Oxford Instruments has released positive H1 results. Key highlights include good growth, order book strength and unchanged FY24 guidance. H1 results summary Group revenue increased by 4.6% (7.5% at cc) due to good growth in Research & Discovery, and the order book grew by 10% at cc to £332m following a positive book to bill of 1.07x. Adjusted operating profit grew by 6.5% at cc to £36.5m and generated a constant currency adjusted operating profit margin of 18.2%, which was broadly in line with last year. Normalised cash conversion was 41%, compared to 65% last year, reflecting an adjustment for capital expenditure on capacity expansion and inventory build-up ahead of the transfer of operations to the new facility. Cash conversion is expected to return to historic rates in H2. Net cash was £79.1m compared to £97.1m last year and £100.2m at FY23. EPS was 2.8% lower y-o-y and the Group declared an interim dividend of 4.9p, which is a 6.5% increase y-o-y. Outlook FY24 guidance remains unchanged. The group enters H2 with a strong order book and a robust pipeline but remains mindful of the current macroeconomic environment. However, the current operational improvement programme is expected to support an increase in production and an improvement in H2 trading, as the business is usually second half weighted.