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RNS Number : 2665N Oxford Metrics PLC 18 June 2025
18(th) June 2025
Oxford Metrics plc
("Oxford Metrics", the "Company" or the "Group")
Interim Results for the six months ended 31 March 2025
- Progressive H1 and broadening of addressable market opportunities
- Markerless motion capture launched successfully with
commercialisation progressing well
- Two acquisitions completed and new MD hire to support build out of
smart manufacturing
Oxford Metrics plc (LSE: OMG), the smart sensing and software company,
servicing life sciences, entertainment, engineering and smart manufacturing
markets, announces unaudited interim results for the six months ended 31 March
2025.
Commenting on the results Imogen O'Connor, Chief Executive, said: "Oxford
Metrics has made clear strategic progress in the first half, and is reporting
in line with management expectations, against an exceptionally strong
comparator created by the fulfilment of our record order book last year.
After several years in development, Vicon Markerless went live in March. I
would like to thank our team for their tremendous effort in creating the best
launch we have ever delivered and to our 10 beta customers for all their
feedback, critiques and support along the way. Vicon is leading the way to set
the industry standard, and this is the start to building a quality software
and services revenue stream to complement our marker-based business.
We strengthened our smart manufacturing division with the acquisition of
Sempre, and appointed a dedicated smart manufacturing managing director, to
drive our growth initiatives. Now, the immediate focus is bringing together
the precision and distribution capabilities of Sempre and the vision
capabilities of IVS, to build an engine to capture more of this substantial
growth market.
Trading in the second half has begun as expected, in line with previous years
and our usual seasonal trading patterns, albeit we remain mindful of external
macro uncertainty. As a diversified business, we are seeing improving activity
for Vicon in South America, Asia Pacific and Europe, while recent policy
change in the United States relating to the timing of approved funding is
starting to impact our institutional and academic customers, a sizeable
proportion of our US business. In smart manufacturing, there is good
visibility with a building orderbook and pipeline which continues beyond the
current financial year.
Notwithstanding the well-publicised uncertainty in the US market and typically
being a second half-weighted business, the Board anticipates the full year
Adjusted EBIT to be in-line with the Board's expectations based on present
market conditions and the conversion and execution of pipeline opportunities
at their historical rate."
H1 FY25 H1 FY24 FY24
Revenue £20.1m £23.5m £41.5m
Gross Margin % 65.5% 66.8% 66.5%
Statutory Profit/(Loss) before Tax (£0.7m) £3.7m £2.8m
Adjusted (Loss)/Earnings before Interest and Tax* (£0.4m) £3.0m £1.7m
Adjusted (Loss)/Earnings before Interest & Tax Margin (2.0%) 12.7% 4.1%
(Loss)/Earnings before Interest & Tax (£1.3m) £2.6m £0.8m
Net Cash £39.9m £54.8m £50.7m
Dividend paid £4.2m £3.6m £3.6m
Basic (Loss)/Earnings per Share (0.63p) 2.34p 2.24p
* Adjusted (Loss)/Earnings before Interest and Tax, adjusted for share-based
payments, amortisation of intangibles arising on acquisition and exceptional
costs.
Financial and strategic highlights
● Headline Group revenue of £20.1m, down 14% (H1 FY24: 23.5m), in line with
management expectations and reflecting a particularly strong comparative due
to:
○ Unusually large opening FY24 order book.
○ Final stage delivery of our largest order in company history.
○ As customer buying returned to normal in H2 FY24 this trend was not expected
to continue.
● Group adjusted earnings before interest and tax of (£0.4m) (H1 FY24: £3.0m).
● Basic earnings per share (0.63p) (H1 FY24: 2.34p).
● Strong balance sheet with net cash position of £39.9m as at 31 March 2025 (H1
FY24: £54.8m), providing substantial resources for further targeted M&A
and capital returns. Post Sempre acquisition of £5.5m, dividend of £4.2m and
share buyback program of £3.6 million.
● Cash generation from operating activities £2.8m (H1FY24: £2.2m) reflecting
strong and improved working capital management.
● Completed restructuring to allocate resources to high impact areas.
Motion capture: launched Vicon Markerless, the future of our industry
● Vicon Markerless launched in March 2025 empowering Visual Effects teams to
bring ideas to life with greater speed and ease than ever before.
○ Initial feedback continues to be positive with global demonstrations underway.
○ Dreamscape Immersive's latest VR experience is already powered by Vicon
Markerless.
● Good progress in Vicon's marker-based business, with new contracts and
customer upgrades secured across all main markets and geographies.
Smart manufacturing: bolstered by two acquisitions and new leadership
appointment
● Reported revenues of £5.3m (H1 FY24 £1.8m), an increase of 194%, inclusive
of revenue contributions of £3.6m from Sempre, acquired in the period.
● Organic growth for the period is down slightly by 3% due to some contract
delivery delays which have been delivered post period end.
● Multiple contracts secured across a broad set of markets including aerospace,
medical, pharmaceutical and automotive.
● Strengthened the division via acquisition of The Sempre Group Holdings Ltd
("Sempre") with integration underway.
● Appointed Dr Simon Gunter as managing director to lead and build our position
in this important growth area.
● Post period end, completed acquisition of Amber Optix Ltd ("Amber Optix"),
further strengthening both IVS' and Sempre's product portfolios.
Outlook
● Overall, trading in the second half has started in line with the Board's
expectations and our usual seasonal trading patterns.
● A typical pipeline of motion capture opportunities across majority of
geographies for the remainder of the financial year.
● Improving activity and opportunities for Vicon in South America, Asia Pacific
and Europe in our Entertainment and Life Sciences markets.
● Our US institutional and academic customers are navigating the changing
landscape with recent US policy changes and subsequent reduction in grants and
funding.
● This is starting to impact our US operation with several pipeline
opportunities being cancelled or being delayed beyond the current financial
year.
● Markerless is in early commercialisation with global demonstrations underway;
we expect to realise modest markerless revenues in FY25.
● Good visibility in smart manufacturing with a building orderbook and pipeline
which continues beyond the current financial year.
● Separately, the Group continues to monitor the US tariff situation and does
not anticipate the current US tariff policy will have a material impact.
● Although we remain mindful of external macro uncertainty and the natural H2
weighting of the business, the Board anticipates the full year Adjusted EBIT
to be in-line with the Board's expectations based on present market conditions
and the conversion and execution of pipeline opportunities at their historical
rate.
● Long-term fundamental drivers of our business remain strong, with the right
products and the right teams well-placed to accelerate and execute.
● The Board has approved an additional £4m extension of the share buyback
programme to take it up to £10m in aggregate.
For further information please contact:
Oxford Metrics +44 (0)1865 261860
Imogen O'Connor, CEO
Zoe Fox, CFO
Panmure Liberum (Nomad & Broker) +44 (0)20 3100 2000
Max Jones / James Sinclair-Ford / Gaya Bhatt
FTI Consulting +44 (0)20 3727 1000
Matt Dixon / Emma Hall / Jemima Gurney
About Oxford Metrics
Oxford Metrics is a smart sensing and software company that enables the
interface between the real world and its virtual twin. Our smart sensing
technology helps over 10,000 customers in more than 70 countries, including
all the world's top 10 games companies and all of the top 20 universities
worldwide. Founded in 1984, we started our journey in healthcare, expanded
into entertainment, winning an OSCAR® and an Emmy®, moved into engineering
and smart manufacturing. We have a strong track record of creating value by
incubating, growing and then augmenting through acquisition, unique technology
businesses.
The Group trades through its market-leading division Vicon, Industrial Vision
Systems, and recently acquired, The Sempre Group. Vicon
(https://www.vicon.com) is a world leader in motion measurement analysis to
thousands of customers worldwide, including Red Bull, Imperial College London,
Dreamscape Immersive, Industrial Light & Magic, and NASA. Industrial
Vision Systems (https://www.industrialvision.co.uk/) is a specialist in
machine vision software and technology for high precision, automated quality
control systems trusted by blue-chip, smart manufacturing companies across the
globe including BD, DePuy, Jaguar Land Rover, Johnson & Johnson, Zytronic
and Alkegen. Sempre (https://www.thesempregroup.com/) is a measurement
specialist solving manufacturing challenges across multiple industries.
Through their expert in-house consultants and partnerships with over 25
well-known manufacturers including Jenoptik, Renishaw and Micro-Vu, Sempre
offers an extensive range of products and software to customers in aerospace,
automotive, medical, energy and precision engineering.
The Group is headquartered in Oxford with offices in the United Kingdom,
Ireland, United States and Germany. Since 2001, Oxford Metrics (LSE: OMG), has
been a quoted company listed on AIM, a market operated by the London Stock
Exchange. For more information about Oxford Metrics, visit
www.oxfordmetrics.com (http://www.oxfordmetrics.com) .
Chief Executive's Statement
Oxford Metrics has made clear strategic progress in the first half, reporting
in line with management expectations. The performance has been driven across
both our divisions with an ongoing focus on cost and efficiency. Continued
focus has been put into setting the Group up for growth as we continue to
actively allocate resources to high-impact areas.
The Group has made good strategic progress in the half with the management
team focussed on executing on the key priorities set out at our full year
results. Chiefly, these priorities included getting markerless into our
customers' hands and establishing our new growth area, smart manufacturing, to
position us for future growth. I'm pleased to report clear operational
progress on both fronts.
In March, our highly anticipated next generation Vicon Markerless went live
and launched at the Game Developer Conference in San Francisco - no suits, no
markers needed, enabling faster creative visualisation of motion capture in
real time. We worked very closely in the extensive beta testing phases with
some of the biggest names in Visual Effects including Industrial Light &
Magic, Gearbox Entertainment, Dreamscape Immersive, Dimension|DNEG360 and
Framestore, and feedback so far has been positive.
With commercialisation now underway we are well placed to build a quality
software and services revenue stream on top of our marker-based business and
as anticipated, expect to realise modest markerless revenues in FY25. As
planned, initial rollout is to the Entertainment market, enabling Visual
Effects teams to quickly bring creative ideas to life and transition to full
optical motion capture if required. As Vicon leads the way to set this new
industry standard, our new markerless system is already powering Dreamscape
Immersive's latest VR experience in Geneva. Post period end, our teams have
conducted a number of demonstrations globally to over 250 interested parties
and our markerless opportunity pipeline is now building.
In October, we strengthened our smart manufacturing offering with the
acquisition of Sempre. Sempre are measurement specialists and an established
sales and services organisation, helping well-known, blue-chip manufacturers
solve metrology challenges, improve quality and efficiencies across multiple
industries including aerospace, automotive, medical and precision engineering.
As we execute upon our smart manufacturing opportunity, we welcomed a new
managing director, Dr Simon Gunter to lead and drive forward important
initiatives to build the Group's position in this important market and growth
area.
Post period end, we acquired Amber Optix, bringing 27 years' experience
developing non-contact machine vison inspection systems for contact lens
manufacturers to automatically detect defects and ensure 'right first time'
products. Amber Optix has been incorporated into Industrial Vision Systems
("IVS"), strengthening both IVS' and Sempre's product portfolios as we
accelerate commercial and R&D efforts.
As we move forward, the Group has clear ambitions for the division, with an
immediate focus on bringing together the commercial capabilities of Sempre and
the vision capabilities of IVS, to build an engine for growth and applying
this across co-ordinated manufacturing and quality environments.
Following these acquisitions and the appointment of our new smart
manufacturing managing director, we are currently formulating the Group's new
three-year strategy which is expected to be announced at our full year results
later this year.
Operational and financial performance
Revenue Adjusted EBIT
H1 FY25 H1 FY24 FY24 H1 FY25 H1 FY24 FY24
Motion capture £14.8m £21.7m £38.6m £0.6m £4.4m £5.1m
Smart manufacturing £5.3m £1.8m £2.9m £0.7m £0.5m £0.3m
PLC - unallocated (£1.7m) (£1.9m) (£3.7m)
Total Continued Operations £20.1m £23.5m £41.5m (£0.4m) £3.0m £1.7m
The Group delivered revenues of £20.1m (H1 FY24: £23.5m) in line with
management's expectations. Revenue includes £3.6m generated from Sempre,
which we acquired to strengthen our smart manufacturing division. The Group
reports Adjusted EBIT* (£0.4m) (H1 FY24 EBIT: £3.0m).
H1 FY24 is a particularly strong comparative reflecting the opening order book
of FY24 and final stage delivery of our largest order in company history. This
trend in H1 FY24 was not expected to be repeated in FY25 once customer buying
returned to normal in H2 FY24.
* Adjusted (Loss)/Earnings before Interest and Tax, adjusted for share-based
payments, amortisation of intangibles arising on acquisition and exceptional
costs.
Vertical performance
The Group operates across four markets, life sciences, entertainment,
engineering and smart manufacturing, giving a strong income stream and a
diverse range of applications for our products. Contracting periods and buying
cycles can therefore vary considerably and comparison on a six-month basis can
significantly change from period to period. The Group continues to see strong
repeat business above 80% within all markets in our motion capture division.
Motion capture
Motion capture revenues were down 32% in the period against an exceptionally
strong H1 FY24 comparator and a normalisation of buying patterns in H2 FY24.
Revenue of £14.8m (H1 FY24 £21.8m), and gross margins remain strong. The
adjusted EBIT of the division after Group allocation of costs is £0.6m (H1
FY24: £4.4m).
While markerless has been a major focus as our teams worked towards its
successful launch, Vicon's marker-based business also saw good progress,
securing both new contracts and customer upgrades across all main markets and
geographies:
● A leading group of rehabilitation hospitals across Brazil invested in its
first Vicon Valkyrie system to carry out clinical gait analysis, enabling its
orthopaedic teams to make informed decisions and recommend clinical, surgical
and rehabilitative treatments.
● Major Entertainment producers across the USA, Japan and Korea invested in
large Valkyrie systems to capture ultra realistic movement and bring their
characters to life.
● Sandbox VR continued its rollout, now with 55 facilities across the globe and
more due to be opened.
Life Sciences
Life Sciences reported revenues of £5.6m (H1 FY24 £8.1m), a decline of 31%
on the prior year, marginally below management expectations and against a
strong comparator. H1 2024 saw higher than normal sales due to the fulfilment
of sales in the order book which had built up to record levels in FY23 as a
result of the well-documented supply chain challenges following the pandemic.
Entertainment
Entertainment reported revenues of £7.2m (H1 FY24 £8.9m), a decline of 19%
on the prior year. This was above management expectations, with Entertainment
showing improved activity across most of the territories:
● India saw good growth in the half. A leading Indian film studio and a
long-standing visual effects customer both invested in large Valkyrie systems
for their facilities.
● A new customer in South Korea, purchased a 60-camera Valkyrie system for their
new virtual content studio which enables V-Tubers to capture their movements
to the highest precision, enabling them to live broadcast more realistic and
lifelike digital avatars.
Engineering
Engineering, our smallest vertical, reported revenues of £2.0m (H1 FY24
£4.9m), representing a decline of 59% on prior year. This was in line with
management expectations for the half due to the exceptionally high comparator
in H1 2024, which saw unusually high revenues in Engineering due to final
stages of delivery of the largest standalone order in company history.
In the half, contracts were secured in the automotive, aerospace, metrology
and research sectors, including a top-ranking UK university and long-standing
customer investing in a new Vicon system for research into autonomous
vehicles.
Smart manufacturing
Smart manufacturing reported revenues of £5.3m (H1 FY24 £1.8m), an increase
of 194%, inclusive of revenue contributions of £3.6m from Sempre, acquired in
the period. Organic growth in the period is down by 3% due to some contract
delivery delays impacting revenue recognition. Gross margins are resilient
although Sempre has a lower gross margin percentage than IVS due to the
different business model. The adjusted EBIT of the division after Group
allocation of costs is £0.7m (H1 FY24: £0.5m).
During the half, we welcomed Dr Simon Gunter as managing director to lead this
division. Simon is an experienced c-level leader with an extensive track
record of growing early-stage technology businesses and successfully
implementing change through business transformation, strategy and direction,
M&A, and launching innovative products.
Multiple new contracts were secured across various markets including
aerospace, medical, pharmaceutical, and automotive, as demand continues for
automated vision inspection, quality control and metrology solutions.
● A UK-based dry inhaler manufacturer invested in an IVS system to automatically
inspect blister strips containing pre-set doses of medicine for asthma
sufferers. The IVS system inspects each individual blister, checking the
height, width and form, ensuring the correct dosage of medicine is included
and they are compliant with strict medical regulations.
● Three major contracts secured with leading Formula 1 teams, supplying
measurement systems to help teams optimise performance in races to gain
competitive advantage.
● A long-standing leading medical device customer invested in a multi-sensing
vision solution for the precision inspection of safety-critical components.
Profitability
Gross profit decreased by 16% to £13.2m (H1 FY24 £15.7m), with gross margin
at 65.5% (H1 FY24: 66.8%) down 130 bps. The decline is mainly due to the mix
in sales and the higher volume of sales going through our smart manufacturing
division, which is typically lower margin than the motion capture business.
As expected, sales, support and marketing costs increased to £5.4m (H1 FY24:
£4.5m) a 21% increase representing the ongoing operational costs from the
Sempre acquisition.
Research and development costs were £2.5m (H1 FY24: £2.7m), with investment
still being incurred in markerless development and new products for H2 2025.
Administration costs also increased to £6.5m (H1 FY24: £5.9m) an 11%
increase in the main attributable to the Sempre acquisition, partially offset
by savings seen year-on-year in the motion capture division.
Adjusted profit before tax £0.3m (H1 FY24: £4.0m) reflecting the lower
revenue as detailed above.
Adjustments made to the interim financial results before tax were £1.0m (H1
FY24: £0.4m) and are for share-based payments, amortisation of intangibles
arising on acquisition and professional fees in relations to acquisitions. See
note 4 for further detail.
The finance income for the period was £0.7m (H1 FY24: £1.1m). The income is
derived from the Group's large cash balances held on interest bearing deposit
accounts. Over the period the value held, and the interest rates have
decreased resulting in the lower finance income. Cash has been utilised to
fund the acquisition of Sempre and Amber Optix, pay dividend and the share
buyback.
EBIT
Adjusted EBIT which provides a more consistent comparison of trading between
the financial periods of the Group and removes any non-operating costs,
decreased in the period by 113% to a loss of £0.4m (H1 FY24: profit £3.0m).
Reflecting the lower revenue in the period and higher operational costs as
detailed above.
The Group remains focused on enhancing profitability by optimising operational
overheads and driving efficiencies across all departments and divisions. We
are actively reducing costs and implementing automation software to streamline
processes, improve productivity, and support sustainable growth.
Tax
The Group tax charge is £0.1m (H1 FY2024: £0.6m). The tax charge in the
period is due to movements in deferred tax including, but not exclusively,
capital allowances in excess of depreciation and amortisation. The Group's
consolidated effective tax rate for H1 2025 was 13.0% (H1 2024: 29.5%).
Cash and cash generation
Following recent acquisitions and the share buyback programme, the Group cash
position remains strong at £39.9m (H1 FY24: £54.8m) as at 31 March 2025.
The inventory position at the end of the reporting period was £8.1m (H1 FY24:
£9.0m). Following the well documented supply chain challenges of previous
years, Vicon has continued to drive inventory down in line with forecasts and
has made improvements to procurement processes working to internal agreed
targets and KPIs.
Cash used in investing and financing activities included continued investment
in research and development of £1.8m (H1 FY24: £1.4m), interest received
£0.6m (H1 FY24: £1.1m), the deployment of £4.3m (net of cash acquired) on
the acquisition of Sempre and other capital items £0.2m.
The final cash dividend of £4.2m (H1 FY24: £3.6m), continuing the Group's
progressive dividend policy and cash utilised for shares repurchased of £3.6m
at period end. At the current rate we expect the £6m of cash allocated for
the share repurchase to be fully utilised during August to September 2025.
Cash generated by operations during the first half was £2.8m compared with
£2.2m in the first half of last year, reflecting the lower profitability of
the period being offset with stronger control on working capital.
Board changes
In October, we welcomed Dr Ian Wilcock as Non-Executive Director. Ian is Chair
of the Remuneration Committee and a member of the Audit Committee. Ian brings
over 30 years' experience, has a proven track record of growing businesses
organically and through acquisition and held senior positions at smart sensor
businesses that delivered ambitious growth plans.
Post period end, we welcomed Dr Margaret Amos as a Non-Executive Director.
Margaret brings over 27 years' executive experience, the majority of which
were at Rolls Royce, where she held senior leadership positions including
Finance Director. Margaret brings strong expertise in M&A, international
growth, turnarounds and transformation and has held senior independent, audit,
remuneration and ESG Chair positions.
Paul Taylor will be retiring from the Board on 30(th) June 2025 and Margaret
will, from July 1st take over as Chair of the Audit Committee and become a
member of the Remuneration Committee.
Roger Parry has informed the Board of his intention to not stand for
re-election as Chair at the next AGM. Recruitment for a replacement Chair has
commenced.
Long-standing Executive Director and Company Secretary, Cathy Robertson,
retired after 24 years on the Board and almost 40 years of service. Cathy has
made an enormous contribution to the company over that time, including
floating the business on AIM, setting up our US offices and, acquiring and
selling businesses for the Group. On behalf of the Board, colleagues and our
shareholders, we wish Cathy the very best in retirement.
Co-secretary
Post period end, Philip Abrahams was appointed as Company Secretary for the
Group. Philip brings a tremendous amount of experience including strong legal
expertise, governance leadership, supporting M&A transactions, regulatory
compliance, and sustainability.
Capital allocation
Share buyback programme
In October 2024 we were pleased to announce a return of up to £6m of cash to
shareholders through the means of an on-market share buyback programme. The
buyback programme is tracking to expected timelines and as 17 June 2025 had
utilised £5.0m of cash and purchased 8.8m of shares at an average share price
of £0.55 per share.
As of 17 June 2025 the total number of voting rights in ordinary shares of
0.25 pence per share of Oxford Metrics was 122,592,334.
The Group is pleased to report, post period end, the Board approved an
additional £4m extension of the share buyback programme.
M&A
Oxford Metrics continues to have a disciplined and consistent approach to
M&A. We are actively pursuing M&A opportunities to drive more
applications into the smart manufacturing space, building the Group's position
in this important growth vector. We continue to only pursue opportunities that
align with our strict criteria and mantra; to find the right acquisitions, at
the right price, for the right reasons.
On 10 October 2024 the Group acquired 100% of the share capital of The Sempre
Group Holdings Limited on for a total consideration of up to £5.5m. Sempre
are measurement specialists and an established sales and services
organisation, helping manufacturers improve quality and efficiencies across
multiple industries including aerospace, automotive, medical and precision
engineering.
Post period end, on 4 April 2025, the Group acquired 100% of the share capital
of Amber Optix for a total consideration of up to £0.8m, including an earnout
contingent consideration of up to £0.3m dependent upon certain performance
targets being met. Amber Optix has a profitable track record and, in the year
ended 31 March 2024, reported unaudited revenues of £0.6m.
Our ongoing M&A programme continues with focus on smart manufacturing
opportunities to augment and accelerate this division's growth.
R&D
R&D investment and innovation of new products remains key to the success
of the business. Continued investment has seen development costs capitalised
in the period of £1.8m, £0.8m of which was for our new markerless motion
capture. Vicon Markerless was launched in March 2025 and initially aimed at
our Entertainment market. The majority of other spend is on other new products
and product improvements due for release in H2 2025.
Trading and Outlook
Overall, trading in the second half has begun as expected, in line with
previous years and our usual seasonal trading patterns, albeit we remain
mindful of external macro uncertainty.
Our latest innovation, Vicon Markerless, launched in March 2025 is
commercially available. Customer demonstrations are now taking place across
the globe, to deliver this latest technology into more of our customers'
hands.
As a diversified business, while we are seeing improving activity and
opportunities for Vicon in South America, Asia Pacific and Europe in our
Entertainment and Life Science markets, we are seeing macroeconomic factors
affecting certain areas of the business. In the United States we continue to
monitor evolving developments relating to recent policy change. The US
National Institutes of Health, the world's largest funder of biomedical
research, is facing significant changes and a subsequent reduction in grants
and funding. The National Science Foundation was also significantly affected.
Our institutional and academic customers are navigating this changing
landscape, and this is now being seen in our US operation with several
pipeline opportunities being cancelled or being delayed beyond the current
financial year.
Independent of these policy changes, the Group continues to monitor the US
tariff situation and does not anticipate the current US tariff policy will
have a material impact. To help mitigate the current macroeconomic climate we
continue to manage our cost base prudently.
In smart manufacturing we have good H2 visibility, with a building orderbook
and pipeline which continues beyond the current financial year. With a new
managing director in place, we are focused on bringing together our offering
to collaborate, upsell and develop cross sell opportunities as we buildout our
presence in this important growth area and scale it moving forward.
The long-term fundamental drivers of our business remain intact with the right
products and the right teams well-placed to accelerate and execute. Looking
ahead, we enter the second half with a typical pipeline of motion capture
opportunities across the majority of our geographies. Although we remain
mindful of external macro uncertainty and the natural H2 weighting of the
business, the Board anticipates the full year Adjusted EBIT to be in-line with
the Board's expectations based on present market conditions and the conversion
and execution of pipeline opportunities at their historical rate.
CONDENSED CONSOLIDATED INCOME STATEMENT
Six months ended Six months ended Year
31 March 31 March ended
2025 2024 30 September 2024
Restated
(unaudited) (unaudited) (audited)
Note £'000 £'000 £'000
Revenue 2 20,115 23,523 41,459
Cost of sales (6,943) (7,806) (13,868)
Gross profit 13,172 15,717 27,591
Sales, support and marketing costs (5,425) (4,531) (8,795)
Research and development (2,534) (2,676) (5,152)
Administrative expenses (6,548) (5,908) (12,920)
Operating (loss)/profit (1,335) 2,602 724
Finance income 818 1,199 2,334
Finance expense (149) (132) (276)
(Loss)/profit before taxation (666) 3,669 2,782
Taxation (148) (598) 149
(Loss)/profit from continuing operations (814) 3,071 2,931
Loss from discontinued operations, net of tax (472) (1,659) (2,173)
(Loss)/profit for the period attributable to
owners of the parent during the period (1,286) 1,412 758
(Loss)/earnings per share for profit on continuing operations attributable to
owners of the parent during the year
Basic (loss)/earnings per share (pence) 6 (0.63)p 2.34p 2.24p
Diluted (loss)/earnings per share (pence) 6 (0.63)p 2.31p 2.22p
(Loss)/earnings per share for profit on total operations attributable to
owners of the parent during the year
Basic (loss)/earnings per share (pence) 6 (1.00)p 1.08p 0.58p
Diluted (loss)/earnings per share (pence) 6 (1.00)p 1.05p 0.56p
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended Six months ended Year
31 March 31 March ended
2025 2024 30 September 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net (loss)/profit for the period (1,286) 1,412 758
Other comprehensive income
Items that will or may be reclassified to profit or loss
Exchange differences on retranslation of overseas subsidiaries 161 (35) (406)
Tax credit on translation differences - - 81
Total other comprehensive income/(expense) 161 (35) (325)
Total comprehensive (expense)/income for the period attributable to the owners (1,125) 1,377 433
of the parent
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March 31 March 30 September
2025 2024 2024
(unaudited) (unaudited) (audited)
Note £'000 £'000 £'000
Non-current assets
Goodwill and intangible assets 23,786 17,242 18,714
Property, plant and equipment 3,292 3,191 3,257
Right of use assets 3,704 4,120 3,534
Financial asset - investments 236 236 236
31,018 24,789 25,741
Current assets
Inventories 8,116 9,032 7,737
Trade and other receivables 9,356 8,019 8,932
Current tax debtor 487 - 425
Fixed term deposits 25,000 44,000 30,000
Cash and cash equivalents 14,860 10,754 20,723
57,819 71,805 67,817
Assets classified as held for sale - 407 -
Current liabilities
Trade and other payables (9,700) (8,781) (7,344)
Current tax liability - (371) (124)
Deferred consideration payable (1,157) (436) (436)
Lease liabilities (1,357) (1,214) (1,174)
(12,214) (10,802) (9,078)
Liabilities directly associated with assets classified as held for sale - (70) -
Net current assets 45,605 61,340 58,739
Total assets less current liabilities 76,623 86,129 84,480
Non-current liabilities
Other liabilities (1,029) (1,302) (848)
Lease liabilities (2,626) (3,177) (2,601)
Provisions (67) (52) (59)
Deferred tax liability (2,582) (1,652) (1,879)
(6,304) (6,183) (5,387)
Net assets 70,319 79,946 79,093
Capital and reserves attributable to the owners of the parent
Share capital 7 313 329 329
Shares to be issued 65 65 65
Share premium account 19,494 19,494 19,494
Merger reserve 870 870 870
Retained earnings 48,927 58,347 57,865
Capital redemption reserve 16 - -
Foreign currency translation reserve 634 841 470
Total equity shareholders' funds 70,319 79,946 79,093
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
Six months Six months Year
ended 31 March 2025 ended 31 March 2024 ended
30 September 2024
Restated
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
(Loss)/profit for the period from continuing operations (814) 3,071 2,931
Loss for the period from continuing operations (472) (1,659) (2,173)
Total (loss)/profit for the period (1,286) 1,412 758
Income tax expense/(credit) 148 598 (216)
Finance income (818) (1,199) (2,334)
Finance expense 149 132 276
Depreciation and amortisation 2,351 1,862 4,072
Impairment of intangible assets - 1,076 1,273
Share based payments 139 66 211
Decrease/(increase) in inventories 334 (1,541) (285)
Decrease in receivables 1,889 2,597 1,108
Increase/(decrease) in payables 170 (2,509) (4,540)
Cash generated from operating activities 3,076 2,494 323
Tax paid (322) (305) (755)
Net cash from operating activities 2,754 2,189 (432)
Cash flows from investing activities
Purchase of property, plant and equipment (249) (969) (1,611)
Purchase of intangible assets (1,761) (1,420) (3,086)
Proceeds on disposal of property, plant and equipment 9 9 12
Acquisition of subsidiary undertaking, net of cash acquired (4,290) (6,231) (6,231)
Cash placed on fixed term deposit (25,000) (22,968) (57,968)
Fixed term deposits maturing 30,000 20,968 69,968
Interest received 1,062 650 2,388
Net cash used in investing activities (229) (9,961) 3,472
Cash flows from financing activities
Principal paid on lease liabilities (543) (313) (825)
Interest paid on lease liabilities (139) (132) (291)
Interest paid (10) - (3)
Issue of ordinary shares - 7 10
Shares repurchased (3,598) - -
Equity dividends paid (4,193) (3,615) (3,615)
Net cash used in financing activities (8,483) (4,053) (4,724)
Net (decrease)/increase in cash and cash equivalents (5,958) (11,825) (1,684)
Cash and cash equivalents at beginning of the period 20,723 22,791 22,791
Exchange loss on cash and cash equivalents 95 (129) (384)
Cash and cash equivalents 14,860 10,837 20,723
Cash and cash equivalents included in current assets 14,860 10,754 20,723
Cash and cash equivalents classified as held for sale - 83 -
Cash and cash equivalents 14,860 10,837 20,723
CONDENSED CONSOLIDATED STATEMENT OF CHANGES TO EQUITY
Foreign currency translation reserve
Shares Share premium account Capital redemption reserve
Share to be Merger Retained earnings
Capital issued reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance as at 30 September 2024 329 65 19,494 870 57,865 - 470 79,093
Net profit for the period - - - - (1,286) - - (1,286)
Exchange difference on retranslation of overseas subsidiaries - - - - - - 164 164
Transactions with owners:
Dividends - - - - (4,193) - - (4,193)
Share capital repurchased (16) - (3,598) 16 - (3,598)
Share based payment charge - - - - 139 - - 139
Balance as at 31 March 2025 313 65 19,494 870 48,927 16 634 70,319
Balance as at 30 September 2023 326 65 19,487 - 60,451 - 876 81,205
Net profit for the period - - - - 1,412 - - 1,412
Exchange differences on retranslation of overseas subsidiaries - - - - - - (35) (35)
Transactions with owners:
Tax recognised directly in equity in relation to employee share option schemes - - - - 33 - - 33
Dividends - - - - (3,615) - - (3,615)
Issue of share capital 3 - 7 870 - - 880
Share based payment charge - - - - 66 - - 66
Balance as at 31 March 2024 329 65 19,494 870 58,347 - 841 79,946
Balance as at 30 September 2023 326 65 19,487 - 60,451 - 876 81,205
Net profit for the period - - - - 758 - - 758
Exchange differences on retranslation of overseas subsidiaries - - - - (406) (406)
- -
Tax credit on translation differences - - - 81 - 81
- -
Transactions with owners:
Tax recognised directly in equity in relation to employee share option schemes - - - - (21) - - (21)
Dividends - - - - (3,615) - - (3,615)
Issue of share capital 3 - 7 870 - - - 880
Share based payment charge - - - - 211 - - 211
Balance as at 30 September 2024 329 65 19,494 870 57,865 - 470 79,093
The accompanying notes are an integral part of this interim financial
information.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM STATEMENTS
1. Basis of preparation
Oxford Metrics Plc, (the "Company") is a company domiciled in England. The
condensed consolidated interim financial statements of the Company for the six
months ended 31 March 2025 comprise the Company and its subsidiaries (together
referred to as the "Group").
The condensed consolidated interim financial statements have been prepared
using accounting policies consistent with those of the annual financial
statements for the year ended 30 September 2024. Other new and amended
standards and interpretations in accordance with UK adopted International
Accounting Standards that will apply for the first time in the next annual
financial statements are not expected to impact the Group as they are either
not relevant to the Group's activities or require accounting which is
consistent with the Group's current accounting policies.
The interim financial statements have not been audited or reviewed and the
financial information contained in this report does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. The
comparative figures for the year ended 30 September 2024 are not the statutory
accounts but have been extracted from the Group's 2024 financial statements
which have been delivered to the Registrar of Companies. The auditors' report
on those financial statements was unqualified did not contain references to
any matters to which the auditors drew attention without qualifying the report
and did not contain a statement under Section 498(2) or (3) of the Companies
Act 2006.
2. 2. Revenue from contracts with customers
All revenue shown within note 2 relates to continuing operations.
Six months ended Six months ended Year
31 March 31 March ended
2025 2024 30 September
2024
(unaudited) (unaudited) (audited)
Revenue £'000 £'000 £'000
Motion Capture 14,817 21,759 38,590
Smart Manufacturing 5,298 1,764 2,869
20,115 23,523 41,459
Six months ended 31 March 2025 (unaudited)
Smart Manufacturing
Motion Capture Total Group
£'000 £'000 £'000
Timing of the transfer of goods and services
Point in time 12,561 3,602 16,163
Over time 2,256 1,696 3,952
14,817 5,298 20,115
Contract Counterparties
Direct to consumers 8,110 5,298 13,408
Third party distributor 6,707 - 6,707
14,817 5,298 20,115
By destination
UK 1,192 3,745 4,937
Europe 2,327 797 3,124
USA 4,889 106 4,995
Rest of North America 971 635 1,606
Asia Pacific 5,190 15 5,205
Other 248 - 248
14,817 5,298 20,115
By origin
UK 7,612 5,017 12,629
Europe 951 281 1,232
North America 6,254 - 6,254
14,817 5,298 20,115
By market
Engineering 2,008 - 2,008
Entertainment 5,648 - 5,648
Life Sciences 7,161 - 7,161
Smart Manufacturing - 5,298 5,298
14,817 5,298 20,115
By type
Sale of hardware 11,746 4,039 15,785
Sale of software 946 197 1,143
Rendering of services 1,573 986 2,559
Support 552 76 628
14,817 5,298 20,115
Six months ended 31 March 2024 (unaudited)
Smart Manufacturing
Motion Capture Total Group
£'000 £'000 £'000
Timing of the transfer of goods and services
Point in time 19,233 - 19,233
Over time 2,526 1,764 4,290
21,759 1,764 23,523
Contract Counterparties
Direct to consumers 13,210 1,764 14,974
Third party distributor 8,549 - 8,549
21,759 1,764 23,523
By destination
UK 1,878 822 2,700
Europe 3,600 310 3,910
USA 9,228 3 9,231
Rest of North America 680 524 1,204
Japan 2,272 - 2,272
Rest of Asia Pacific 3,976 105 4,081
Other 125 - 125
21,759 1,764 23,523
By origin
UK 11,151 1,764 12,915
Europe 690 - 690
North America 9,918 - 9,918
21,759 1,764 23,523
By market
Engineering 4,855 - 4,855
Entertainment 8,853 - 8,853
Life Sciences 8,051 - 8,051
Smart Manufacturing - 1,764 1,764
21,759 1,764 23,523
By type
Sale of hardware 17,741 1,591 19,332
Sale of software 917 - 917
Rendering of services 2,649 - 2,649
Support 452 173 625
21,759 1,764 23,523
Year ended 30 September 2024 (audited)
Smart Manufacturing
Motion Capture Total Group
£'000 £'000 £'000
Timing of the transfer of goods and services
Point in time 33,765 393 34,158
Over time 4,825 2,476 7,301
38,590 2,869 41,459
Contract Counterparties
Direct to consumers 24,222 2,869 27,091
Third party distributor 14,368 - 14,368
38,590 2,869 41,459
By destination
UK 4,326 1,761 6,087
Europe 5,938 475 6,413
USA 15,516 6 15,522
Rest of North America 1,533 480 2,013
Japan 4,009 - 4,009
Rest of Asia Pacific 6,959 11 6,970
Other 309 136 445
38,590 2,869 41,459
By origin
UK 19,690 2,869 22,559
Europe 1,560 - 1,560
North America 17,340 - 17,340
38,590 2,869 41,459
By market
Engineering 8,100 - 8,100
Entertainment 15,851 - 15,851
Life Sciences 14,639 - 14,639
Smart Manufacturing - 2,869 2,869
38,590 2,869 41,459
By type
Sale of hardware 30,626 2,734 33,360
Sale of software 1,741 12 1,753
Rendering of services 5,299 35 5,334
Support 924 88 1,012
38,590 2,869 41,459
3. Segmental Analysis
Segment information is presented in the condensed consolidated interim
financial statements in respect of the Group's business segments, which are
reported to the Chief Operating Decision Maker (CODM). The Group has
identified the Board of Directors of Oxford Metrics plc, ("the Board") as the
CODM. The business segment reporting reflects the Group's management and
internal reporting structure.
The Group comprises the following business segments:
Motion Capture: This is the development, production and sale of computer
software and equipment for the entertainment, engineering and life science
markets; and
Smart Manufacturing: This is the development, production and sale of smart
manufacturing systems.
Other unallocated costs represent head office expenses not recharged to
subsidiary companies.
Business segments are analysed below:
Additions to non-current assets Carrying amount of segment assets
Six months ended 31 March 2025 (unaudited) Six months ended 31 March 2024 (unaudited) Year ended 30 September 2024 (audited) Six months ended 31 March 2025 (unaudited) Six months ended 31 March 2024 (unaudited) Year ended 30 September 2024 (audited)
£'000 £'000 £'000 £'000 £'000 £'000
Motion Capture 1,877 3,498 4,684 32,552 38,953 35,767
Smart Manufacturing
7,162 6 8,858 20,198 10,017 10,593
Unallocated 2 5 7 36,087 48,031 47,198
Oxford Metrics Group
9,041 3,509 13,549 88,837 97,001 93,558
Six months ended Six months ended Year
31 March 31 March ended
2025 2024 30 September
Restated 2024
Oxford Metrics Group - Continuing operations (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Motion Capture (loss)/profit before tax (488) 2,214 1,058
Smart Manufacturing profit/(loss) before tax 251 318 (314)
Unallocated (loss)/profit before tax (429) 1,137 2,038
Oxford Metrics Group (loss)/profit before tax (666) 3,669 2,782
Motion Capture (loss)/earnings before interest and tax (373) 2,324 1,245
Smart Manufacturing earnings/(loss) before interest and tax 290 357 (271)
Unallocated loss before interest and tax (1,243) (45) (216)
Oxford Metrics Group (loss)/earnings before interest and tax (1,326) 2,636 758
4. Reconciliation of adjusted profit before tax and adjusted EBIT
Six months ended Six months ended Year
31 March 31 March ended
2025 2024 30 September
Restated 2024
Oxford Metrics Group (unaudited) (unaudited) (audited)
£'000 £'000 £'000
(Loss)/profit before tax - continuing operations (666) 3,669 2,782
Share option charges 139 66 211
Amortisation of intangibles arising on acquisition 393 132 452
Acquisition costs 188 179 295
Restructuring costs 244 - -
Adjusted profit before tax - continuing operations 298 4,046 3,740
Loss before tax - discontinued operations (472) (1,658) (2,240)
Amortisation of intangibles arising on acquisition - 36 72
Impairment of goodwill - 1,076 1,273
Adjusted loss before tax - discontinued operations (472) (546) (895)
Adjusted (loss)/profit before tax - total operations (174) 3,500 2,845
(Loss)/earnings before interest and tax - continuing operations (1,326) 2,636 758
Adjusting items above 964 377 958
Adjusted (loss)/earnings before interest and tax (362) 3,013 1,716
Adjusted earnings per share for profit on continuing operations attributable
to owners of the parent during the year
Basic earnings per share (pence) 0.12p 2.63p 2.96p
Diluted earnings per share (pence) 0.11p 2.59p 2.93p
Six months ended Six months ended Year
31 March 31 March ended
2025 2024 30 September
Restated 2024
Motion Capture (unaudited) (unaudited) (audited)
£'000 £'000 £'000
(Loss)/profit before tax - continuing operations (488) 2,214 1,058
Share option charges - 13 18
Amortisation of intangibles arising on acquisition 95 95 189
Restructuring costs 245 - -
Group recharges 657 2,000 3,654
Adjusted profit before tax - continuing operations 509 4,322 4,919
(Loss)/earnings before interest and tax (373) 2,324 1,245
Adjusting items above 997 2,108 3,861
Adjusted earnings before interest and tax 624 4,432 5,106
Six months ended Six months ended Year
31 March 31 March ended
2025 2024 30 September
2024
Smart Manufacturing (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit/(loss) before tax - continuing operations 251 318 (314)
Amortisation of intangibles arising on acquisition 297 37 262
Group recharges 153 152 304
Adjusted profit before tax - continuing operations 701 507 252
Earnings/(loss) before interest and tax 290 357 (271)
Adjusting items above 450 189 566
Adjusted earnings before interest and tax 740 546 295
In the current financial year there has been a change in the way head office
expenses are allocated to subsidiaries in the Group to only charge the costs
and shared services associated with the individual divisions. This has
resulted in an increase in unallocated expenses remaining in Oxford Metrics
plc.
5. Taxation
The Group's consolidated effective tax rate for the six months ended 31 March
2025 was 13.0% (for the six months ended 31 March 2024: 29.5%; for the year
ended 30 September 2024: credit rate of 40.0%).
In accordance with IAS 34 the tax charge for the half year is calculated on
the basis of the estimated full year tax rate.
6. Earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the period. The calculation of diluted earnings
per share is based on the basic earnings per share, adjusted to allow for the
issue of shares on the assumed conversion of all dilutive options.
31 March 2025 (unaudited) 31 March 2024 (unaudited) 30 September 2024 (audited)
Earnings/(loss) Weighted average number of shares Per share amount Earnings/(loss) Weighted average number of shares Per share amount Earnings/(loss) Weighted average number of shares Per share amount
£'000 '000 (pence) £'000 '000 (pence) £'000 '000 (pence)
Continuing operations
Basic (loss)/earnings per share
Earnings attributable to ordinary shareholders (814) 128,305 (0.63) 3,071 131,236 2.34 2,931 131,338 2.24
Dilutive effect of employee share options - 2,695 - - 1,793 (0.03) - 1,504 (0.02)
Diluted (loss)/earnings per share (814) 131,000 (0.63) 3,071 133,029 2.31 2,931 132,842 2.22
Discontinued operations
Basic loss per share
Earnings attributable to ordinary shareholders (472) 128,305 (0.37) (1,659) 131,236 (1.26) (2,173) 131,338 (1.66)
Dilutive effect of employee share options - 2,695 - - 1,793 - - 1,504 -
Diluted loss per share (472) 131,000 (0.37) (1,659) 133,029 (1.26) (2,173) 132,842 (1.66)
Total operations
Basic (loss)/earnings per share
Loss attributable to ordinary shareholders (1,286) 128,305 (1.00) 1,412 131,236 1.08 758 131,338 0.58
Dilutive effect of employee share options - 2,695 - - 1,793 (0.03) - 1,504 (0.02)
Diluted (loss)/earnings per share (1,286) 131,000 (1.00) 1,412 133,029 1.05 758 132,842 0.56
7. Share capital
31 March 31 March 30 September
2025 2024 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Allotted, called up and fully paid
125,061,834 shares of 0.25p (31 March 2024: 131,439,635 shares of 0.25p and 30 313 329 329
September 2024: 131,439,635 shares of 0.25p)
During the six months ended 31 March 2025 there were no share options
exercised. There were 13,000 shares issued in respect of share options
exercised during the six months ended 31 March 2024 (year ended 30 September
2024: 13,000).
During the six months ended 31 March 2024 there were 1,007,000 shares issued
as consideration for the acquisition of Industrial Vision Systems Limited.
On 11 October 2024 the Company announced the return of up to £6.0m of cash to
its shareholders through an on-market share buyback programme. All ordinary
shares repurchased by the Company under the programme will be cancelled.
During the six months ended 31 March 2025 6,378,000 shares were repurchased
for a total consideration if £3,598,000.
8. Dividends
The following dividends were recognised as distributions to equity holders in
the period:
31 March 31 March 30 September
2025 2024 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Final dividend for 2024 paid in 2025 - 3.25 pence per share 4,193 - -
Final dividend for 2023 paid in 2024 - 2.75 pence per share - 3,615 3,615
4,193 3,615 3,615
The final dividend for 2024 was paid to shareholders on 5 March 2025 at 3.25
pence per share, a total of £4,193,000.
9. Business combinations
The Group acquired 100% of the share capital of The Sempre Group Holdings
Limited on 10 October 2024 for a total consideration of up to £5.4m. The
acquisition has been funded through existing cash resources of £4.9m and up
to £0.5m through an earnout contingent on certain performance targets being
met.
A provisional valuation of the assets acquired and resulting goodwill has been
performed and included within these results. Further detail will be provided
in the full Annual Report for the year ending 30 September 2025.
10. Post balance sheet events
The Group acquired 100% of the share capital of Amber Optix Limited on 4 April
2025 for a total consideration of up to £0.8m, including contingent
consideration of up to £0.3m dependent upon certain performance targets being
met.
11. Copies of the interim statement
Copies of the interim statement will be available from the Company's
registered office at 6 Oxford Pioneer Park, Yarnton, Oxfordshire OX5 1QU, and
from the Company's website: www.oxfordmetrics.com
(http://www.oxfordmetrics.com) .
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