HIGH-tech firm Oxford Instruments says it is avoiding the effects of the credit crunch.

Chief executive Jonathan Flint said the company's focus on key areas such as the environment had meant the business was growing because clients were forced to invest as a result of new green legislation.

And a more commercial approach has meant the company has diversified into new areas, ranging from the braking systems of Formula One cars to the fine art market where techniques are used to gauge the age and authenticity of potentially valuable items.

Mr Flint said: "A few years ago we would have been locked in a physics laboratory but staff now fully realise the commercial benefits of working at the frontiers of technology."

When Mr Flint took over as chief executive two years ago, he announced a five-year plan to revamp and extend the business, which had recently cut 60 jobs, closed its Eynsham site and then declared a £700,000 half-year loss.

But now the company, which has its headquarters at Tubney Woods near Abingdon, has been able to post a healthy set of financial results. Figures published for the Year to March 31 show pre-tax profits rose by 26.7 per cent to £9.5m compared to £7.5m for the previous year.

Mr Flint added: "Our markets are proving very resilient as we are working in very specific niches.

"The company has always had great technology and great people but we have not been able to commercialise that.

"That is something I have sought to change and we are really making good progress."

The last year also saw the sale of Oxford Insruments' buildings at Eynsham and Abingdon which added £7.7m to the balance book, to be used for further investment.

A total of 278 people now work at the Tubney Woods site, where about 30 jobs were created in the last year.

2:24pm Thursday 12th June 2008

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