For a British start-up in the physical sciences to establish clear global leadership in its market and a solid presence on the stock exchange is a rare thing indeed. It has taken more than 40 years for Oxford Instruments — the University of Oxfords very first start-up company — to get where it is today, with 1,200 employees and annual sales of ￡156 million (US$276 million). But having made a name for itself as perhaps the world's leading supplier of high-specification magnets for research equipment, the company has suffered a few setbacks. The firm was established in 1959 by a physicist, Martin Wood, who had just built Europe's first superconducting magnet. It grew steadily and was listed on the London Stock Exchange in 1983. But analysts say that its recent woes illustrate the pitfalls for companies whose scientific ambitions get in the way of profitability.
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