High-tech company Oxford Instruments said it was well-placed to weather the recesssion, after reporting revenues up 17 per cent.

Chief executive Jonathan Flint, pictured, said: "Long-term, we are still very confident. The business has improved dramatically over the past three years, but we are not predicting any growth next year.

"It would be foolish to say when this recession is going to end. Oxford Instruments has been going for 50 years and we are quite capable of dealing with a prolonged recession.

"When the recession ends we will be in a good position to take advantage of the upturn."

The company reported an £9.3m loss for the full year ended March 31, compared with a £5m profit last year.

However, it said profits were up 17 per cent to £11.m when adjusted for one-off reorganisation costs and different accountancy rules.