Bosses at hi-tech manufacturer Oxford Instruments have revealed sales had fallen in the last quarter of 2013.

But in a trading update, they remained bullish about the future, predicting a strong performance in February and March despite “underperformance” at the Omicron facility in Germany with figures for the year expected to be in line with 2012.

Orders at the firm headquartered at Tubney Woods, near Abingdon, are also up on the same period in 2012 across Asia, Europe and North America.

Meanwhile, global aviation management and charter company, Hangar 8, based at Oxford Airport, believes the Winter Olympics in Sochi, Russia, will lead to a spike in demand for private jets.

Chief executive Dustin Dryden said: “Big sporting events such as the Olympics usually lead to a significant increase in the use of private jets.

“We now have a fleet of more than 50 aircraft that can operate from anywhere in Europe.

“Many also have the range to fly from Europe to Africa, the Middle East and America. Given this, plus the fact that we have an established base in Sochi, we are well-positioned to take advantage of the anticipated increase in demand for private jets around the Winter Olympics.”

Hangar 8 is the one of largest private aircraft operators in the UK and among the top five in Europe. It specialises in operating mid-size and heavy aircraft.