Growth on the agenda

"Our practical objective is to double the size of the business through nanotechnology,"

he explained.

Such confidence is perhaps remarkable given the recent history of the firm which has witnessed hundreds of job losses and the closure of its Eynhsam plant as part of a major restructuring programme.

But as Mr Flint, 46, who was appointed in April 2005, stressed, Oxford Instruments has moved away from the its previous core business of manufacturing magnets used for items such as magnetic resonance imaging scanners in hospitals, to embrace more cutting-edge technology.

That was, he perceived, a necessary step change away from the vision of the firm's founders, Sir Martin and Lady Audrey Wood, to make low temperature superconducting magnets - then a pioneering technology.

Mr Flint said: "I looked at the portfolio of businesses and while magnets were important historically, they were not necessarily going to add growth to the business.

"Our aim is to be the leading provider of tools and systems to the bioscience sector.

"The vast majority of conventional industry will move towards nanotechnology in the years to come ranging from the microelectronics in a washing machine to paint, cosmetics and pharmaceuticals all being constructed at a nano level."

The ability to analyse at this microscopically small level will also be useful in tackling threats such as the bird flu virus because it will allow scientists to view its structure and, as a result, offer clues on how to fight it effectively.

Mr Flint added: "It is like a gold prospector being provided with a sieve. They might not strike gold but at least we are providing them with the tools to do it."

An Oxford Instruments machine, Hypersense, specifically looks at the molecular structure of pharmaceuticals and the company's Tubney Woods-based Biotools division has grown from a standing start in 2004 to one which now employs 65 people under the leadership of managing director Frank Trundle.

The Nanoanalysis division in Bristol has a product known as Inca which, for example, can detect nano particles of gun shot residue on clothing that can then be traced back to the invividual weapon. The system is in use by police forces worldwide.

Another system can identify hazardous substances such as cadmium and mercury for example on brownfield sites where housing is to be built.

Significantly, the company which claims to be the first commercial spin-off from Oxford University, maintains its strong links with the instititution, which also remains a customer.

The firm has also not turned its back on its traditional business either, as it still produces superconducting wire which allows large currents to be generated with little resistance.

Recent applications include linking energy efficient LED lights used to illuminate the South Portland Street Suspension Bridge over the River Clyde in Scotland, and for headlights in top of the range cars such as Audi.

Such technology will become increasingly commonplace in our homes in the drive to reduce our carbon footprint.

Mr Flint is also keen to stress that Oxford Instuments is still very much a manufacturer with "several million pounds" worth of product leaving the site every month to customers around the world including Siemens, Hitachi, IBM and Intel.

The company's Oxfordshire base is now on a single site at Tubney Woods near Abingdon where it employs 260 people - 86 per cent of whom live in the county.

After a painful five years it seems the new structure of Oxford Instruments is starting to work. A total of 44 new recruits have been taken on in the last year.

And the firm has turned a £900,000 loss into a pre-tax profit of £1.7m for the six months to the end of last September, with Mr Flint confident that is just the start of a more profitable future.

Contact: Oxford Instruments, 01865 393200, www.oxford-instruments.com