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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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.   END  IR SFEFWWEISELM

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