Oxford Instruments has reported FY16 results in line with expectations, with a decline in sales but a 3.6% increase in PBT due to cost saving measures, and a reassuring reduction in net debt/EBITDA. Market conditions remain uncertain, but order intake was almost in line with the previous year, and the first two months of FY17 have seen flat sales and a marginal improvement in profits. We do not anticipate making significant changes to our P&L forecasts, although we expect to reduce our forecast for net debt.
