted cash from operations to adjusted operating profit, as set out in the finance review.
3. El efectivo neto incluye préstamos totales, efectivo en bancos y sobregiros bancarios, pero excluye los pasivos por arrendamiento de la NIIF 16.
4. Las cifras en moneda constante se preparan mes a mes utilizando los tipos de cambio traslacionales y transaccionales que prevalecieron en el año anterior en lugar de los tipos de cambio reales que prevalecieron en el año. Los tipos de cambio transaccionales incluyen el efecto de nuestro programa de cobertura.
The financial information in this preliminary announcement has been prepared in accordance with UK adopted international accounting standards and IAS 34 interim financial reporting. The Group has applied all accounting standards and interpretations issued relevant to its operations and effective for accounting periods beginning on 1 April 2023. The IFRS accounting policies have been applied consistently to all periods.
LEI: 213800J364EZD6UCE231
Oxford Instruments management will present its interim results in a webcast available for on-demand viewing from 08.00 UK today (Tuesday 14 November 2023) at www.oxinst.com/investors-content/financial-reports-and-presentations.
Consultas:
Oxford Instruments plc Tel: 01865 393200
Richard Tyson, Chief Executive Officer; Gavin Hill, Chief Financial Officer
Julian Wais, Head of Investor Relations Tel: 07720 999764
MHP Group Tel: 020 3128 8100
Tim Rowntree/Katie Hunt/Eleni Menikou/Veronica Farah GME@dhr-rgv.com
Notas a los editores
Sobre Oxford Instruments plc
Oxford Instruments diseña, suministra y respalda productos y sistemas de alta tecnología que permiten a las principales empresas y comunidades de investigación científica del mundo obtener imágenes, analizar y manipular materiales hasta el nivel atómico y molecular. Los productos y servicios del Grupo ayudan a sus clientes a acelerar la I+D, aumentar la productividad de fabricación y realizar descubrimientos innovadores en sus segmentos de mercado clave: semiconductores y comunicaciones, materiales avanzados, atención sanitaria y ciencias biológicas, energía y medio ambiente y tecnología cuántica.
La innovación es la fuerza impulsora detrás del crecimiento y el éxito de Oxford Instruments, respaldando su propósito principal de permitir una sociedad avanzada más verde, más saludable y más conectada. Fundada en 1959 como la primera empresa de tecnología derivada de la Universidad de Oxford, Oxford Instruments es ahora una empresa global que cotiza en el índice FTSE250 de la Bolsa de Valores de Londres (OXIG). Su estrategia centrada en el cliente y en el mercado crea una ventaja competitiva al comprender los desafíos técnicos y comerciales en mercados con impulsores de crecimiento estructural a largo plazo.
Para obtener más información, visite www.oxinst.com?
Revisión del director ejecutivo
As I write for the first time as Chief Executive Officer, having joined Oxford Instruments at the start of October, I am pleased to report on the Group's robust performance in the half year to 30 September 2023.
The company's strategic focus on structural growth markets, together with the strength and differentiation of the product portfolio, has driven growth in revenue and adjusted operating profit in a challenging macroeconomic landscape and provides a strong platform for future growth. Demand is strong across each of our end markets and geographies despite these macro headwinds, with revenue growth across our three sectors, and a positive book-to-bill giving good visibility to the year end and beyond.
The Group's adjusted operating margin has remained broadly flat on a constant currency basis, despite our ongoing elevated levels of investment in people, infrastructure and operations as we position the business to capitalise on future demand for our products and services. There continues to be a range of opportunities for organic investment in operating infrastructure and systems that can deliver enhanced future performance for the Group, our customers, and shareholders.
Value-added products for diversified markets underpinning resilience
Our leading positions in six structural growth end markets, combined with the breadth of our offer, global footprint and reach into both academic and commercial markets, provide Oxford Instruments with the ability to adapt and grow through varying economic cycles within markets and geographies. Our differentiated, value-adding products accelerate our customers' progress across the technology development and production cycle from fundamental research to commercial R&D and high-volume production, providing further resilience to macroeconomic uncertainty.
These strengths are evident in the performance in the half, where Group revenue growth at constant currency was driven by particularly strong performances in Healthcare & Life Science (+22%), Advanced Materials (+12%) and Research & Fundamental Science (+12%). Semiconductor & Communications performance was robust (+2%), reflecting its resilient positioning within the broader, more cyclical market. Energy & Environment was slightly down (-4%) as was Quantum Technology (-8%), with the quantum market typically subject to lumpiness due to the value of systems and phasing of orders.
In the first half we achieved notable growth in revenue from academic customers across all key segments, reflecting increased global investment in our markets, as these are closely aligned with national scientific priorities. This investment aims to drive progress in a range of areas from life sciences to greener technologies and advanced materials, as well as enhanced semiconductor capabilities. This has mitigated a lengthening of commercial order cycles in some markets, particularly semiconductor, which has resulted in first half orders slightly lower than last year. Overall, a positive book-to-bill ratio in the first half resulted in a 10% increase in our order book.
Desempeño financiero sólido
Grupo procesos | Medio año para 30 Septiembre 2023 | Crecimiento informado 30 Septiembre 2022 | Crecimiento constante de la moneda vs medio año a 30 Septiembre 2022 |
Mis Pedidos | 224.3m | (4.7%) | (2.3%) |
Ingresos | 209.7m | + 4.6% | + 7.5% |
Beneficio operativo ajustado | 36.5m | (0.8%) | + 6.5% |
Margen operativo ajustado | 17.4% | (100 bps) | (20 bps) |
Reported revenue for the period was £209.7m (2022: £200.5m), representing growth of 7.5% on a constant currency basis.
Strong revenue growth from academic customers resulted in a shift in the relative proportion of sales between academic and commercial customers, with a 55%/45% split in favour of academic customers versus 49%/51% in the comparative period in 2022.
On a constant currency basis growth was primarily driven by Research & Discovery, up 17.7% to £66.6m (H1 2022: £58.1m). Materials & Characterisation revenue grew by 3% to £109.3m (H1 2022: £108.7m). Service & Healthcare revenue was up 4.2% to £33.8m (2022: £33.7m).
Asia, our largest geographic market, representing 48% of Group revenue, has performed strongly, with 9% constant currency revenue growth. This is largely due to 18% constant currency revenue growth in China, where we are entering new and adjacent markets, and where the Chinese government is increasing investment in green technologies, semiconductor and healthcare. We have begun to pivot towards markets within China which are less impacted by UK export licence restrictions, generating order growth and a healthy order book and ongoing pipeline. Revenue growth in Europe and Asia more than offset a decline in North American revenues due to delays in the conversion of pipeline opportunities into orders.
Structurally growing and resilient end markets
Our resilience has been further borne out by our positive performance in the Semiconductor & Communications market (27% of revenue), where constant currency revenue is up 2% on last year, reflecting strong growth in compound semiconductor applications (which represent more than 60% of our activity in the semiconductor market) and commercial R&D. We are seeing strong revenue growth across a range of advanced compound semiconductor applications, including power semiconductors, augmented and virtual reality applications, as well as strong academic sales into central facilities and R&D clean rooms as universities invest in the latest technology to enable them to explore new applications. Our strengths in the advanced compound semiconductor market more than offset the widely noted softening in mainstream silicon semiconductor production markets.
Our biggest growth areas in the half year have been in Healthcare & Life Science (21% of revenue) and Advanced Materials (33% of revenue). In Healthcare & Life Science we have delivered strong direct sales of our microscopy portfolio (notably our new flagship benchtop microscope BC43, which has made high quality, affordable imaging capabilities accessible to a range of new audiences). We have also made significant sales of our key technologies, including BC43, into original equipment manufacturing (OEM) partners, and have seen continued demand for our Imaris imaging software, which has now added a dedicated neuroscience edition. Revenue for Healthcare & Life Science is up 22% at constant currency.
In Advanced Materials, growing numbers of customers are using our technology to understand how materials perform in both academic and commercial settings. The breadth of techniques we offer enables customers to characterise and precisely measure the properties and behaviour of materials and devices.
Customers choose our products to accelerate their progress in optimising and improving existing materials such as steel and aluminium, as well as to help them develop the new advanced materials needed to deliver a sustainable future. This has resulted in continuing strong demand for our imaging and analytical products, and 12% revenue growth for this segment.
Energy and Environment (10% of revenue) provides a significant market opportunity as our products have a key role to play in delivering a greener future, from helping scientists understand the impacts of pollution to helping manufacturers to design more efficient energy storage. Revenue for this sector was behind a strong comparator period, but demand remains strong, with order growth of 8.8% at constant currency.
In Quantum Technology (6% of revenue), we are playing an important role in supporting the transition from fundamental research to the commercialisation of quantum computing. Key developments in the half include the installation of our equipment to support commercial quantum computers in datacentres in Japan and the UK, with related service contracts to support 24/7 uptime. Phasing of installations has resulted in lower revenue in the half, but with a strong pipeline we anticipate a stronger second half.
Research & Fundamental Science, our smallest segment (4% of Group revenue), has performed strongly in the half, with 11.7% constant currency growth versus the corresponding period in 2022.
Adjusted operating profit grew by 6.5% at constant currency. Despite our significant investment in infrastructure, operations and people, we have delivered margin broadly in line with the corresponding period in 2022 at 18.2% (-20bps).
Demand for our products and services remains strong across each of our end markets and geographies, and a positive book-to-bill of 1.07 in the first half resulted in a closing order book of £332m (constant currency growth of 10%).
Orders were slightly down (2.3%) on a strong comparator period at constant currency, largely due to lengthening order cycles in commercial markets and other external factors, including extended lead times for the third-party electron microscopes for which we provide key analytical equipment.
Investing for sustainable growth
We continue to invest significantly in infrastructure and systems, together with reinforcing key teams to support the ongoing growth of our business. This is in addition to our longstanding prioritisation of investment in R&D, set out below.
Our focus in this area is on enhancing productivity, continuing to shorten lead times and boosting capacity, to put us in the best possible position to support demand and enhance our returns.
Our most significant current infrastructure investments are in our UK manufacturing hubs, with the creation of a £75m purpose-built compound semiconductor fabrication facility, outside Bristol, and an additional facility for Andor Belfast (at a cost of £15m), both designed to ensure we can meet the growing global demand for our products.
The Bristol facility, on track to be fully operational in Q1 2024, will double our production capacity in the growing compound semiconductor market, with state-of-the-art manufacturing facilities including increased cleanroom space and advanced laboratories. The facility has been designed to the 'very good' environmental specification through BREEAM, the leading certification system for sustainable buildings, with heat source pumps and a solar array.
In Belfast, the purchase of a building adjacent to our current site will unlock substantial growth in production capacity and facilitate improved production workflows for our scientific cameras, microscopy and optical spectrometer products to meet heightened demand. As with the Bristol site, sustainable principles will drive the choices made for the fit out, which is underway, and is expected to take 24 months, with completion in autumn 2025.
A further development in the half was the consolidation of two Tokyo sites to a new, highly sustainable, certified 4-star DBJ (Development Bank of Japan) green building.
Ongoing investment in systems and operations (£2m in this half year) includes the rollout of our new customer relationship management platform, which is supporting market intimacy and the delivery of our nurture, land and expand approach by enhancing our ability to leverage synergies across sales, marketing and service teams. Parallel investments in IT and financial systems are designed to unlock efficiencies and enhance our productivity. We are also focusing on delivering operational improvements to ensure our production processes are seamless and efficient, and strengthening and consolidating our supply chain.
Headcount developments in the half include the recruitment of additional service engineers and within our customer contact centres to ensure customers have ready access to in-person support in regions where we have a geographically disparate installation base, such as China.
Continuous market-led innovation
Innovation remains central to Oxford Instruments' priorities. In order to maintain a strong product pipeline and retain our leading edge in our chosen markets, we make significant investment in our own research and development. We have invested £19.7m in R&D over the half, representing 9.4% (2022: 8.7%) of revenue.
New product launches have included a new materials analysis instrument with the ability to collect and analyse data in a matter of minutes which would previously take hours; a compact dilution refrigerator with a price point and small footprint which make it accessible to a wide range of laboratories, and an extension to our compound semiconductor atomic layer deposition range for advanced quantum, photonics and electronics applications.
Each new product has its own drivers, but all have been developed based on our intimate understanding of our markets and built to address the challenges faced by our customers.
A talented and engaged team
Having joined Oxford Instruments six weeks ago, I have been busy getting to know the business. I have already spent a considerable amount of time meeting our people and customers. These meetings have reinforced my reasons for joining and the key strengths which drive Oxford Instruments' leading position in the marketplace. These include differentiated, innovative and value-add technologies, outstanding colleagues with deep expertise, and leading positions in structural growth markets.
I have been extremely impressed by the talent, passion and commitment demonstrated by my new colleagues, and I am grateful for the warm welcome they have given me. Oxford Instruments' people are highly motivated and very able, and I am very confident in our ability to drive the business forward together. I am delighted to record that our recent annual engagement survey, completed in September, recorded a positive engagement score of 78%, and that well over three quarters of employees shared their views, which we are now taking on board.
This year has seen the expansion of our network of employee impact groups, to include a focus on neurodiversity. We are also making positive progress on our push to increase the number of women in leadership roles and, on a related note, have now met the recommendations of the FTSE Women Leaders review, with women now holding three of the seven positions on our Board.
I look forward to continuing to build on the excellent progress made to date. Driving a positive company culture, in which engaged employees understand how they contribute to our strategy and purpose, and feel able to deliver their best, is one of my central priorities. I am delighted to have such strong foundations from which to build.
Dividendo
As a result of the Group's robust trading performance, the Board is declaring an interim dividend of 4.9p per share, up 6.5% (2022: 4.6p per share).
Outlook
We enter the second half with a strong order book and a robust pipeline, remaining mindful of the current macro environment. Our operational improvement programme is expected to support an increase in production, supporting our confidence in an improvement in second half trading, with our normal seasonal second half weighting. Our expectations for the full year trading performance are unchanged.
Having joined Oxford Instruments six weeks ago, I have been busy getting to know the business. I have already spent a considerable amount of time meeting our people and customers.
Oxford Instruments has made significant progress over recent years in becoming more commercial, with increased customer intimacy and end-market focus. This remains an important strategic focus. I believe there is a substantial opportunity to pair this with enhanced operational effectiveness to deliver even better outcomes for customers, together with margin expansion and attractive, sustainable growth for shareholders. Our strong financial position also supports continued investment for organic growth and to make selective acquisitions to augment that growth.
I believe the Group is in a strong position with exciting prospects. We will continue to build on Oxford Instruments' excellent reputation amongst the world's leading companies and scientific research communities. I look forward to working with the team to build on these strong foundations.
ricardo tyson
Director General
13 November 2023
Revisión de operaciones
Materiales y caracterización
El sector de materiales y caracterización tiene una amplia base de clientes en una amplia gama de aplicaciones para:
· Imaging and analysis of materials down to the atomic level (across our Asylum Research, NanoAnalysis, Magnetic Resonance and WITec businesses), where our leading product performance, ease of use and advanced analytics enhance our customers' capabilities, provide actionable insights and increase their productivity. Our portfolio of materials analysis solutions (including X-ray, electron and magnetic resonance analysis systems and atomic force and Raman microscopes) enable the measurement of the structures, composition and critical properties that define the modern world.
· The manufacture of semiconductor devices and structures, where our Plasma Technology business' portfolio of advanced etch and deposition process systems enables our customers to create and manipulate materials with atomic scale accuracy to manufacture advanced compound semiconductor devices.
Con un fuerte enfoque en acelerar la I+D aplicada de nuestros clientes, nuestros productos y servicios en este sector permiten el desarrollo de nuevos dispositivos y materiales de próxima generación con mayor rendimiento, así como mejorar la productividad en la fabricación avanzada, el aseguramiento de la calidad (QA) y el control de calidad ( control de calidad).
Puntos clave
Semestral hasta el 30 de septiembre de 2023 | Medio año para 30 Septiembre 2022 | % de crecimiento reportado | % moneda constante1 crecimiento | |
| ||||
Mis Pedidos | 117.0m | 135.4m | (13.6%) | (11.4%) |
Ingresos | 109.3m | 108.7m | + 0.6% | + 3.1% |
Equilibrado2 beneficio operativo | 17.4m | 18.9m | (7.9%) | + 0.5% |
Equilibrado2 margen operativo | 15.9% | 17.4% | ||
Beneficio operativo legal | 15.9m | 17.2m | ||
Margen operativo legal | 14.5% | 15.8% |
1. Para ver la definición, consulte la nota en la página 2.
2. Details of adjusting items can be found in Note 2 to the half- year financial statements.
Progreso operativo, estratégico y regional
The Materials & Characterisation sector has performed robustly in the half year to September, with revenue and order book growth demonstrating our resilience in a challenging macroeconomic backdrop. Revenue grew by 3% at constant currency, with strong growth in Advanced Materials markets, and with Semiconductor & Communications broadly in line with last year. Together these customer segments account for more than three quarters of the sector's revenue.
Regionally, Asia has performed particularly strongly, with double digit revenue growth at constant currency, including 23% growth in China, where the easing of Covid restrictions and a reduction of supply chain shortages have further contributed to our growth. Revenue in Europe is broadly in line with last year, while in North America, phasing held back first half revenue.
Orders for the sector remain ahead of revenue, with a book-to-bill of 1.07 including strong double-digit growth to academic customers across all our markets. We have seen a lengthening in the purchasing cycle from commercial customers, leading to a softening in industrial orders in Semiconductor and Advanced Materials despite a healthy pipeline. Long lead times for electron microscopes, which are manufactured by third parties, have also impacted the phasing of orders for our electron microscope analytical solutions which are bought as accessories for these devices. This resulted in orders for the sector being 11.4% behind a strong comparator period at constant currency (2022: £135.4m).
Adjusted operating profit was £17.4m (2022: £18.9m) after the investment in our new Bristol facility, and significant investment to support increased productivity. This, together with a currency headwind, was reflected in the margin of 15.9% (2022: 17.4%), which was 50bps lower at constant currency.
The growth of revenue from academic customers reflects increased government spending into our markets, as institutes and universities seek to advance progress on greener technologies and advanced materials R&D, as well as increased semiconductor capabilities.
Key strategic developments in the half include continued expansion of our compound semiconductor solutions to commercial customers and some notable wins to new tier 1 key accounts. The ongoing fit out of our new purpose-built compound semiconductor facility outside Bristol, UK, is proceeding as expected. The site comprises a state-of-the-art manufacturing area, with increased clean-room space and advanced laboratories, and will enable a significant ramping up in the development of leading-edge technologies. We have moved a first cohort of office-based staff to the new building, and production trials are now taking place. We anticipate completing the full transition to the new facility in Q1 2024, which will double production capacity.
We continue to derive significant benefit from the successful integration of our WITec Raman microscopy business (acquired in August 2021), and from increased collaboration across our materials analysis portfolio, expanding customer and regional reach and deepening our market intimacy. Together, these positive developments are driving double digit order and revenue growth for WITec, and supporting the wider Materials & Characterisation sector.
Semiconductores y comunicaciones (41% de los ingresos)
Semiconductor & Communications applications continue to represent the largest proportion of revenue in the Materials & Characterisation sector. This is due to our broad reach across both the rapidly growing compound semiconductor market and the mainstream silicon chip market and consumer electronics markets, and our ability to support customers at every stage from early academic research and development to high volume commercial production.
Revenue from compound semiconductor applications and applied R&D in the silicon market has been strong in the first half, more than offsetting the ongoing softness in silicon chip markets we indicated at full year 2022/23. This resulted in a slight increase in revenue on the prior year overall. The breadth of our offering across the compound and silicon markets, and through the R&D, production and quality control cycle, provides us with additional resilience in the cyclical semiconductor market.
Our Plasma Technology compound semiconductor business, which accounts for over 60% of the Group's semiconductor revenue, develops and supplies the equipment and processes used to make the semiconductor wafers and devices which support today's high technology applications, and the development of next generation technology. These applications include power devices, 5G connectivity, truly wireless charging, augmented reality and the energy-efficient chips used in data centres, which are vital to support the rapid growth in communications and projected increases by data-hungry AI applications.
Our role ranges from early-stage academic R&D to volume manufacturing, yield and quality control, enabling the production of high quality, high yield wafers. A particular area of strength, and source of pricing power, is our ability to improve outcomes for the layers within structures and devices which have the biggest impact on performance and yield.
Elsewhere in the sector, customers across academia and industry continue to choose our analysis tools to image and analyse the properties and performance of both silicon and compound devices at the atomic scale, supporting R&D, quality control and defect analysis. This accounts for the remaining proportion of our semiconductor revenue. Here, demand has been softer into metrology and defect review, but remains strong in applied R&D, further demonstrating the resilience provided by the breadth of our offering.
We continue to expect sustained demand, with a strong pipeline for commercial customers, and with orders from academic customers growing, as higher levels of government funding enable investment in central clean room facilities and the latest analytical equipment.
Materiales avanzados (36% de los ingresos)
We are capitalising on the widespread appetite to understand and improve the properties of materials across a multitude of markets, to develop new materials to address the challenges of today and tomorrow through our advanced materials analysis tools. Our ability to image and analyse down to the nanoscale enables manufacturers to control the quality of today's advanced materials, and scientists to gain unparalleled insights into the materials they study, from long-standing but ever-evolving materials such as steel and concrete to newer materials such as graphene.
Our revenue growth of 10% at constant currency, reflects the breadth of use for our leading product ranges. Growth in the half has come primarily from academic customers, as university research departments invest in the latest high-end analytical equipment for their service labs and core facilities to study the properties of new and existing materials. The ease of use and range of capabilities of our equipment and software lend themselves particularly well to these settings.
Sustainability drivers remain strong in this segment, with an increase in research and development into structural materials such as steel and concrete, which together account for some 15% of global carbon emissions. Customer are using our equipment to develop and deploy greener alternatives, such as lighter, stronger and lower carbon steels, superalloys and concrete, without compromising performance.
We have seen strong revenue growth related to so-called two-dimensional (2D) materials, such as graphene, which can be just one atom deep. Many times stronger than steel, electrically conductive and incredibly lightweight and flexible, graphene has the potential to be deployed in a multitude of areas from drug delivery and implants to next generation electronics, composites and energy storage. Other 2D materials are also being explored for their abilities as insulators and transistors.
Our products also play a crucial role in understanding the properties of polymers, used in a multitude of products from tyres to fabrics and medical implants. Our analytical tools - in particular our atomic force microscopes - help scientists in commercial and academic settings to measure and tune the fundamental properties of strength, viscosity, adhesion and hardness to optimise performance for specific applications.
Energía y medio ambiente (15% de los ingresos)
Our ability to help customers understand the impacts of pollution and climate change and to develop effective solutions for a greener future is a key driver of growth. Customers use our analytical tools to support their work in a range of areas, from renewable energy generation and storage to pollution prevention, as well as the sourcing of the minerals needed across a range of applications.
As an example, our tailored support at every stage of the battery life cycle from raw materials and R&D to quality control and failure analysis is a key contributor to revenue in this sector. With a broad range of techniques across our imaging and analysis portfolio we accelerate customers' understanding of the fundamental chemistry and mechanisms affecting battery capacity, charging rate and lifetime, as well as supporting quality control and defect review.
We are also seeing strong demand in environmental applications for our analysis tools and software, as customers seek to understand and address airborne causes of pollution, and pollutants of water such as microplastics, fats, oils and greases.
Revenue for the segment was down 2% at constant currency.
Salud y Ciencias de la Vida (5% revenue), Research and Fundamental Science (2% revenue) and Tecnología cuántica (1% de los ingresos)
While these segments contribute a relatively small percentage of overall revenue, the Materials & Characterisation sector is active in all three, and benefits from synergies with the Research & Discovery sector. We continue to drive order and revenue growth into Life Science applications as we build our market intimacy and increasingly tailor our solutions to address this market. Our portfolio of atomic force microscopes and Raman imaging systems can provide unique insights into real time biological functions, the health of cells and tissue as well as the efficacy of new medicines.
We have seen double digit revenue growth In Research & Fundamental Science as universities deploy our equipment to accelerate their research.
In Quantum Technology, customers are using our compound semiconductor processing systems to manufacture and characterise the quantum chips (known as qubits) which are the units which store information in quantum computers. Our analytical tools are also deployed to optimise the performance of these devices.
Investigación y descubrimiento
The sector comprises our Andor Technology, NanoScience and X-Ray Technology businesses. It provides advanced solutions and unique environments that enable imaging and analytical measurements down to the atomic and molecular level, as well as ultra-low temperature and high magnetic field environments. These are used across scientific research and applied R&D, and commercial applications. Our leading-edge technologies play a key role across a range of fields, from accelerating developments in medicine and material science to facilitating the growing commercialisation of quantum technology.
Puntos clave
Semestral hasta el 30 de septiembre de 2023 | Medio año para 30 Septiembre 2022 | % de crecimiento reportado | % moneda constante1 crecimiento | |
| ||||
Mis Pedidos | 67.8m | 62.8m | + 8.0% | + 10.0% |
Ingresos | 66.6m | 58.1m | + 14.6% | + 17.7% |
Equilibrado2 beneficio operativo | 9.6m | 7.0m | + 37.1% | + 44.3% |
Equilibrado2 margen operativo | 14.4% | 12.0% | ||
Beneficio operativo legal | 5.6m | 3.9m | ||
Margen operativo legal | 8.4% | 6.7% |
1. Para ver la definición, consulte la nota en la página 2.
2. Los detalles de las partidas de ajuste se pueden encontrar en la Nota 2 de los estados financieros del año completo.
Progreso operativo, estratégico y regional
The Research & Discovery segment delivered an excellent performance in the half, with strong constant currency growth in orders (up 10%), revenue (up 17.7%), adjusted operating profit (up 44.3%) and margin (up 240bps). Growth has primarily been driven by strong sales and demand for our optical microscopy, scientific camera, and optical spectroscopy products. The Healthcare & Life Science sector has seen particularly strong growth, with revenue up 27% due to strong sales of our microscopy portfolio, as well as sales of our key technologies into original equipment manufacturing (OEM) partners, driving reach into wider life science markets. We have also seen strong double digit revenue growth into Advanced Materials applications as customers use our analytical and imaging equipment to investigate the properties of a wide range of materials.
Orders and revenue have grown at constant currency across all key regions and territories, including China. Our focus on attractive markets and the success of recently launched products have supported strong constant currency revenue growth in Europe (35%), the US (14%) and Japan (75%). Within China our focus has been on growing our revenue in Healthcare, Advanced Materials and Energy & Environment applications. This, together with the end of Covid-related lockdowns, has supported our strong performance. Within China, our pivoted focus into Healthcare & Life Science and Advanced Material applications has more than offset the previously reported, ongoing headwinds of export licence restrictions, particularly for Quantum and Astronomy markets.
Adjusted constant currency operating profit and margin have grown by 44% and 280bps respectively. Growth has been driven by increased demand for our leading products, partially offset by increased investment in operational capacity in our Belfast facility.
In common with Materials & Characterisation, we have seen strong growth to academic customers across the segment, as governments and universities invest in our systems to equip central imaging facilities. However, OEM orders and significant investments by commercial customers for our optical microscopy and X-ray products have also seen strong single digit growth to industrial accounts.
As revenue is only recognised for our large cryogenics and high-field magnet systems once they have been installed, we expect a stronger performance in the second half of the year than the first, given our strong pipeline and several key anticipated orders to Tier 1 commercial customers.
Continued strong operational performance across our X-Ray tube business has driven strong order, revenue and profit growth in the half. The performance is supported by increasing end market demand across a range of end applications and with the market-leading performance, quality, and operational lifetime of our X-ray sources, cementing a strong performance for the half and ongoing positive momentum.
We are making significant investment in people and processes, boosting production capacity and operational effectiveness across the sector, to support the growing demand for our products and services. In particular, as demand grows for our optical microscopes and scientific cameras, we are investing £15m in the purchase and fit out of an additional building, adjacent to our existing Andor Belfast site, to boost our operational capacity. The site expansion will significantly enhance our production and R&D capacity, allowing us to meet demand from our growing customer base once operational in autumn 2025. Further developments in the half include the launch of our compact, fast turnaround ProteoxS dilution refrigerator for physics applications including Quantum. The unit has a smaller footprint and lower cost than other refrigerators in the market, while offering reliable low temperatures, making it accessible to a wider range of research laboratories and budgets.
We are pleased to note that all three Nobel Prize winners for science in 2023 (Medicine, Chemistry and Physics) used our equipment in their groundbreaking research.
Salud y Ciencias de la Vida (44% de los ingresos)
Our equipment and software play a key role in accelerating progress towards a healthier society, as academic researchers, scientists and pharmaceutical companies seek to better understand fundamental disease mechanisms at a molecular and cellular level in order to design more effective treatments.
We are seeing continued growth in the Healthcare & Life Science segment, the largest contributor to revenue in the Research & Discovery sector. Revenue is up more than 25% in the half year, with strong sales of our BC43 benchtop microscope and growth in sales of our dedicated analytical and visualisation Imaris software solutions. Good order growth and a strong pipeline give confidence for a continuing strong performance.
Positive momentum has continued for our advanced microscopy solutions and dedicated analytical software, with the first integrations of our BC43 benchtop microscope into OEMs' equipment, which is used to access a broader range of life science applications. We have launched a new dedicated Neuroscience edition of our Imaris software with AI-powered neuron visualisation capabilities, which is enabling the acceleration of research into dementia and depression, by supporting understanding of brain structure and functions.
Materiales avanzados (28% de los ingresos)
We have a dedicated focus on building market share for advanced materials applications across our portfolio of spectrographs, scientific cameras, X-ray sources and specialised cryogenic and high magnetic field systems, with the benefit of synergies with Materials & Characterisation. This has resulted in strong double-digit order and revenue growth for this segment. Customers use our equipment to support their understanding of the fundamental properties of new materials, to enhance the capabilities of existing materials, and in quality assurance and quality control applications.
Tecnología cuántica (16% de los ingresos)
Revenue in the Quantum Technology segment has grown by 6% in the half, as we collaborate with universities, quantum computing start-ups and major tier 1 communication companies. Strong sales into Europe, Japan and the US have more than offset the expected revenue reductions from China due to export licence restrictions.
Oxford Instruments has a key role to play in this rapidly growing sector, which continues to evolve from the research laboratory to drive practical applications. Quantum computers are already used in commercial applications from chemistry to logistics and finance. The future impact of quantum is expected to be even more significant, with the potential to help tackle climate change and transform our ability to develop revolutionary medicines. We are particularly well placed to benefit from the shift from pure science to mainstream applications, given our ability to support a number of areas, including cryogenics, quantum laser applications and (in our Materials & Characterisation sector) the fabrication of qubits.
With a strong opportunity pipeline, we anticipate orders strengthening following a slower start in the first half.
Investigación y ciencia fundamental (7% de los ingresos)
We have seen strong order and revenue growth into this sector, particularly in the fields of fluid and plasma dynamics, where customers are deploying our highly specialised high speed scientific cameras to capture the evolving dynamics of physical processes, such as fusion reactions at sub nanosecond intervals. In astronomy, we are building market share in Europe and North America through optimised solutions for large sky surveys, including exoplanet detection and near-earth asteroid detection, and atmospheric research.
Semiconductores y comunicaciones (3% of revenue) and Energía y medio ambiente (2% de los ingresos)
We continue to see good demand for our technologies in these markets. This is primarily from researchers looking at the fundamental properties and disruptive use of new materials in these markets.
Servicio y asistencia sanitaria
The Service & Healthcare sector comprises the Group's servicing and support offering related to Oxford Instruments' own products, and the support and service of third-party MRI scanners in Japan. We offer tailored support packages for all our products, delivered by a global network of product experts, application experts and service engineers, both in person and via digital channels, including online training, webinars and remote service support.
Puntos clave
Semestral hasta el 30 de septiembre de 2023 | Medio año para 30 Septiembre 2022 | % de crecimiento reportado | % moneda constante1 crecimiento | |
| ||||
Mis Pedidos | 39.5m | 37.1m | + 6.5% | + 10.5% |
Ingresos | 33.8m | 33.7m | + 0.3% | + 4.2% |
Equilibrado2 beneficio operativo | 9.5m | 10.9m | (12.8%) | (7.3%) |
Equilibrado2 margen operativo | 28.1% | 32.3% | ||
Beneficio operativo legal | 9.5m | 11.3m | ||
Margen operativo legal | 28.1% | 33.5% |
1. Para la definición, consulte la nota en la página 2.
2. Los detalles de las partidas de ajuste se pueden encontrar en la Nota 2 de los estados financieros del año completo.
Avances operativos y estratégicos
The Service & Healthcare sector has made steady progress in the period. Revenue grew by 4% at constant currency, with 11% order growth and a 35% year-on-year increase in the order book demonstrating growing demand for our services products, including subscriptions. Operating profit and margin were down in the half due to investment in capabilities and infrastructure to support further growth, as well as some elevated costs in the period for liquid helium required to support our MRI customers in Japan. Specific areas of increased investment include additional service engineers and customer care centre staff, and costs associated with our new Group-wide CRM and field management platform, which is already generating more opportunities and an improved customer experience.
We have seen strong revenue growth to academic customers in Service & Healthcare, as increasing numbers of customers take out point-of-sale service contracts for our benchtop systems, and as sales of our tailored life science packages for our Imaris imaging software continue to grow. Sales to academic customers accounted for 49% of revenue in the half, with the share of academic sales up six percentage points versus the prior year. Commercial sales were broadly in line with the prior year.
We continue to deliver double digit order growth for service related to our own products through the provision of a wider range of tailored and digital offerings. Our servicing of third-party MRI imaging equipment in Japan continues to deliver excellent support to our customer base, with growth in both orders and revenue.
Regionally, constant currency revenue was slightly up across all three key markets (North America, Asia and Europe), with growth strongest in Asia, up 5%. We have seen significant growth in orders in Europe and Asia, largely driven by growth in Japan and China.
Our service and support strategy is focused on three key pillars:
· una mayor adaptación de nuestras ofertas de servicios a aplicaciones finales específicas y tipos de clientes;
· la prestación de un servicio al cliente perfecto en cada etapa del ciclo de vida del producto;
· the development of global processes which can be delivered via a hybrid service approach, both in region and digitally.
As we increase our portfolio and the scope of our services, our range of support packages has expanded to meet the needs and budgets of our customers. This allows customers to maximise their capabilities, enhance their productivity and receive immediate help and support when needed throughout the lifetime of our systems. Our depth of sector knowledge is a key differentiator, with our market intimacy and deep scientific expertise enabling us to develop products appropriate to each end application and customer type.
We have continued to invest in extending our regional teams and spares capacity to provide shorter lead times for in-person support and training visits, as well as continuing to develop our digital and remote support offerings. We are focusing on increasing our customers' productivity by diagnosing and resolving issues in hours, through our virtual reality and digital toolkit. This reduces the need for engineer visits, improving efficiency and reducing our carbon footprint. We continue to design more advanced capabilities into our products, including increased data analytics which have unlocked new revenue streams for remote health checks and system calibration.
We have also continued to focus on the third element of our strategy, developing standard infrastructure and processes globally which are implemented by our regional services teams. This includes cross-training service engineers to service multiple products. The benefits of this approach include cost efficiencies from best-practice procedures, deeper local customer intimacy and improved response times.
In parallel with our investment in people, we are implementing a project to complete our business systems customer suite, with the implementation of the new Group-wide CRM for marketing, sales and service referenced above. The sales element of the CRM, which is already live, is improving lead follow up, while the full system, once complete, will support the effective running of our Services function through standardisation and simplification.
Overall, the Service & Healthcare sector remains on a strong upward trajectory, with significant ongoing opportunities to support revenue growth and margin expansion.
Revisión financiera
Oxford Instruments uses certain alternative performance measures to help it effectively monitor the performance of the Group as management believes that these represent a more consistent measure of underlying performance. Adjusted items exclude the amortisation of acquired intangible assets; acquisition items; profit or loss on disposal of operations; other significant non-recurring items; and the mark-to?-market movement of financial derivatives. All of these are included in the statutory figures. Note 2 provides? further analysis of the adjusting items in reaching adjusted profit measures. Definitions of the Group's material alternative performance measures, along with reconciliation to their equivalent IFRS measure, are included within the finance review.
El Grupo opera en muchas monedas y hace referencia a números de moneda constantes para eliminar el impacto de los efectos de la moneda en el año. Estos se preparan mes a mes utilizando los tipos de cambio transaccionales y de traducción que prevalecieron en el año anterior en lugar de los tipos de cambio reales que prevalecieron en el año. Los tipos de cambio transaccionales incluyen el efecto de nuestro programa de cobertura.
Resumen
Reported orders in the period decreased by 4.7% to £224.3m (2022: £235.3m), a decrease of 2.3% at constant currency, against a strong comparator period. At?the end of the period, the Group's order book stood at £331.7m (30?September 2022: £315.7m). The order book increased by 5.1% on a?reported basis and 10.1% at constant currency with a book-to-bill in the period of 1.07 times (2022: 1.17 times).
Revenue increased by 4.6% to £209.7m (2022: £200.5m). Revenue, excluding currency effects, increased by 7.5%, with the movement in average currency exchange rates over the year reducing reported revenue by £5.9m. We would expect the second half of the financial year to benefit from the normal seasonal bias.
Adjusted operating profit excluding currency effects, increased by 6.5%. However, due to a currency headwind of £2.7m, adjusted operating profit decreased by 0.8% to £36.5m (2022: £36.8m). Excluding currency impacts, the adjusted operating margin decreased by 20 basis points to 18.2% reflecting a slightly increased gross margin offset by investment in ERP systems and operational capability to support future growth and deliver process efficiencies. Including currency, the adjusted operating margin decreased by 100 basis points to 17.4% (2022: 18.4%).
Statutory operating profit of £28.6m (2022: £26.3m) increased by 8.7%. This incluye amortisation of acquired intangibles of £4.6m (2022: £4.3m) and a charge of £2.4m (2022: £6.1m) relating to the movement in the mark-to-market valuation of uncrystallised currency hedges for future years. We also recognised non-recurring costs of £0.9m (2022: £0.1m).
El beneficio ajustado antes de impuestos creció un 0.5 % hasta los 37.5 millones de libras esterlinas (2022: 37.3 millones de libras esterlinas), lo que representa un margen del 17.9 % (2022: 18.6 %). El beneficio legal antes de impuestos creció un 11.3 % hasta los 29.6 millones de libras esterlinas (2022: 26.6 millones de libras esterlinas). Esto representa un margen del 14.1% (2022: 13.3%).
The adjusted effective tax rate increased to 24.0% (2022: 21.4%), following the increase in the UK corporation tax rate in April 2023. As a result, adjusted basic earnings per share fell by 2.8% to 49.4p (2022: 50.8p). Basic earnings per share were 38.6p (2022: 35.9p), an increase of 7.5%.
As expected, cash generated from operations was lower at £7.4m (2022: £26.6m). This represents negative cash conversion of 21% (2022: +47%). As we prepare for the move of operations to the new compound semiconductor facility in Bristol in the third quarter, we have built inventory to enable us to supply customers, as well as continuing to incur ongoing capital expenditure related to the new site. In addition, the previously reported significant increase in export licence delays and refusals have also led to higher inventories, as well as a need to refund previously received customer deposits.
Excluding these items, cash conversion on a normalised basis was 41% (2022: 65%). We expect an improvement in cash conversion in the second half and anticipate it to be more in line with historic conversion rates. Net cash after borrowings fell from £100.2m as at 31 March 2023 to £79.1m on 30 September 2023.
Our revolving credit facility remains undrawn, leaving approximately £109m of?committed facilities. This?represents total headroom of just under £190m, including net cash on the balance sheet.
Estado de resultados
La cuenta de resultados del Grupo se resume a continuación.
Medio año para 30 septiembre 2023 £ m | Medio año para 30 septiembre 2022 £ m |
Cambios | |
Ingresos | 209.7 | 200.5 | + 4.6% |
Beneficio operativo ajustado | 36.5 | 36.8 | (0.8%) |
Amortización de activos intangibles adquiridos | (4.6) | (4.3) |
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Artículos no recurrentes | (0.9) | (0.1) |
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Valor de mercado de las coberturas cambiarias | (2.4) | (6.1) |
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Beneficio operativo legal | 28.6 | 26.3 | + 8.7% |
Ingresos financieros netos | 1.0 | 0.3 |
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Beneficio ajustado antes de impuestos | 37.5 | 37.3 | + 0.5% |
Beneficio legal antes de impuestos | 29.6 | 26.6 | + 11.3% |
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Tasa impositiva efectiva ajustada | 24.0% | 21.4% |
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Tasa efectiva de impuestos | 24.7% | 22.2% |
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Utilidad ajustada por acción - básica | 49.4p | 50.8p | (2.8%) |
Beneficio por acción - básico | 38.6p | 35.9p | + 7.5% |
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Dividendo por acción (total) | 4.9p | 4.6p | + 6.5% |
1. Net finance costs for 2022 include a non-recurring charge of £0.2m against the unwind of discount on WITec contingent consideration.
Ingresos y pedidos
Total reported orders fell by 4.7% (-2.3% at constant currency) to £224.3m. In Materials & Characterisation, reported orders were lower by 13.6% (-11.4% at constant currency). This was against a comparator period of very strong growth of just under 26% at constant currency. In the period we saw macroeconomic concerns leading to a delay in placing orders across industrial markets and we are in the process of pivoting our pipelines towards customers who are less susceptible to export licence concerns. In Research & Discovery, we saw good growth in orders for our optical imaging and microscopy products, and some large OEM framework orders for X-Ray Technology. As a result, reported orders grew by 8.0% (+10.0% at constant currency) for the segment. Service & Healthcare orders increased by 6.5% (+10.5% at constant currency).
Reported revenue of £209.7m (2022: £200.5m) increased by 4.6% (+7.5% at constant currency). For Materials & Characterisation, reported revenue grew by 0.6% (+3.1% at constant currency) as shipments of our electron microscope analysers fell marginally against a strong comparator period and we saw a significant rise in export licence delays for these products, which has led to the build-up of a large amount of finished goods awaiting export approval. Despite an increase in UK export licence rejections to China, we have seen a good increase in shipments of semiconductor processing systems.
Good demand for our Life Science products, alongside an improvement in operational execution, has driven reported revenue growth in Research & Discovery of 14.6% (+17.7% at constant currency). We have also had good demand from OEMs for our X-Ray tubes. Revenue growth from the service of our products supported reported growth of 0.3% (+4.2% at constant currency) for Service & Healthcare.
The book-to-bill ratio (orders received to goods and services billed in the period) for the year was 1.07 times (2022: 1.17 times).
Crecimiento geográfico de ingresos
Medio año para 30 Septiembre 2023 | Medio año para 30 Septiembre 2023 | Medio año para 30 Septiembre 2022 | Medio año para 30 Septiembre 2022 |
Cambios |
|
% growth at constant | |
£ m | £ m | % del total | £ m | % del total | £ m | % de crecimiento | moneda |
Europa | 48.9 | 24% | 43.4 | 22% | +5.5 | 12.7% | 12.2% |
Norteamérica | 54.6 | 26% | 58.3 | 29% | (3.7) | (6.3%) | (2.9%) |
Asia | 101.6 | 48% | 97.2 | 48% | +4.4 | 4.5% | 8.7% |
Resto del mundo | 4.6 | 2% | 1.6 | 1% | +3.0 | + 188% | + 188% |
| 209.7 | 100% | 200.5 | 100% | +9.2 | 4.6% | 7.5% |
On a geographical basis, revenue grew by 12.7% in Europe (+12.2% at constant currency), supported by additional deliveries of semiconductor process systems and optical and microscopy products. Orders grew by 9.9% at constant currency, supported by good demand for our semiconductor processing systems and some large OEM orders for our X-Ray tubes.
Revenue for North America was lower by 6.3% on a reported basis and down 2.9% at constant currency. We experienced a lengthening of commercial order cycles. In addition, unfavourable phasing of academic budgets for our semiconductor processing tools contributed to a weaker first half for the region. These issues also contributed to a decline in constant currency orders of 8.1%, although pipelines remain strong across our end markets.
Asia remains our largest region by revenue, with China constituting 64% of regional revenue and 31% of total Group revenue, following strong order intake in the previous financial year. Asia delivered revenue growth of 4.5% (+8.7% at constant currency) with strong demand for our atomic force microscopes, optical and microscopy products, and semiconductor processing tools. Orders for the region fell by 5.3% at constant currency, due to a lower number of orders from Japan and Korea, partially offset by a small amount of growth in China. Orders for China constituted 26% of Group orders in the half year.
The total reported order book grew by 5.1% (10.1% at constant currency) to £331.7m compared to 30 September 2022. The order book, at constant currency, compared to 30?September 2022, increased by 6.8% for Materials & Characterisation, with strong growth across all constituent businesses. Research & Discovery grew by 5.4% at constant currency, with good demand for our imaging and microscopy products and X-Ray tubes. The Service & Healthcare order book grew by 35.1% at constant currency as we continue to focus on the service of our own products.
£ m | Materiales y caracterización | Investigación y descubrimiento | Servicio y asistencia sanitaria |
Total |
Revenue: HY 2022/23 | 108.7 | 58.1 | 33.7 | 200.5 |
Crecimiento constante de la moneda | 3.4 | 10.3 | 1.4 | 15.1 |
Ingresos a moneda constante: 2023/24 | 112.1 | 68.4 | 35.1 | 215.6 |
Moneda | (2.8) | (1.8) | (1.3) | (5.9) |
Revenue: HY 2023/24 | 109.3 | 66.6 | 33.8 | 209.7 |
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Crecimiento de ingresos: informado | 0.6% | 14.5% | 0.3% | 4.6% |
Crecimiento de ingresos: moneda constante | 3.1% | 17.7% | 4.2% | 7.5% |
Beneficio bruto
El beneficio bruto creció un 6.6 % hasta los 111.0 millones de libras esterlinas (2022: 104.1 millones de libras esterlinas), lo que representa un margen de beneficio bruto del 52.9 %, un aumento de 100 puntos básicos con respecto al año pasado.
Margen y beneficio operativo ajustado
Adjusted operating profit excluding currency effects, increased by 6.5%. However, due to a currency headwind of £2.7m, reported adjusted operating profit decreased by 0.8% to £36.5m (2022: £36.8m). Excluding currency impacts, the adjusted operating margin decreased by 20 basis points to 18.2% as we continue to invest in ERP systems and operational capability to support future growth and deliver process efficiencies. Including currency impacts, the adjusted operating margin decreased by 100 basis points to 17.4% (2022: 18.4%).
Reported Materials & Characterisation adjusted operating profit decreased by 7.9% (+0.5% at constant currency) with reported margin falling 150 basis points to 15.9% (2022: 17.4%). Fewer shipments of our electron microscope analysers against a strong comparative period were offset by higher revenue from our semiconductor processing tools.
Within Research & Discovery our imaging and microscopy business has grown well, supported by good demand, an improvement in operational execution and an alleviation of prior year supply chain disruption. Profit growth in our imaging and microscopy business was partially offset by a slower than expected improvement in operational output of our standard cryogenic and magnet systems, due in part to a diversion of resources to completing the last of the more complex bespoke systems. The segment recorded growth in reported profit of 37.1% (+44.3% at constant currency) and an improvement in margin to 14.4%, representing growth of 240 basis points.
Service & Healthcare reported adjusted operating profit fell by 12.8% (7.3% at constant currency); primarily due to an increase in helium and parts prices within our Japan MRI business.
Currency effects for the Group (including the impact of transactional currency hedging) depressed reported adjusted operating profit by?£2.7m, primarily due to a depreciation of the Japanese Yen against Sterling.
£ m | Materiales y caracterización | Investigación y descubrimiento | Servicio y asistencia sanitaria |
Total |
Beneficio operativo ajustado: 2022/23 | 18.9 | 7.0 | 10.9 | 36.8 |
Crecimiento constante de la moneda | 0.1 | 3.1 | (0.8) | 2.4 |
Beneficio operativo ajustado en moneda constante: 2023/24 | 19.0 | 10.1 | 10.1 | 39.2 |
Moneda | (1.6) | (0.5) | (0.6) | (2.7) |
Beneficio operativo ajustado: 2023/24 | 17.4 | 9.6 | 9.5 | 36.5 |
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Margen operativo ajustado1: 2022 / 23 | 17.4% | 12.0% | 32.3% | 18.4% |
Margen operativo ajustado1: 2023 / 24 | 15.9% | 14.4% | 28.1% | 17.4% |
Margen operativo ajustado1 (moneda constante): 2023/24 | 16.9% | 14.8% | 28.8% | 18.2% |
1. Adjusted operating margin is calculated as adjusted operating profit divided by revenue. Adjusted operating margin at constant currency is defined as adjusted operating profit at constant currency divided by revenue at constant currency.
Margen y beneficio operativo legal
Statutory operating profit grew by 8.7% to £28.6m (2022: £26.3m), representing an operating profit margin of 13.6%. Growth in statutory operating profit is supported by a lower mark-to-market charge on financial derivatives.
Ajustar elementos
Amortisation of acquired intangibles of £4.6m (2022: £4.3m) relates to intangible assets recognised on acquisitions, being the value of technology, customer relationships and brands. Non-recurring items within operating profit were £0.9m in the period.
El Grupo utiliza productos derivados para cubrir su exposición a corto plazo a las fluctuaciones de los tipos de cambio. Nuestra política de cobertura permite que se celebren contratos a plazo hasta 24 meses antes del final del próximo período de informe. La política del Grupo es disponer al inicio del ejercicio de instrumentos de cobertura para cubrir hasta el 80% de su exposición transaccional prevista para los siguientes doce meses y, sujeto a precio, hasta el 20% de las exposiciones para los próximos seis meses. . El Grupo ha decidido que los costos adicionales de cumplir con los extensos requisitos de documentación de la NIIF 9 para aplicar la contabilidad de coberturas a estas coberturas de tipo de cambio no pueden justificarse. En consecuencia, el Grupo no utiliza contabilidad de cobertura para estos derivados.
Net movements on mark-to-market derivatives in respect of transactional currency exposures of the Group in future periods are disclosed in the income statement as foreign exchange and excluded from our calculation of adjusted profit before tax. In the half year this amounted to a charge of £2.4m (2022: £6.1m charge). The small increase in the net asset for derivative financial instruments from 31 March 2023 reflects: (i) the crystallisation of forward contracts that were hedging the first half of this financial year, which are recognised in adjusted operating profit, and; (ii) an uncrystallised movement in the mark-to-market valuation of forward contracts at the balance sheet date on forward contracts that will mature over the next 18 months.
Costos financieros netos
The Group's recorded net interest income was higher at £1.0m (2022: £0.5m), due to an increase in interest rates earned on our cash balances.
Beneficio ajustado antes de impuestos y margen
Adjusted profit before tax increased by 0.5% to £37.5m (2022: £37.3m). The adjusted profit before tax margin of?17.9% (2022: 18.6%) was lower than last year largely due to currency effects.
Medio año para 30 Septiembre 2023 | Medio año para 30 septiembre 2022 | |
Conciliación de la ganancia legal antes de impuestos con la ganancia ajustada antes de impuestos | £ m | £ m |
Beneficio legal antes de impuestos | 29.6 | 26.6 |
Agregar nuevamente: |
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Amortización de activos intangibles adquiridos | 4.6 | 4.3 |
Elementos no recurrentes (Nota 2) | 0.9 | 0.3 |
Valor de mercado de las coberturas cambiarias | 2.4 | 6.1 |
Beneficio ajustado antes de impuestos | 37.5 | 37.3 |
Beneficio legal antes de impuestos y margen
Statutory profit before tax increased by 11.3% to £29.6m (2022: £26.6m). The statutory profit before tax margin of?14.1% (2022: 13.3%) was above last year, principally due to the lower charge from the mark-to-market valuation movement on financial derivatives.
Taxation
The adjusted tax charge of £9.0m (2022: £8.0m) represents an effective tax rate of 24.0% (2022:?21.4%); the increase being primarily due to the increase in the UK corporation tax rate from 1 April 2023. The tax charge of £7.3m (2022: £5.9m) represents an effective tax rate of 24.7% (2022:?22.2%). The increase is due to the rise in the UK corporation tax rate and a small increase in non-deductible costs.
The half-year tax rate has been calculated based on the expected effective tax rate for the year of 24.2% (having made certain assumptions about where profits will arise).
Ganancias por acción
Adjusted basic earnings per share decreased by 2.8% to 49.4p (2022: 50.8p) primarily due to the higher effective tax rate; adjusted diluted earnings per share fell by 3.0% to 48.7p (2022: 50.2p). Basic and diluted earnings per share increased by 7.5% to 38.6p (2022: 35.9p) and 38.1p (2022: 35.4p) respectively, with the mark-to-market movement on financial derivatives offsetting the rise in the effective tax rate.
The number of basic weighted average shares remained at 57.7m (2022: 57.7m). Issuance of new shares to satisfy share option exercises will result in an increase in the number of shares in the second half of the year.
Moneda
The Group faces transactional and translational currency exposure, most notably against the US Dollar, Euro and Japanese Yen. For?the half year, approximately 17% of Group revenue was denominated in Sterling, 55% in US Dollars, 19% in Euros, 7% in Japanese Yen?and 2% in other currencies. Translational exposures arise on the consolidation of overseas company results into Sterling. Transactional exposures arise where the currency of sale or purchase transactions differs from the functional currency in which each company prepares its local accounts.
La exposición a divisas del Grupo durante el semestre se resume a continuación.
£ m (equivalente) |
Ingresos | Operación ajustada beneficio |
Libra esterlina | 36.5 | (49.4) |
Dólar estadounidense | 114.3 | 57.9 |
Euro | 40.7 | 14.7 |
Yen japonés | 15.1 | 12.4 |
Renminbi chino | 2.4 | 0.8 |
Otro | 0.7 | 0.1 |
| 209.7 | 36.5 |
The Group maintains a hedging programme against its net transactional exposure using internal projections of currency trading transactions expected to arise over a period extending from 12 to 24 months. As at 30 September 2023, the Group had currency hedges in?place extending up to 18 months forward.
For the full year 2023/24, our assessment of the currency impact is, based on hedges currently in place and forecast currency rates, a headwind of £11.8m to revenue, and £3.1m to profit. The currency headwind is in part due to a higher than anticipated exposure to the Japanese Yen. Forecast currency rates for the year on unhedged positions are: GBP:USD 1.23; GBP:EUR 1.15; GBP:JPY 185.
Looking further ahead to the financial year 2024/25, based on the above currency assumptions, we would expect currency effects to have a small tailwind of £2.2m to revenue and a £2.8m headwind to operating profit. Uncertain volume and timing of shipments and acceptances, currency mix and FX rate volatility, may significantly affect forecast currency outcomes.
Dividendo
The Group's policy on the dividend takes into account changes to underlying earnings, dividend cover, movements in?currency and demands on our cash. The Board remains confident in the long term performance of the business and has declared an interim dividend of 4.9p per share (2022: 4.6p per share), growth of 6.5%. The interim dividend will be paid on 12 January 2024 to shareholders on the register as at 1 December 2023.
Flujo de fondos
El flujo de caja del Grupo se resume a continuación.
Medio año para 30 Septiembre 2023 | Medio año para 30 septiembre 2022 | |
£ m | £ m | |
Beneficio operativo ajustado | 36.5 | 36.8 |
depreciación y amortización | 5.4 | 5.1 |
Equilibrado1 Comparable | 41.9 | 41.9 |
Movimiento de capital circulante | (31.6) | (12.6) |
Esquemas de acciones liquidadas mediante acciones | 1.1 | 1.2 |
Pagos del plan de pensiones por encima del cargo al beneficio operativo | (4.0) | (3.9) |
Efectivo de operaciones | 7.4 | 26.6 |
Interés | 1.2 | 0.1 |
Impuestos | (7.9) | (2.6) |
Gastos de desarrollo capitalizados | (0.3) | (0.1) |
Gasto en activos tangibles e intangibles | (16.7) | (11.5) |
Dividendos pagados | - | (7.9) |
Producto de la emisión de capital social y ejercicio de opciones sobre acciones | 0.1 | - |
Pagos realizados con respecto a los pasivos por arrendamiento | (2.6) | (1.5) |
Disminución de préstamos | (0.1) | (0.1) |
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (18.9) | 3.0 |
1. El EBITDA ajustado se define como la utilidad operativa ajustada antes de la depreciación y amortización de los costos de desarrollo capitalizados. El estado consolidado de flujos de efectivo proporciona un análisis más detallado de la definición de EBITDA ajustado.
Efectivo de operaciones
Cash from operations of £7.4m (2022: £26.6m) represents negative cash conversion of 21% (2022: +47%). During the first half we incurred expenditure of £12.2m on the new semiconductor facility in Bristol, including new metrology tools. This amount also included £3.0m relating to the build-up of inventory ahead of the move of operations in the third quarter. Expenditure of £4.1m was incurred on the purchase and strip-out of a new facility in Belfast for our optical imaging and microscopy business, and the fit-out of a new office and customer demonstration centre in Tokyo. In addition, the business suffered from exceptional cash outflows of £6.3m in relation to export licence rejections and delays, covering the refund of customer deposits and a high level of finished goods awaiting export licence clearance. On a normalised basis, which excludes these items, cash conversion was 41% (2022: 65%). Cash conversion?is defined as cash from operations before transaction costs and pension scheme payments above charge to operating profit, less capitalised development expenditure, capital expenditure and payments made in respect of lease liabilities divided by adjusted operating profit.
Medio año para 30 Septiembre 2023 | Medio año para 30 septiembre 2022 | |
Conciliación del efectivo generado por las operaciones con el flujo de efectivo operativo ajustado | £ m | £ m |
Efectivo de operaciones | 7.4 | 26.6 |
Agregar nuevamente: |
| |
Los costos de transacción | 0.7 | - |
Pagos del plan de pensiones por encima del cargo al beneficio operativo | 4.0 | 3.9 |
Gastos de desarrollo capitalizados | (0.3) | (0.1) |
Gasto en activos tangibles e intangibles | (16.7) | (11.5) |
Pagos realizados con respecto a los pasivos por arrendamiento | (2.6) | (1.5) |
Efectivo ajustado de operaciones | (7.5) | 17.4 |
% De conversión de efectivo (efectivo ajustado de operaciones / beneficio operativo ajustado) | (21%) | 47% |
% de conversión de efectivo (normalizado1) | 41% | 65% |
1. Cash conversion calculated on a normalised basis excludes expenditure in the half year of £16.3m on capacity expansion and £6.3m relating to export licence refusals and delays.
Inventory levels have increased due to build costs incurred on long lead time new cryogenic platforms and accelerated raw material purchases ahead of an ERP implementation. In addition, we have made some strategic inventory purchases to avoid cost inflation.
Pensión
Los pagos de recuperación de pensiones por encima del cargo al beneficio operativo totalizan £ 4.0 millones (2022: £ 3.9 millones).
Interés
Net interest received was £1.2m (2022: £0.1m), reflecting an increase in interest rate on our cash balances.
Impuestos
Tax paid was £7.9m (2022: £2.6m); the increase primarily relating to higher payments on account following the increase in the UK corporation tax rate.
Inversión en investigación y desarrollo (I + D)
El gasto total en efectivo en I+D durante el semestre fue de 19.7 millones de libras esterlinas, equivalente al 9.4 % de las ventas (2022: 17.5 millones de libras esterlinas, el 8.7 % de las ventas). A continuación se presenta una conciliación entre los montos ajustados cargados al estado consolidado de resultados y el efectivo gastado:
Medio año para 30 Septiembre 2023 | Medio año para 30 septiembre 2022 | |
£ m | £ m | |
Gasto en I+D con cargo a la cuenta de pérdidas y ganancias consolidada | 19.7 | 18.2 |
Depreciación de activos fijos relacionados con I + D | - | (0.2) |
Cantidades capitalizadas como activo fijo | - | - |
Amortización y deterioro de los costes de I + D capitalizados como intangibles | (0.3) | (0.6) |
Importes capitalizados como activos intangibles | 0.3 | 0.1 |
Efectivo total gastado en I+D durante el año | 19.7 | 17.5 |
Efectivo y financiación netos
El efectivo neto
Cash from operations in the half year was offset by an increase in capital expenditure, resulting in a decrease in the Group's net cash position from £100.2m at 31 March 2023 to £79.1m on 30 September 2023.
To date we have incurred costs of £38.0m on the new semiconductor facility, which is expected to be complete by the end of the fiscal year. We expect further payments of approximately £5.3m in the second half of this year and £1.9m in Q1 25 to complete the project (including move and hook-up costs). We are in the early stages of a process to sell the current facility, with completion planned for H1 25. The estimated cost for the expansion in Belfast is not expected to exceed £15m; of which £2.1m has been incurred in H1 24, with the remainder to be phased over the next 24 months.
Movimiento en efectivo neto | £ m |
Efectivo neto después de préstamos al 31 de marzo de 2023 | 100.2 |
Efectivo generado por operaciones | 7.4 |
Interés | 1.2 |
Impuestos | (7.9) |
Gastos de desarrollo capitalizados | (0.3) |
Gastos de capital en activos tangibles e intangibles | (16.7) |
Payments made in respect of lease obligations | (2.6) |
Dividendo pagado | - |
Other items/FX | (2.2) |
Efectivo neto después de empréstitos al 30 de septiembre de 2023 | 79.1 |
Medio año para 30 Septiembre 2023 | Medio año para 30 septiembre 2022 | |
Efectivo neto incluyendo pasivos por arrendamiento | £ m | £ m |
Efectivo neto después de préstamos | 79.1 | 97.1 |
Pasivos por arrendamiento | (34.8) | (31.4) |
Efectivo neto y pasivos por arrendamiento después de préstamos | 44.3 | 65.7 |
The increase in lease liabilities reflects the lease signed during the period for the new office and customer demonstration centre in Tokyo.
Oportunidades
On 2 July 2018, the Group entered into an unsecured multi-currency revolving facility agreement, which is committed until June?2025. The facility has been entered into with two banks and comprises a Euro-denominated multi?currency facility of ?50.0m (£43m) and a US Dollar-denominated multi?servicio de divisas de 80.0 millones de dólares (66 millones de libras esterlinas).
Debt covenants are net debt to EBITDA less than 3.0 times and EBITDA to interest?greater than 4.0 times. At 30 September?2023 the business had net cash.
Pensiones
The Group has a defined benefit pension scheme in the UK. This has been closed to new entrants since 2001 and closed to?future accrual from 2010.
On an IAS 19 basis, the surplus arising from our defined benefit pension Scheme obligations on 30 September 2023 was £11.3m (31 March 2023: £26.4m). The Scheme's assets are hedged against gilt yields, whereas the accounting liabilities are valued based on corporate bond yields. Gilt rates have risen by more than corporate bond yields, which has resulted in the Scheme's assets falling more than the accounting liabilities, resulting in a smaller surplus. The value of scheme assets decreased to £218.5m (31 March 2023: £251.5m) and scheme liabilities decreased to £207.2m (31 March 2023: £225.1m).
La revisión de la valoración actuarial del plan, en lugar de la base contable, determina nuestros pagos en efectivo al plan. Se espera que las contribuciones en efectivo al esquema continúen hasta 2025/26, momento en el cual esperamos, según los supuestos actuales, que el esquema alcance la autosuficiencia. Las reglas del esquema establecen que en caso de que quede un superávit después de liquidar las obligaciones contractuales con los miembros, el Grupo puede determinar cómo se utiliza el superávit.
Preocupación continua
The Group's business activities, together with the factors likely to affect its future development, performance and position, are set out in the performance highlights, Chief Executive Officer's review and operations review sections of this half year report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the finance review.
Trading for the Group has been good during the half year. The Group has prepared and reviewed a number of scenarios for the Group based on key risks noted for the business and the potential impact on orders, trading and cash flow performance. In addition, the Group has overlaid the risk of long-term adverse movements in currency rates to our cash flow forecasts. The Board is satisfied, having considered the sensitivity analysis, as well as its funding facilities, that the Group has adequate resources to continue in operational existence for at least 12 months from the data of the interim financial statements.
Declaraciones prospectivas
Este documento contiene ciertas declaraciones prospectivas. Las declaraciones a futuro reflejan el conocimiento y la información disponible para la empresa durante la preparación y hasta la publicación de este documento. Por su propia naturaleza, estas declaraciones dependen de las circunstancias y se relacionan con eventos que pueden ocurrir en el futuro, por lo que implican un grado de incertidumbre. Por lo tanto, nada en este documento debe interpretarse como una previsión de beneficios de la empresa.
Colina Gavin
Director Financiero
13 November 2023
Estado de resultados consolidado resumido
Semestre finalizado el 30 de septiembre de 2023
Semestral hasta el 30 de septiembre de 2023 | Semestral hasta el 30 de septiembre de 2022 | |||||||
Equilibrado | Adjusting items(1) | Total | Equilibrado | Adjusting items(1) | Total | |||
Note | £ m | £ m | £ m | £ m | £ m | £ m | ||
Ingresos | 4 | 209.7 | - | 209.7 | 200.5 | - | 200.5 | |
El costo de ventas | (98.7) | - | (98.7) | (96.4) | - | (96.4) | ||
Beneficio bruto | 111.0 | - | 111.0 | 104.1 | - | 104.1 | ||
Investigación y desarrollo | 5 | (19.7) | - | (19.7) | (18.2) | - | (18.2) | |
Venta y comercialización | (34.2) | - | (34.2) | (29.2) | - | (29.2) | ||
Administración y servicios compartidos | (28.2) | (5.5) | (33.7) | (23.1) | (4.4) | (27.5) | ||
Ganancia / (pérdida) cambiaria | 7.6 | (2.4) | 5.2 | 3.2 | (6.1) | (2.9) | ||
Beneficio operativo | 36.5 | (7.9) | 28.6 | 36.8 | (10.5) | 26.3 | ||
Ingresos financieros | 1.9 | - | 1.9 | 0.9 | - | 0.9 | ||
Gastos financieros | (0.9) | - | (0.9) | (0.4) | (0.2) | (0.6) | ||
El beneficio antes de impuestos sobre la renta | 4 | 37.5 | (7.9) | 29.6 | 37.3 | (10.7) | 26.6 | |
Ingreso por gastos de impuesto | (9.0) | 1.7 | (7.3) | (8.0) | 2.1 | (5.9) | ||
Profit for the period attributable to equity Shareholders of the parent | 28.5 | (6.2) | 22.3 | 29.3 | (8.6) | 20.7 | ||
|
|
|
|
| ||||
Ganancias por acción | penique |
| penique | penique | penique | |||
Ganancias básicas por acción | 3 |
|
|
| ||||
De los beneficios del período | 49.4 |
| 38.6 | 50.8 | 35.9 | |||
|
|
| ||||||
Ganancias diluidas por acción | 3 |
|
|
| ||||
De los beneficios del período | 48.7 |
| 38.1 | 50.2 | 35.4 |
(1) Adjusted numbers are stated to give a better understanding of the underlying business performance. Details of adjusting items can be found in Note 2.
Estado de resultados consolidado resumido (continuado)
Semestre finalizado el 30 de septiembre de 2023
Año hasta el 31 de marzo de 2023 | ||||
Equilibrado | Adjusting items(1) | Total | ||
Note | £ m | £ m | £ m | |
Ingresos | 4 | 444.7 | - | 444.7 |
El costo de ventas | (214.5) | - | (214.5) | |
Beneficio bruto | 230.2 | - | 230.2 | |
Investigación y desarrollo | 5 | (35.9) | (0.8) | (36.7) |
Venta y comercialización | (65.4) | - | (65.4) | |
Administración y servicios compartidos | (52.9) | (10.3) | (63.2) | |
Ganancia cambiaria | 4.5 | 3.0 | 7.5 | |
Beneficio operativo | 80.5 | (8.1) | 72.4 | |
Ingresos financieros | 2.7 | - | 2.7 | |
Gastos financieros | (1.2) | (0.4) | (1.6) | |
El beneficio antes de impuestos sobre la renta | 4 | 82.0 | (8.5) | 73.5 |
Ingreso por gastos de impuesto | (17.0) | 2.1 | (14.9) | |
Profit for the period attributable to equity Shareholders of the parent | 65.0 | (6.4) | 58.6 | |
|
|
| ||
|
|
| ||
Ganancias por acción | penique |
| penique | |
Ganancias básicas por acción | 3 |
|
|
|
De los beneficios del período | 112.7 |
| 101.6 | |
|
|
| ||
Ganancias diluidas por acción | 3 |
|
|
|
De los beneficios del período | 111.3 |
| 100.3 |
(1) Adjusted numbers are stated to give a better understanding of the underlying business performance. Details of adjusting items can be found in Note 2.
Estado de resultados integrales condensado consolidado
Semestre finalizado el 30 de septiembre de 2023
Medio año para 30 Septiembre 2023 | Medio año para 30 septiembre 2022 | Año hasta 31 marzo 2023 | |
£ m | £ m | £ m | |
Beneficio del período | 22.3 | 20.7 | 58.6 |
|
| ||
Otros (gastos) / ingresos integrales: |
|
| |
Partidas que pueden ser reclasificadas posteriormente al estado de resultados consolidado resumido |
|
| |
Diferencias de conversión de moneda extranjera | (0.2) | 9.1 | 5.3 |
|
| ||
Partidas que no serán reclasificadas al estado de resultados consolidado resumido |
|
| |
Remeasurement loss in respect of post-retirement benefits | (19.4) | (31.8) | (38.6) |
Tax credit on items that will not be reclassified to condensed consolidated statement of income | 4.8 | 7.9 | 9.7 |
Total de otros gastos integrales | (14.8) | (14.8) | (23.6) |
|
| ||
Total comprehensive income for the period attributable to equity Shareholders of the parent | 7.5 | 5.9 | 35.0 |
Estado de situación financiera condensado consolidado
Al 30 de septiembre de 2023
| Como en 30 Septiembre 2023 | Como en 30 Septiembre 2022 as restated(1) | Como en 31 de marzo de 2023 | |
Note | £ m | £ m | £ m | |
Activos |
|
|
| |
Activos no corrientes |
|
| ||
Propiedad, planta y equipo. | 73.1 | 41.0 | 59.3 | |
Activos por derecho de uso | 34.5 | 31.1 | 31.4 | |
Activos intangibles | 127.3 | 138.4 | 132.1 | |
Cuentas por cobrar a largo plazo | 1.2 | 0.1 | 0.5 | |
Instrumentos financieros derivados | 8 | - | 0.1 | 0.4 |
Activo por beneficios de jubilación | 11.3 | 24.5 | 26.4 | |
Activos por impuestos diferidos | 12.6 | 14.1 | 12.5 | |
260.0 | 249.3 | 262.6 | ||
Activos circulantes |
|
| ||
Los inventarios | 104.1 | 79.5 | 81.4 | |
Cuentas comerciales y otras cuentas por cobrar | 107.2 | 102.7 | 113.2 | |
Impuesto sobre la renta corriente por cobrar | 0.8 | 0.9 | 0.5 | |
Instrumentos financieros derivados | 8 | 2.3 | 0.1 | 1.6 |
Efectivo y equivalentes de efectivo | 101.7 | 118.9 | 112.7 | |
316.1 | 302.1 | 309.4 | ||
|
| |||
los activos totales | 576.1 | 551.4 | 572.0 | |
|
| |||
Equidad |
|
| ||
Capital y reservas atribuibles a los accionistas de la sociedad |
| |||
Capital social | 2.9 | 2.9 | 2.9 | |
Compartir premium | 62.6 | 62.5 | 62.6 | |
Otras reservas | 0.2 | 0.2 | 0.2 | |
Reserva de traducción | 12.7 | 16.7 | 12.9 | |
Ganancias retenidas | 273.2 | 233.3 | 265.4 | |
351.6 | 315.6 | 344.0 | ||
Pasivos |
|
| ||
Pasivos no corrientes |
|
| ||
préstamos bancarios | 0.7 | 1.1 | 0.9 | |
Arrendamiento a pagar | 29.8 | 27.2 | 26.2 | |
Instrumentos financieros derivados | 8 | 0.4 | 1.2 | - |
Provisiones | - | 0.1 | - | |
Pasivos por impuestos diferidos | 3.9 | 7.5 | 7.8 | |
34.8 | 37.1 | 34.9 | ||
Pasivo circulante |
|
| ||
Préstamos bancarios y descubiertos | 21.9 | 20.7 | 11.6 | |
Comerciales y otras cuentas a pagar | 149.0 | 152.3 | 159.4 | |
Arrendamiento a pagar | 5.0 | 4.2 | 5.2 | |
Cuentas por pagar del impuesto sobre la renta corriente | 7.2 | 6.7 | 8.1 | |
Instrumentos financieros derivados | 8 | 0.9 | 7.8 | 1.2 |
Provisiones | 5.7 | 7.0 | 7.6 | |
189.7 | 198.7 | 193.1 | ||
|
| |||
Pasivos totales | 224.5 | 235.8 | 228.0 | |
|
| |||
Total pasivos y patrimonio | 576.1 | 551.4 | 572.0 |
(1) Details of restatement of prior period numbers can be found in note 1.
Estado de cambios en el patrimonio neto condensado consolidado
Semestre finalizado el 30 de septiembre de 2023
Capital social | Compartir premium | Otras reservas | Reserva de traducción | Ganancias retenidas |
Total | |
£ m | £ m | £ m | £ m | £ m | £ m | |
Al 1 de abril de 2023 | 2.9 | 62.6 | 0.2 | 12.9 | 265.4 | 344.0 |
Total integral (gasto)/ingreso: |
|
|
|
|
|
|
Beneficio del período | - | - | - | - | 22.3 | 22.3 |
Otros (gastos) / ingresos integrales: |
|
|
|
|
|
|
- Diferencias de conversión de moneda extranjera | - | - | - | (0.2) | - | (0.2) |
- Remeasurement loss in respect of post-retirement benefits | - | - | - | - | (19.4) | (19.4) |
- Tax credit on items that will not be reclassified to Consolidated Statement of Income | - | - | - | - | 4.8 | 4.8 |
Total comprehensive(expense)/income attributable to equity Shareholders of the parent | - | - | - | (0.2) | 7.7 | 7.5 |
|
|
|
|
|
| |
Transacciones con propietarios registradas directamente en patrimonio: |
|
|
|
|
|
|
- Crédito con respecto a los costos de servicios a los empleados liquidados mediante la adjudicación de opciones sobre acciones. | - | - | - | - | 1.1 | 1.1 |
- Tax charge in respect of share options | - | - | - | - | (1.0) | (1.0) |
Total de transacciones con propietarios registradas directamente en el patrimonio: | - | - | - | - | 0.1 | 0.1 |
|
|
|
|
|
|
|
Al 30 de septiembre de 2023 | 2.9 | 62.6 | 0.2 | 12.7 | 273.2 | 351.6 |
| ||||||
Al 1 de abril de 2022 | 2.9 | 62.5 | 0.2 | 7.6 | 243.2 | 316.4 |
Total de ingresos / (gastos) integrales: | ||||||
Beneficio del período | - | - | - | - | 20.7 | 20.7 |
Otros ingresos / (gastos) integrales: | ||||||
- Diferencias de conversión de moneda extranjera | - | - | - | 9.1 | - | 9.1 |
- Remeasurement loss in respect of post-retirement benefits | - | - | - | - | (31.8) | (31.8) |
- Tax credit on items that will not be reclassified to Consolidated Statement of Income | - | - | - | - | 7.9 | 7.9 |
Total comprehensive income/(expense) attributable to equity Shareholders of the parent | - | - | - | 9.1 | (3.2) | 5.9 |
Transacciones con propietarios registradas directamente en patrimonio: | ||||||
- Crédito con respecto a los costos de servicios a los empleados liquidados mediante la adjudicación de opciones sobre acciones. | - | - | - | - | 1.2 | 1.2 |
- dividendos | - | - | - | - | (7.9) | (7.9) |
Total de transacciones con propietarios registradas directamente en el patrimonio: | - | - | - | - | (6.7) | (6.7) |
Al 30 de septiembre de 2022 | 2.9 | 62.5 | 0.2 | 16.7 | 233.3 | 315.6 |
Estado de cambios en el patrimonio neto condensado consolidado (continuado)
Semestre finalizado el 30 de septiembre de 2023
Capital social | Compartir premium | Otras reservas | Reserva de traducción | Ganancias retenidas |
Total | |
£ m | £ m | £ m | £ m | £ m | £ m | |
Al 1 de abril de 2022 | 2.9 | 62.5 | 0.2 | 7.6 | 243.2 | 316.4 |
Total de ingresos / (gastos) integrales: |
|
|
|
|
|
|
Beneficio del período | - | - | - | - | 58.6 | 58.6 |
Otros ingresos / (gastos) integrales: |
|
|
|
|
|
|
- Diferencias de conversión de moneda extranjera | - | - | - | 5.3 | - | 5.3 |
- Remeasurement loss in respect of post-retirement benefits | - | - | - | - | (38.6) | (38.6) |
- Tax credit on items that will not be reclassified to Consolidated Statement of Income | - | - | - | - | 9.7 | 9.7 |
Total comprehensive income attributable to equity Shareholders of the parent | - | - | - | 5.3 | 29.7 | 35.0 |
|
|
|
|
|
| |
Transacciones con propietarios registradas directamente en patrimonio: |
|
|
|
|
|
|
- Crédito con respecto a los costos de servicios a los empleados liquidados mediante la adjudicación de opciones sobre acciones. | - | - | - | - | 2.4 | 2.4 |
- Crédito fiscal por opciones sobre acciones | - | - | - | - | 0.7 | 0.7 |
- Producto de acciones emitidas | - | 0.1 | - | - | - | 0.1 |
- dividendos | - | - | - | - | (10.6) | (10.6) |
Total de transacciones con propietarios registradas directamente en el patrimonio: | - | 0.1 | - | - | (7.5) | (7.4) |
|
|
|
|
|
| |
Al 31 de marzo de 2023 | 2.9 | 62.6 | 0.2 | 12.9 | 265.4 | 344.0 |
Otras reservas comprenden la reserva de rescate de capital, que representa el valor nominal de las acciones recompradas y luego canceladas durante el año terminado el 31 de marzo de 1999.
La reserva de conversión de moneda extranjera comprende todas las diferencias de cambio que surgen desde el 1 de abril de 2004 de la conversión de las inversiones netas del Grupo en subsidiarias extranjeras a libras esterlinas.
Estado de flujos de efectivo condensado consolidado
Semestre finalizado el 30 de septiembre de 2023
| Medio año para 30 Septiembre 2023 | Medio año para 30 Septiembre 2022 as restated(1) | Año hasta 31 marzo 2023 |
£ m | £ m | £ m | |
Beneficio del período | 22.3 | 20.7 | 58.6 |
Ajustes para: |
|
| |
Ingreso por gastos de impuesto | 7.3 | 5.9 | 14.9 |
Ingresos financieros netos | (1.0) | (0.3) | (1.1) |
Movimiento de valor razonable en derivados financieros | 2.4 | 6.1 | (3.0) |
Liberación de provisión por enajenación | - | (0.4) | (0.4) |
Ajuste del margen bruto posterior a la adquisición de WITec | - | 0.5 | 0.5 |
Costos relacionados con la transacción | 0.7 | - | - |
Costos de reestructuración | - | - | 0.4 |
Costos de litigios de propiedad intelectual | 0.2 | - | 0.5 |
Deterioro de los costos de desarrollo capitalizados | - | - | 0.8 |
Amortización y deterioro de intangibles adquiridos | 4.6 | 4.3 | 9.3 |
Depreciación de activos por derecho de uso | 2.7 | 1.9 | 4.6 |
Depreciación de propiedades, planta y equipo | 2.4 | 2.6 | 4.8 |
Amortización de los costos de desarrollo capitalizados | 0.3 | 0.6 | 1.4 |
Utilidades ajustadas antes de intereses, impuestos, depreciación y amortización | 41.9 | 41.9 | 91.3 |
Cargo con respecto a planes de acciones para empleados liquidados con instrumentos de patrimonio | 1.1 | 1.2 | 2.4 |
Pagos en efectivo al plan de pensiones más que el cargo al beneficio operativo | (4.0) | (3.9) | (11.7) |
Flujos de efectivo operativos antes de movimientos en el capital de trabajo | 39.0 | 39.2 | 82.0 |
Incremento de inventarios | (22.9) | (12.8) | (15.6) |
Disminución / (aumento) de las cuentas por cobrar | 3.8 | (8.3) | (19.6) |
(Disminución) / aumento de cuentas a pagar y provisiones | (18.1) | (5.3) | 16.9 |
Aumento de depósitos de clientes | 5.6 | 13.8 | 9.2 |
Efectivo generado por operaciones | 7.4 | 26.6 | 72.9 |
Pago interesado | (0.5) | - | (0.7) |
Impuestos a la renta pagados | (7.9) | (2.6) | (5.7) |
Efectivo neto (utilizado por)/de actividades operativas | (1.0) | 24.0 | 66.5 |
Flujos de efectivo de actividades de inversión |
|
| |
Ingresos por venta de propiedades, planta y equipo | 0.1 | 0.1 | 0.2 |
Adquisición de propiedades, planta y equipo | (16.5) | (11.6) | (32.3) |
Adquisición de subsidiarias, neto de efectivo adquirido | - | - | (4.8) |
Adquisición de activos intangibles | (0.3) | - | - |
Gastos de desarrollo capitalizados | (0.3) | (0.1) | (0.6) |
Interés recibido | 1.7 | 0.1 | 1.1 |
Efectivo neto utilizado en actividades de inversión | (15.3) | (11.5) | (36.4) |
Flujos de efectivo de actividades de financiación |
|
| |
Producto de la emisión de capital social | 0.1 | - | 0.1 |
Interest paid on lease payables | (0.4) | (0.3) | (0.5) |
Repayment of lease payables | (2.2) | (1.2) | (5.1) |
Reembolso de préstamos | (0.1) | (0.1) | (0.5) |
Dividendos pagados | - | (7.9) | (10.6) |
Efectivo neto utilizado en actividades de financiación. | (2.6) | (9.5) | (16.6) |
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (18.9) | 3.0 | 13.5 |
Efectivo y equivalentes de efectivo al comienzo del período | 101.5 | 87.7 | 87.7 |
Efecto de las fluctuaciones del tipo de cambio en el efectivo mantenido | (2.3) | 8.0 | 0.3 |
Efectivo y equivalentes de efectivo al final del período | 80.3 | 98.7 | 101.5 |
Compuesto de: |
|
| |
Cash and cash equivalents as per the consolidated statement of financial position | 101.7 | 118.9 | 112.7 |
sobregiros bancarios | (21.4) | (20.2) | (11.2) |
| 80.3 | 98.7 | 101.5 |
(1) Details of restatement of prior period numbers can be found in note 1.
Notas a los estados financieros semestrales
Semestre finalizado el 30 de septiembre de 2023
1 Base de preparación
Entidad que informa
Oxford Instruments plc is a company incorporated in England and Wales. The condensed consolidated half-year financial statements consolidate the results of the Company and its subsidiaries (together referred to as the "Group"). They have been prepared and approved by the Directors in accordance with International Financial Reporting Standard ("IFRS") IAS 34 Información financiera intermedia as adopted by the UK. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated Financial Statements of the Group for the year ended 31 March 2023.
The financial information contained herein is unaudited and does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. The comparative figures for the financial year ended 31 March 2023 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
The Board of Directors approved the Condensed Consolidated Interim Financial Statements on 13 November 2023.
Políticas contables importantes
As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed set of Financial Statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 March 2023.
Reexpresión del período anterior
As reported in the statutory accounts for the year ended 31 March 2023, a restatement has been made for the presentation of receivable and payable balances in the prior year.
The Directors concluded that separate value-added tax (VAT) receivable and payable balances, within the same VAT group, or within individual registrations, of group entities, held on the condensed consolidated statement of financial position at 31 September 2022 should have been netted off with one another, rather than presented gross.
As a result, the condensed consolidated statement of financial position as at 30 September 2022 and condensed consolidated statement of cash flows for the period ended 30 September 2022 has been restated as follows:
| 30 Septiembre 2022 (como se informó) |
Reexpresión | 30 de septiembre de 2022 (reexpresado) |
| £ m | £ m | £ m |
Estado de situación financiera condensado consolidado | |||
Activos circulantes |
| ||
Cuentas comerciales y otras cuentas por cobrar | 118.2 | (15.5) | 102.7 |
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | (167.8) | 15.5 | (152.3) |
Estado de flujos de efectivo condensado consolidado | |||
Aumento de cuentas por cobrar | (13.9) | 5.6 | (8.3) |
Aumento / (disminución) de cuentas a pagar y provisiones | 0.3 | (5.6) | (5.3) |
The restatement did not result in any change to reported profit, earnings per share, net assets or net cash from operating activities reported in the 2022 half-year financial statements.
Cambios en las normas contables
NIIF 17 Contratos de seguros provides consistent principles for all aspects of accounting for insurance contracts within the scope of the standard. The standard is effective for years beginning on or after 1 January 2023 with a requirement to restate comparatives.
The Group has reviewed whether its arrangements meet the accounting definition of an insurance contract. While some contracts may transfer an element of insurance risk, they relate to warranty and service type agreements that are issued in connection with the Group's sales of its goods or services and therefore will continue to be measured under IFRS 15 Ingresos por contratos con clientes y NIC 37 Provisiones, pasivos contingentes y activos contingentes.
Parent company financial guarantees, meet the IFRS 17 definition of insurance contracts. Whilst there could be an impact on individual sets of financial statements of companies within the Group these have not impacted the condensed consolidated interim financial statements for the period to 30 September 2023 and are not expected to have an impact for the full year. The Directors are not aware of any other contracts where IFRS 17 would have an impact on the condensed consolidated interim financial statements.
NIC 12 Impuesto sobre las ganancias has been amended to incorporate revisions for 'deferred tax related to assets and liabilities arising from a single transaction' and 'international tax reform: pillar two model rules'. There is no material impact on the Group as a result of the amendments.
Estimaciones
La preparación de estados financieros semestrales requiere que la administración realice juicios, estimaciones y suposiciones que afectan la aplicación de políticas contables y los montos informados de activos y pasivos, ingresos y gastos. Los resultados reales pueden diferir de estas estimaciones.
En la preparación de estos estados financieros semestrales, los juicios significativos realizados por la administración al aplicar las políticas contables del Grupo y las principales fuentes de incertidumbre en la estimación fueron los mismos que se aplicaron a los estados financieros consolidados al 31 de marzo de 2023.
Preocupación continua
Los Directores han considerado la adopción del principio de negocio en marcha para la preparación de estos estados financieros semestrales. Los Administradores han revisado las previsiones de flujos de efectivo elaboradas para un periodo de 18 meses desde la fecha de aprobación de estas cuentas resumidas.
At the end of the reporting period the Group had £188.0m of available liquidity including £79.1m of net cash and £108.9m of the undrawn revolving credit facility ('RCF'). In reviewing the cash flow forecasts the Directors considered the current trading position of the Group and the likely capital expenditure and working capital requirements. Trading for the Group has been good during the first half year, though because of significant capital expenditure and exceptional export licence rejection and delays we have reported a negative cash flow conversion (-21%). On a normalised basis, which excludes these items, cash conversion was 40%. The Group has prepared and reviewed a number of scenarios for the Group based on key risks noted for the business and the potential impact on orders, trading and cash flow performance. In addition, the Group has overlaid the risk of long-term adverse movements in currency rates to our cash flow forecasts. The cashflow forecasts show that the Group expects to comply with the covenants included within the RCF agreement throughout the review period.
Teniendo en cuenta el nivel de efectivo actual y las instalaciones comprometidas, los directores confían en que el Grupo tendrá fondos suficientes para permitirle continuar operando. Después de revisar las proyecciones y el análisis de sensibilidad, los directores creen que es apropiado preparar los estados financieros semestrales sobre la base de un negocio en marcha.
2 Medidas que no son PCGA
In the preparation of adjusted numbers, the Directors exclude certain items in order to assist with comparability between peers and to give what they consider to be a better indication of the underlying performance of the business. These adjusting items are excluded in the calculation of adjusted operating profit, adjusted profit before tax, adjusted profit for the period, adjusted EBITDA, adjusted EPS, adjusted cash conversion and adjusted effective tax rate. Details of adjusting items are given below.
Adjusted EBITDA is calculated by adding back depreciation of property, plant and equipment, depreciation of right-of-use assets and amortisation of intangible assets to adjusted operating profit, and can be found in the condensed consolidated statement of cash flows. The calculation of adjusted EPS can be found in Note 3. Adjusted effective tax rate is calculated by dividing the share of tax attributable to adjusted profit before tax by adjusted profit before tax. The definition of cash conversion is set out in the Finance Review.
Conciliación entre utilidad operativa y utilidad antes de impuestos a la renta y utilidad ajustada
| Medio año para 30 Septiembre 2023 | Medio año para 30 Septiembre 2022 |
Año hasta el 31 de marzo de 2023 | |||
Beneficio operativo | El beneficio antes de impuestos sobre la renta | Beneficio operativo | El beneficio antes de impuestos sobre la renta | Beneficio operativo | El beneficio antes de impuestos sobre la renta | |
£ m | £ m | £ m | £ m | £ m | £ m | |
Medida estatutaria | 28.6 | 29.6 | 26.3 | 26.6 | 72.4 | 73.5 |
|
|
|
| |||
Liberación de provisión por enajenación | - | - | (0.4) | (0.4) | (0.4) | (0.4) |
Costos relacionados con la transacción | 0.7 | 0.7 | - | - | - | - |
Ajuste del margen bruto posterior a la adquisición de WITec | - | - | 0.5 | 0.5 | 0.5 | 0.5 |
Costos de reestructuración | - | - | - | - | 0.4 | 0.4 |
Costos de litigios de propiedad intelectual | 0.2 | 0.2 | - | - | 0.5 | 0.5 |
Deterioro de los costos de desarrollo capitalizados | - | - | - | - | 0.8 | 0.8 |
Amortización y deterioro de intangibles adquiridos | 4.6 | 4.6 | 4.3 | 4.3 | 9.3 | 9.3 |
Movimiento de valor razonable en derivados financieros | 2.4 | 2.4 | 6.1 | 6.1 | (3.0) | (3.0) |
Reversión del descuento con respecto a la contraprestación contingente |
| - | 0.2 |
| 0.4 | |
Ajustes totales que no son PCGA | 7.9 | 7.9 | 10.5 | 10.7 | 8.1 | 8.5 |
|
|
|
| |||
Medida ajustada | 36.5 | 37.5 | 36.8 | 37.3 | 80.5 | 82.0 |
Gasto por impuesto sobre la renta ajustado |
| (9.0) | (8.0) |
| (17.0) | |
Beneficio ajustado del período | 36.5 | 28.5 | 36.8 | 29.3 | 80.5 | 65.0 |
Tasas impositivas efectivas ajustadas |
| 24.0% | 21.4% | 20.7% |
Liberación de provisión por enajenación
These represent the release of the provision on disposal of the OI Healthcare business in the US in 2020.
Costos relacionados con la transacción
These represent the costs of one-off charges incurred at the balance sheet date relating to transactional work.
Ajuste del margen bruto posterior a la adquisición de WITec
The finished goods and work in progress inventories were revalued to fair value, based on selling price less costs to sell. The adjustments in the prior periods relate to the gross margin which would have been earned on post-acquisition sales to 31 March 2023, but which has been absorbed into the acquisition date fair value. This will not recur, as all such inventory at the acquisition date had been delivered to customers by 31 March 2023.
Costos de reestructuración
These represent the costs of one-off restructuring charges within the Materials & Characterisation segment in the prior period.
Costos de litigios de propiedad intelectual
These represent one-off legal costs in the Research & Discovery segment to defend our intellectual property.
Deterioro de los costos de desarrollo capitalizados
During the prior year, the Group reviewed the capitalised development costs to ensure they remained directly related to targeted product or software developments. The one-off non-cash impairment relates to delays in market launch of specific development projects within the Materials & Characterisation segment.
Amortización y deterioro de intangibles adquiridos
La utilidad ajustada excluye la amortización no monetaria y el deterioro de los activos intangibles adquiridos y el fondo de comercio.
Movimiento de valor razonable en derivados financieros
Under IFRS 9, all derivative financial instruments are recognised initially at fair value. Subsequent to initial recognition, they are also measured at fair value. In respect of instruments used to hedge foreign exchange risk and interest rate risk, the Group does not take advantage of the hedge accounting rules provided for in IFRS 9 since that standard requires certain stringent criteria to be met in order to hedge account, which, in the particular circumstances of the Group, are considered by the Board not to bring any significant economic benefit. Accordingly, the Group accounts for these derivative financial instruments at fair value through profit or loss. To the extent that instruments are hedges of future transactions, adjusted profit for the period is stated before changes in the valuation of these instruments so that the underlying performance of the Group can be more clearly seen.
Reversión del descuento con respecto a la contraprestación contingente
Adjusted profit in the prior periods exclude the unwind of the discount in respect of the contingent consideration on the acquisition of WITec.
Gasto por impuesto sobre la renta ajustado
Las partidas de ajuste incluyen el impuesto sobre la renta de cada una de las partidas descritas anteriormente.
Conciliación de cambios en efectivo y equivalentes de efectivo con movimiento en efectivo neto
| Medio año para 30 Septiembre 2023 | Semestral hasta el 30 de septiembre de 2022 | Año hasta 31 de marzo de 2023 |
| £ m | £ m | £ m |
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (18.9) | 3.0 | 13.5 |
Efecto de las fluctuaciones del tipo de cambio en el efectivo mantenido | (2.3) | 8.0 | 0.3 |
Movimiento de caja neta en el período | (21.2) | 11.0 | 13.8 |
Reembolso de préstamos | 0.1 | 0.2 | 0.5 |
Net cash after borrowings at the start of the period | 100.2 | 85.9 | 85.9 |
Net cash after borrowings at the end of the period | 79.1 | 97.1 | 100.2 |
Reconciliation of net cash to Statement of Financial Position
| Medio año para 30 Septiembre 2023 | Semestral hasta el 30 de septiembre de 2022 | Año hasta 31 de marzo de 2023 |
£ m | £ m | £ m | |
Covid-19 loan at WITec | (1.2) | (1.6) | (1.3) |
Sobregiros | (21.4) | (20.2) | (11.2) |
Efectivo y equivalentes de efectivo | 101.7 | 118.9 | 112.7 |
Net cash after borrowings at the end of the period | 79.1 | 97.1 | 100.2 |
3 Beneficio por acción
Basic earnings per ordinary share (EPS) is calculated by dividing the profit attributable to equity shareholders of the parent by the weighted average number of ordinary shares in issue during the period. The weighted average number of shares used in the calculation is as follows:
Medio año para 30 Septiembre 2023 | Semestral hasta el 30 de septiembre de 2022 | Año hasta 31 de marzo de 2023 | |
Acciones | Acciones | Acciones | |
millones | millones | millones | |
Número promedio ponderado de acciones utilizadas en el cálculo de las ganancias básicas por acción | 57.7 | 57.7 | 57.7 |
A efectos de calcular las UPA diluidas y ajustadas diluidas, el número medio ponderado de acciones ordinarias se ajusta para incluir el número medio ponderado de acciones ordinarias que se emitirían en la conversión de todas las acciones ordinarias potencialmente dilusivas que se espera otorgar, en relación con la propiedad de la empresa. planes de pago basados en acciones. Las acciones ordinarias potenciales solo se tratan como dilutivas cuando su conversión a acciones ordinarias disminuiría las UPA.
La siguiente tabla muestra el efecto de las opciones sobre acciones en el cálculo de las ganancias por acción diluidas:
| Medio año para 30 Septiembre 2023 | Semestral hasta el 30 de septiembre de 2022 | Año hasta 31 de marzo de 2023 |
Acciones | Acciones | Acciones | |
millones | millones | millones | |
Número de acciones ordinarias por cálculo básico de ganancias por acción | 57.7 | 57.7 | 57.7 |
Efecto de las acciones en opción | 0.8 | 0.7 | 0.7 |
Número de acciones ordinarias por cálculos de ganancias por acción diluidas | 58.5 | 58.4 | 58.4 |
Basic and diluted EPS are based on the profit for the period attributable to equity shareholders of the parent, as reported in the condensed consolidated statement of income. Adjusted and diluted adjusted EPS are based on adjusted profit for the period, as reported in Note 2:
| Medio año para 30 Septiembre 2023 | Medio año para 30 Septiembre 2022 |
Año hasta el 31 de marzo de 2023 | |||
£ m | Pence | £ m | Pence | £ m | Pence | |
Beneficio subyacente atribuible a los accionistas de la matriz/GPA subyacente | 22.3 | 38.6 | 20.7 | 35.9 | 58.6 | 101.6 |
Total underlying adjustments to profit before tax (Note 2) | 7.9 | 13.7 | 10.7 | 18.5 | 8.5 | 14.7 |
Efectos fiscales relacionados | (1.7) | (2.9) | (2.1) | (3.6) | (2.1) | (3.6) |
Utilidad ajustada atribuible a los accionistas de la controladora/EPS ajustada | 28.5 | 49.4 | 29.3 | 50.8 | 65.0 | 112.7 |
EPS subyacente diluido |
| 38.1 | 35.4 |
| 100.3 | |
EPS ajustado diluido |
| 48.7 | 50.2 |
| 111.3 |
4 Información de segmento
El Grupo tiene nueve segmentos operativos. Estos segmentos operativos se han combinado en tres segmentos operativos agregados en la medida en que tengan características económicas similares, con relevancia para productos y servicios, tipo y clase de cliente, métodos de venta y distribución y el entorno regulatorio en el que operan. Cada uno de estos tres segmentos operativos agregados es un segmento reportable. Los segmentos operativos agregados son los siguientes:
- the Materials & Characterisation segment comprises a group of businesses focusing on applied R&D and commercial customers, enabling the fabrication and characterisation of materials and devices down to the atomic scale,
- the Research & Discovery segment comprises a group of businesses providing advanced solutions that create unique environments and enable measurements down to the molecular and atomic level which are used in fundamental research; and
- the Service & Healthcare segment provides customer service and support for the Group's products and the service of third-party healthcare imaging systems.
La estructura de gestión interna y los sistemas de información financiera del Grupo reflejan los tres segmentos operativos agregados en función de las características económicas discutidas anteriormente.
Los resultados del segmento sobre los que se debe informar incluyen elementos directamente atribuibles a un segmento, así como aquellos que pueden asignarse sobre una base razonable. Los resultados operativos de cada uno son revisados periódicamente por el responsable de la toma de decisiones operativas, que se considera que es la Junta Directiva. La información financiera discreta está disponible para cada segmento y es utilizada por la Junta Directiva para tomar decisiones sobre la asignación de recursos y para evaluar el desempeño. No se presenta información sobre los activos a continuación, ya que esta información no se presenta en los informes a la Junta Directiva del Grupo.
Resultados
Semestral hasta el 30 de septiembre de 2023 | Materiales y caracterización | Investigación y descubrimiento | Servicio y asistencia sanitaria |
Total |
£ m | £ m | £ m | £ m | |
Ingresos totales del segmento | 109.3 | 66.6 | 33.8 | 209.7 |
|
|
|
|
|
Beneficio operativo ajustado por segmento | 17.4 | 9.6 | 9.5 | 36.5 |
Semestral hasta el 30 de septiembre de 2022 | Materiales y caracterización | Investigación y descubrimiento | Servicio y asistencia sanitaria |
Total |
£ m | £ m | £ m | £ m | |
Ingresos totales del segmento | 108.7 | 58.1 | 33.7 | 200.5 |
| ||||
Beneficio operativo ajustado por segmento | 18.9 | 7.0 | 10.9 | 36.8 |
Año hasta el 31 de marzo de 2023 | Materiales y caracterización | Investigación y descubrimiento | Servicio y asistencia sanitaria |
Total |
| £ m | £ m | £ m | £ m |
Ingresos totales del segmento | 234.5 | 139.4 | 70.8 | 444.7 |
|
|
|
|
|
Beneficio operativo ajustado por segmento | 40.5 | 18.0 | 22.0 | 80.5 |
Revenue in the Materials & Characterisation and Research & Discovery segments relates to the sale of products. Revenue in the Service & Healthcare segment relates to service income.
Conciliación de la ganancia del segmento notificable
Semestral hasta el 30 de septiembre de 2023 | Materiales y caracterización | Investigación y descubrimiento | Servicio y asistencia sanitaria | Elementos de grupo no asignados |
Total |
| £ m | £ m | £ m | £ m | £ m |
Beneficio operativo ajustado por segmento | 17.4 | 9.6 | 9.5 | - | 36.5 |
Costos relacionados con la transacción | - | (0.7) | - | - | (0.7) |
Costos de litigios de propiedad intelectual | - | (0.2) | - | - | (0.2) |
Amortización y deterioro de intangibles adquiridos | (1.5) | (3.1) | - | - | (4.6) |
Movimiento de valor razonable en derivados financieros | - | - | - | (2.4) | (2.4) |
Ingresos financieros | - | - | - | 1.9 | 1.9 |
Gastos financieros | - | - | - | (0.9) | (0.9) |
Beneficio / (pérdida) antes de impuestos sobre la renta | 15.9 | 5.6 | 9.5 | (1.4) | 29.6 |
Semestral hasta el 30 de septiembre de 2022 | Materiales y caracterización | Investigación y descubrimiento | Servicio y asistencia sanitaria | Elementos de grupo no asignados |
Total |
£ m | £ m | £ m | £ m | £ m | |
Beneficio operativo ajustado por segmento | 18.9 | 7.0 | 10.9 | - | 36.8 |
Liberación de provisión por enajenación | - | - | 0.4 | - | 0.4 |
Ajuste del margen bruto posterior a la adquisición de WITec | (0.5) | - | - | - | (0.5) |
Amortización y deterioro de intangibles adquiridos | (1.2) | (3.1) | - | - | (4.3) |
Movimiento de valor razonable en derivados financieros | - | - | - | (6.1) | (6.1) |
Ingresos financieros | - | - | - | 0.9 | 0.9 |
Gastos financieros | - | - | - | (0.6) | (0.6) |
Beneficio / (pérdida) antes de impuestos sobre la renta | 17.2 | 3.9 | 11.3 | (5.8) | 26.6 |
Año hasta el 31 de marzo de 2023 | Materiales y caracterización | Investigación y descubrimiento | Servicio y asistencia sanitaria | Elementos de grupo no asignados |
Total |
£ m | £ m | £ m | £ m | £ m | |
Beneficio operativo ajustado por segmento | 40.5 | 18.0 | 22.0 | - | 80.5 |
Costos de reestructuración | (0.4) | - | - | - | (0.4) |
Liberación de provisión por enajenación | - | - | 0.4 | - | 0.4 |
Costos de litigios de propiedad intelectual | - | (0.5) | - | - | (0.5) |
Deterioro de los costos de desarrollo capitalizados | (0.8) | - | - | - | (0.8) |
Ajuste del margen bruto posterior a la adquisición de WITec | (0.5) | - | - | - | (0.5) |
Amortización y deterioro de intangibles adquiridos | (3.1) | (6.2) | - | - | (9.3) |
Movimiento de valor razonable en derivados financieros | - | - | - | 3.0 | 3.0 |
Ingresos financieros | - | - | - | 2.7 | 2.7 |
Gastos financieros | - | - | - | (1.6) | (1.6) |
El beneficio antes de impuestos sobre la renta | 35.7 | 11.3 | 22.4 | 4.1 | 73.5 |
Ingresos | Medio año para 30 Septiembre 2023 | Semestral hasta el 30 de septiembre de 2022 | Año hasta 31 de marzo de 2023 |
£ m | £ m | £ m | |
UK | 12.8 | 10.4 | 29.4 |
China | 65.1 | 56.8 | 107.4 |
Japón | 16.0 | 16.8 | 46.7 |
Estados Unidos de America | 51.2 | 55.2 | 121.2 |
Alemania | 15.4 | 14.9 | 32.1 |
El resto de Europa | 20.7 | 18.1 | 43.4 |
Resto de asia | 20.5 | 23.6 | 47.1 |
Resto del mundo | 8.0 | 4.7 | 17.4 |
Total | 209.7 | 200.5 | 444.7 |
5 Investigación y desarrollo (I + D)
El gasto total en investigación y desarrollo del Grupo es el siguiente:
| Medio año para 30 Septiembre 2023 | Semestral hasta el 30 de septiembre de 2022 | Año hasta 31 de marzo de 2023 | |
£ m | £ m | £ m | ||
Gasto de I+D con cargo a la Cuenta de Resultados Consolidada | 19.7 | 18.2 | 36.7 | |
Menos: depreciación de activos fijos relacionados con I+D | - | (0.2) | (0.3) | |
Más: montos capitalizados como activos fijos | - | - | - | |
Menos: amortización de costes de I+D previamente capitalizados como intangibles | (0.3) | (0.6) | (2.2) | |
Más: montos capitalizados como activos intangibles | 0.3 | 0.1 | 0.6 | |
Efectivo total gastado en I+D durante el año | 19.7 | 17.5 | 34.8 | |
Impuestos 6
The total effective tax rate on profits for the half year is 24.7% (2022: 22.2%). The weighted average tax rate in respect of adjusted profit before tax (see Note 2) for the half year is 24.0% (2022: 21.4%).
For the full year the Group expects the tax rate in respect of adjusted profit before tax to be 24.2%.
7 dividendos por acción
El Grupo pagó los siguientes dividendos por acción:
| Medio año para 30 Septiembre 2023 | Semestral hasta el 30 de septiembre de 2022 | Año hasta 31 de marzo de 2023 |
penique | penique | penique | |
Dividendo final del período anterior | - | 13.7 | 13.7 |
Dividendo a cuenta del periodo actual | - | - | 4.6 |
| - | 13.7 | 18.3 |
Los siguientes dividendos por acción fueron propuestos por el Grupo con respecto a cada período contable presentado:
| Medio año para 30 Septiembre 2023 | Semestral hasta el 30 de septiembre de 2022 | Año hasta 31 de marzo de 2023 |
penique | penique | penique | |
Dividendo a cuenta | 4.9 | 4.6 | 4.6 |
Dividendo final | - | - | 14.9 |
| 4.9 | 4.6 | 19.5 |
The interim dividend for the year to 31 March 2023 of 4.6 pence was approved by a sub-committee of the Board on 7 November 2022 and was paid on 13 January 2023. The final dividend for the year to 31 March 2023 of 14.9 pence was approved by Shareholders at the Annual General Meeting on 19 September 2023 and was paid on 12 October 2023.
The interim dividend for the year to 31 March 2024 of 4.9 pence per share was approved by a sub-committee of the Board on 7 November 2023 and has not been included as a liability as at 30 September 2023. The interim dividend is expected to be paid on 12 January 2024 to Shareholders on the register on the record date of 1 December 2023, with an ex-dividend date of 30 November 2023 and with the last date of election for the Dividend Reinvestment Plan (DRIP) being 19 December 2023.
8 Instrumentos financieros
Valores razonables de activos y pasivos financieros
La siguiente tabla muestra los valores en libros y los valores razonables de los activos y pasivos financieros, incluidos sus niveles en la jerarquía del valor razonable. No incluye información de valor razonable para activos financieros y pasivos financieros no medidos a valor razonable si el valor en libros es una aproximación razonable del valor razonable.
|
| Como en 30 Septiembre 2023 | Como en 30 Septiembre 2022 as restated (1,2) | Al 31 de marzo de 2023 as restated (2) | |||
| Jerarquía de valor razonable | Importe en libros | Valor razonable | Importe en libros | Valor razonable | Importe en libros | Valor razonable |
| £ m | £ m | £ m | £ m | £ m | £ m | |
Activos contabilizados a costo amortizado |
|
|
|
|
| ||
Cuentas por cobrar a largo plazo | 1.2 | 0.1 |
| 0.5 |
| ||
Cuentas por cobrar comerciales | 82.0 | 86.2 | 92.4 |
| |||
Otras cuentas por cobrar e ingresos acumulados | 11.1 | 6.0 |
| 8.4 |
| ||
Efectivo y equivalentes de efectivo | 101.7 | 118.9 |
| 112.7 |
| ||
Activos contabilizados a valor razonable |
|
|
|
|
| ||
Instrumentos financieros derivados: |
|
|
|
|
| ||
- Contratos de moneda extranjera | 2 | 2.3 | 2.3 | 0.2 | 0.2 | 2.0 | 2.0 |
|
|
|
|
| |||
Pasivos contabilizados a valor razonable |
|
|
|
|
| ||
Instrumentos financieros derivados: |
|
|
|
|
| ||
- Contratos de moneda extranjera | 2 | (1.3) | (1.3) | (9.0) | (9.0) | (1.2) | (1.2) |
Pasivos registrados a costo amortizado |
|
|
|
|
| ||
Comerciales y otras cuentas a pagar | (59.9) | (64.6) |
| (79.9) |
| ||
sobregiros bancarios | (21.4) | (20.2) |
| (11.2) |
| ||
Préstamos | (1.2) | (1.7) |
| (1.3) |
| ||
Arrendamiento a pagar |
| (34.8) | (31.4) |
| (31.4) |
|
(1) Details of restatement of prior period numbers can be found in note 1.
(2) The other receivables and accrued income and trade and other payables balances in the table above, as at 30 September 2022 and 31 March 2023, have been restated to remove the tax-related balances which do not meet the accounting definition of financial assets and liabilities. As a result, at 30 September 2022, other receivables and accrued income were reduced by £5.2m, while trade and other payables were reduced by £7.1m; at 31 March 2023, other receivables and accrued income were reduced by £5.8m, while trade and other payables were reduced by £6.1m.
A continuación se resumen los principales métodos y supuestos utilizados para estimar los valores razonables de los instrumentos financieros reflejados en la tabla anterior.
Instrumentos financieros derivados
Los instrumentos financieros derivados se ajustan a precios de mercado utilizando precios de mercado.
Préstamos a tipo fijo y variable
El valor razonable de los préstamos a tasa fija y variable se estima descontando los flujos de efectivo futuros de capital e intereses contratados utilizando la tasa de interés de mercado a la fecha de presentación.
Cuentas comerciales y otras cuentas por cobrar / por pagar
For receivables/payables with a remaining life of less than one year, the carrying amount is deemed to reflect the fair value. All other receivables/payables are discounted to determine their fair value. Advances received are excluded from other payables above as these are not considered to be financial liabilities. Tax related receivables and payables are excluded from the above table as these are not considered to be financial assets and liabilities.
Arrendamiento a pagar
El pasivo por arrendamiento se mide al costo amortizado utilizando el método de interés efectivo.
Jerarquía de valor razonable
The table above gives details of the valuation method used in arriving at the fair value of financial instruments. The different levels have been identified as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities,
- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
- Level 3: inputs for the asset or liability that are not based on observable market data.
No ha habido transferencias entre niveles durante el año.
9 Obligaciones por prestaciones de jubilación
El Grupo opera un plan de beneficios definidos en el Reino Unido. Se llevó a cabo una valoración actuarial completa del plan del Reino Unido al 31 de marzo de 2021 que, a efectos de presentación de informes, se ha actualizado al 30 de septiembre de 2023 por un actuario independiente cualificado.
A 31 de marzo de 2023, el actuario del plan calculó un activo por prestaciones de jubilación de 26.4 millones de libras esterlinas, siendo el neto de 251.5 millones de libras esterlinas de activos y un valor actual de pasivos futuros de 225.1 millones de libras esterlinas.
In the period to 30 September 2023, there has been an increase in the discount rate from 4.8% to 5.5% and significant changes to market conditions have reduced the value of the scheme's obligations. The impact of these changes has decreased the benefit obligation to £207.2m (31 March 2023: £225.1m). There have been no material changes to the demographic assumptions associated with the scheme.
The Group has agreed a basis for deficit recovery payments with the trustees of the UK pension scheme. The deficit recovery payments are payable through to and including 2026 and will rise by approximately 3% per annum. The deficit recovery payment for the period was £4.2m (year to 31 March 2023: £8.2m as well as an additional one-off payment of £4.0m). However, significant changes in market conditions reduced the scheme's assets during the period. As a result, the fair value of plan assets decreased to £218.5m (31 March 2022: £251.5m).
El efecto general es que, a efectos de la NIC 19, el superávit del plan disminuyó de 26.4 millones de libras esterlinas a 11.3 millones de libras esterlinas.
10 Partes relacionadas
There have been no related party transactions in the first 6 months of the current financial year which have materially affected the financial position or performance of the Group.
Related parties are consistent with those disclosed in the Group's annual report for the year ended 31 March 2023.
Principales riesgos e incertidumbres
Information regarding the risk management process in place at the Group is set out on pages 94 to 96 of the 2023 Report and Financial Statements.
The principal risks and uncertainties identified through that process are set out on pages 97 to 101 of the 2023 Report and Financial Statements and can be found on the Group's website at www.oxinst.com.
In keeping with the risk management process, the Group has performed a quarterly update of its risk register as at 30 September 2023. It has evaluated the disclosures made on pages 97 to 101 of the 2023 Report and Financial Statements and has concluded that all of the risks identified continue to be relevant for the remainder of the year ending 31 March 2024.
Further it considers that there are no additional significant risks to be disclosed.
A summary of the risks and uncertainties identified in the 2023 Report and Financial Statements is set out below:
· riesgo geopolítico;
· riesgo de la cadena de suministro;
· Routes to market risk;
· New Product Introduction risk
· Market risk: Recession/inflation
· Information Technology risk
· Legal and regulatory compliance risk
· Risk of adverse movements in long-term foreign currency rates
· Risk that a global pandemic/catastrophe causes major disruption
· People and capability risk
· Business interruption: operational risk
· Climate change risk; and
· Pensions risk.
Responsibility statement of the Directors in respect of the half-year financial statements
Los Consejeros confirman que, a su leal saber y entender:
? the condensed consolidated interim financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the UK; and
? the interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report that could do so.
Por orden de la Junta
ricardo tyson | Colina Gavin |
Director General | Director Financiero |
13 November 2023
Informe de revisión independiente para Oxford Instruments plc
Conclusión
Con base en nuestra revisión, nada ha llegado a nuestra atención que nos haga creer que el conjunto condensado de estados financieros en el informe financiero semestral para los seis meses terminados el 30 de septiembre de 2023 no está preparado, en todos los aspectos materiales, de acuerdo con El Reino Unido adoptó la Norma Internacional de Contabilidad 34 y las Reglas de Transparencia y Orientación de Divulgación de la Autoridad de Conducta Financiera del Reino Unido.
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2023 which comprises the condensed consolidated statement of income, condensed consolidated statement of comprehensive income, condensed consolidated statement of financial position, condensed consolidated statement of changes in equity, condensed consolidated statement of cash flows, and the related explanatory notes.
Base para la conclusión
Realizamos nuestra revisión de acuerdo con la Norma Internacional sobre Compromisos de Revisión (Reino Unido) 2410, "Revisión de Información Financiera Intermedia Realizada por el Auditor Independiente de la Entidad" ("ISRE (Reino Unido) 2410"). Una revisión de la información financiera intermedia consiste en realizar consultas, principalmente a las personas responsables de los asuntos financieros y contables, y aplicar procedimientos analíticos y de revisión. Una revisión tiene un alcance sustancialmente menor que una auditoría realizada de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) y, en consecuencia, no nos permite obtener seguridad de que tomaremos conocimiento de todos los asuntos importantes que podrían identificarse en una auditoría. En consecuencia, no expresamos una opinión de auditoría.
Como se revela en la Nota 1, los estados financieros anuales del grupo se preparan de acuerdo con las normas contables internacionales adoptadas en el Reino Unido. El conjunto resumido de estados financieros incluidos en este informe financiero semestral ha sido preparado de acuerdo con la Norma Internacional de Contabilidad 34 adoptada por el Reino Unido, "Información financiera intermedia".
Conclusiones relativas a la empresa en marcha
Con base en nuestros procedimientos de revisión, que son menos extensos que los realizados en una auditoría como se describe en la sección Bases de la conclusión de este informe, nada ha llegado a nuestra atención que sugiera que los directores hayan adoptado de manera inapropiada la base contable de negocio en marcha o que los directores han identificado incertidumbres materiales relacionadas con la empresa en funcionamiento que no se revelan adecuadamente.
Esta conclusión se basa en los procedimientos de revisión realizados de acuerdo con ISRE (Reino Unido) 2410, sin embargo, eventos o condiciones futuras pueden hacer que el grupo deje de continuar como empresa en funcionamiento.
Responsabilidades de los directores
Los directores son responsables de preparar el informe financiero semestral de acuerdo con la Guía de divulgación y las Reglas de transparencia de la Autoridad de Conducta Financiera del Reino Unido.
Al preparar el informe financiero semestral, los directores son responsables de evaluar la capacidad de la compañía para continuar como empresa en funcionamiento, revelando, según corresponda, los asuntos relacionados con la empresa en funcionamiento y utilizando la base contable de empresa en funcionamiento, a menos que los directores tengan la intención de liquidar la empresa o cesar sus operaciones, o no tenga otra alternativa realista que hacerlo.
Responsabilidades del auditor para la revisión de la información financiera
Al revisar el informe semestral, somos responsables de expresar a la Compañía una conclusión sobre el conjunto resumido de estados financieros en el informe financiero semestral. Nuestra conclusión, incluidas nuestras Conclusiones relativas a la empresa en funcionamiento, se basan en procedimientos que son menos extensos que los procedimientos de auditoría, como se describe en el párrafo Base de la conclusión de este informe.
Uso de nuestro informe
Nuestro informe ha sido preparado de acuerdo con los términos de nuestro compromiso para ayudar a la Compañía a cumplir con los requisitos de las Reglas de Transparencia y Orientación de Divulgación de la Autoridad de Conducta Financiera del Reino Unido y para ningún otro propósito. Ninguna persona tiene derecho a confiar en este informe a menos que dicha persona tenga derecho a confiar en este informe en virtud y para los fines de nuestros términos de contratación o haya sido expresamente autorizada para hacerlo mediante nuestro consentimiento previo por escrito. Salvo lo anterior, no aceptamos la responsabilidad de este informe ante ninguna otra persona ni para ningún otro propósito y, por la presente, renunciamos expresamente a cualquier responsabilidad de este tipo.
BDO LLP
Contadores Públicos
Lectura, reino unido
13 November 2023
BDO LLP es una sociedad de responsabilidad limitada registrada en Inglaterra y Gales (con número de registro OC305127).
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