Hi-tech engineering company Oxford Instruments has unveiled a 60 per cent leap in its profits.

The firm, which has its global headquarters at Tubney Woods, near Abingdon, saw its pre-tax profit for the year ending March 31 rise to £42m from £26.2m the previous year.

Revenue was up 28.6 per cent at £337.3m from £262.3m in 2011.

Chief executive Jonathan Flint said: “A changing market presents interesting opportunities as well as challenges and we are confident that we have the structure, products and talent in place to make further progress in the current year and beyond.”

Over the year since July 2011 Oxford Instruments has seen its share price surge from 800p to more than 1,200p.

Mr Flint added: “Our performance in developed markets benefited from sales of products and services from our new acquisitions.”

He added: “Going forward, we expect further opportunities to emerge in Asia as we expand the reach of these products and services.”