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RNS Number : 3029U Oxford Metrics PLC 02 December 2021
2 December 2021
Oxford Metrics plc
("Oxford Metrics", the "Company" or the "Group")
Preliminary Results for the financial year ended 30 September 2021
- Strong full year performance and recovery following pandemic impacted
trading -
- Updated 5-year plan to deliver further shareholder value -
- Positive outlook with both divisions experiencing a strong start in the new
financial year -
Oxford Metrics plc (LSE: OMG), the smart sensing software company servicing,
life sciences, entertainment and engineering markets, announces preliminary
results for the financial year ended 30 September 2021.
FY21 % Change FY20
Revenue £35.6m +17.6% £30.3m
Annual Recurring Revenue £7.4m +8.8% £6.8m
Adjusted Profit Before Tax* £4.8m +89.4% £2.6m
Adjusted* Basic Earnings per Share 3.59p +75.1% 2.05p
Ordinary Dividend per Share 2.00p +11.1% 1.80p
Statutory Profit before Tax £3.2m +103.6% £1.6m
Statutory Basic Earnings per Share 2.32p +81.3% 1.28p
Net Cash £23.0m +53.7% £14.9m
Operating Cashflow £14.5m +105.9% £7.0m**
* Profit Before Tax before Group recharges adjusted for share-based payments,
amortisation and impairment of intangibles arising on acquisition, impairment
of Pimloc investment and exceptional costs.
** Restated
Financial Highlights
· Headline revenue of £35.6m (FY20: £30.3m), up 17.6% (up 19.9% on a constant
currency basis)
· Improved quality of earnings, with Annual Recurring Revenue ('ARR') of £7.4m
(FY20: £6.8m) with new ARR additions of £1.3m (FY20: £1.0m)
· Adjusted Profit Before Tax* at £4.8m (FY20: £2.6m)
· Continued cash generation, with £23.0m in net cash (FY20: £14.9m) and
operating cashflow of £14.5m (FY20: £7.0m - Restated)
· Board proposes increasing our final dividend to 2.00p per share (FY20: 1.80p)
this year
Operational Highlights
Vicon delivers impressive revenue growth and profitability
· Vicon's growth restored in FY21 reporting an increase in revenues of 21.1% to
£27.6m (FY20: £22.8m), gross margin of 72.6% (FY20: 73.6%) reflecting a
slightly higher prevalence of larger deals during the year.
· Revenue growth underpinned by strong Entertainment segment driven, up 76.5%.
· The Contemplas acquisition, completed in August 2021, has brought benefits to
Vicon including adding a video-based movement analysis to our offering and
contributed revenues of £0.2m in the last month of the financial year and a
small profit.
Yotta continued growth and a full year of profitability
· Another major milestone achieved: Full year of Adjusted profits delivered
following transition to SaaS model
· Digital transformation in public sector continues to improve quality of
earnings with our highest level of ARR, up 8.8% to £7.4m at year-end adding
£1.3m (FY20: £1.0m) to the ARR base during the year.
· Continuing to invest in our products: Alloy added finance and accounting,
Street Manager and enhanced reporting functionality while Horizons has
benefitted from collaboration with new partner Vaisala.
Outlook and Guidance
· Both divisions have experienced a strong start to the new fiscal year with key
demand metrics pointing to a positive outlook.
· Vicon's current revenue pipeline for the first half is at least 20% ahead of
this time last year and the business currently holds an unprecedented level of
orders in hand of £5.9m.
· As in many industries, Vicon continues to experience some short-term supply
chain challenges arising from the well-publicised global semiconductor
shortage
· Investment in the year ahead to augment our capabilities to sense, analyse and
apply our technology, increased by £2.3m on an annualised basis.
· Yotta has a strong ARR sales pipeline for the full year, consistent with
adding at least another £1.2m gross additions to ARR during the financial
year.
· The Group starts the year in a strong financial position to invest in its
future and continues to evaluate acquisition opportunities that will
accelerate our strategy.
· The Board look forward to an exciting year ahead that will be the first step
in our new five-year plan delivering further shareholder value.
Commenting on the results Nick Bolton, Chief Executive said:
"Oxford Metrics is pleased to report a return to form with a strong full year
performance and recovery following last year's pandemic impacted trading, with
all the Group's key financial metrics having improved.
The pandemic demonstrated the Group's resilience but has also accelerated
market drivers in both Vicon and Yotta. Vicon's growth has been restored
driven by the buoyant video games sector and the demand for Virtual
Production. Yotta continues to benefit from the ongoing need to digitally
transform assets, reporting its highest level of ARR.
During the second half of the year, we gradually saw Location-based
Entertainment partners restart their facilities and, in some cases, their
rollouts.
As we move into the next financial year both divisions have experienced a
strong start with key demand metrics pointing to a positive outlook. Vicon's
current revenue pipeline for the first half is at least 20% ahead of this time
last year and has an unprecedented level of orders in hand but, like many
industries, continues to experience some short-term supply chain challenges.
Yotta has a strong ARR sale pipeline for the full year with ARR growth
anticipated. The Board is looking forward to an exciting year and the first
step in our new five-year plan."
For further information please contact:
Oxford
Metrics
+44 (0) 1865 261860
Nick Bolton, CEO
David Deacon, CFO
Numis Securities
Limited +44
(0)20 7260 1000
Simon Willis / Hugo Rubinstein
FTI
Consulting
+44 (0) 20 3727 1000
Matt Dixon / Jamille Smith / Greg Hynes
About Oxford Metrics
Oxford Metrics develops software that enables the interface between the real
world and its virtual twin. Our smart sensing software helps over 10,000
customers in more than 70 countries, including all of 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®, then moved into defence and engineering. We have a
track record of creating value by incubating, growing and then augmenting
through acquisition, unique technology businesses.
The Group trades through two market-leading divisions: Vicon and Yotta. Vicon
is a world leader in motion measurement analysis to thousands of customers
worldwide, including Guy's Hospital, Industrial Light & Magic, MIT and
NASA. Yotta's cloud-based infrastructure asset management software enables
central and local government agencies and other infrastructure owners to
digitally manage their assets. Yotta has a large number of high-profile
clients including VicRoads in Australia , Auckland Motorway System in New
Zealand, and, in the UK, National Highways and over 160 local authorities.
The Group is headquartered in Oxford with offices in Leamington Spa,
Gloucester, California, Colorado, and Auckland. 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) .
Chairman's Statement
We are pleased to report a strong full year performance in 2020/21 and a
return to form following last year's pandemic-impacted trading. The business
has demonstrated its resilience during the period and signs of accelerating
market trends commented on last year are now being realised. Furthermore, we
have emerged from the challenges over the past 18 months with an even stronger
financial platform to fund organic growth and expedite potential acquisition
opportunities.
Without exception, the key financial metrics of the business have improved for
the 12 months to 30 September 2021 with the Group reporting revenue of £35.6m
(FY20: £30.3m), a statutory PBT of £3.2m (FY20: £1.6m), an Adjusted PBT* of
£4.8m (FY20: £2.6m), cash generated from operating activities £14.5m (FY20:
£7.0m - Restated) and a cash position of £23.0m (FY20: £14.9m). We also
continued to enhance the quality of our earnings by increasing our Annual
Recurring Revenue ('ARR') to £7.4m (FY20: £6.8m).
In the light of the financial performance and confidence in the ongoing
resilience of the business, the Board proposes increasing our final dividend
to 2.00p per share (FY20 Final Dividend: 1.80p) this year. Our dividend policy
remains to make the pay-out progressive with the aim of maintaining an average
dividend cover of approximately two-times Adjusted* Earnings per Share.
Having successfully navigated a challenging period, our focus is now firmly on
the future. We are embarking on our growth plan for the next five years
designed to augment our capabilities to sense, analyse and apply our
technology and increase our addressable markets with the goal of creating a
substantially larger business and shareholder value.
Board
On October 1 2021, we appointed Paul Taylor to replace Adrian Carey as Chair
of the Audit Committee. Paul brings over 20 years of boardroom experience as
an Executive and Non-Executive Director, and throughout his career has been
involved with growth-oriented technology businesses. Paul spent a large part
of his executive career with AVEVA Group plc, where as CFO he was part of the
team that delivered consistently high levels of growth in revenue and
profitability both organically and through acquisition. Paul has also served
on the Board of a number of technology businesses in a Non-Executive capacity
supporting Executive teams in delivering strong stakeholder returns. I welcome
Paul to our Board and look forward to working with him and the rest of Board
as we further grow the business.
Furthermore, following Paul Taylor assuming Audit Committee Chair
responsibilities, Adrian Carey will stand down as a Non-Executive Director and
Senior Independent Director at the company's next AGM, expected to be held in
February 2022. During Adrian's near 10 years of continuous service to the
group, he has been instrumental in guiding the business as we grew into the
strong position we stand today. I would like to take this opportunity on
behalf of the Board to thank Adrian for his insight and valuable
contributions, and wish him well in his future endeavours.
Lastly, I want to thank the stakeholders in our business for all their
contributions over the past year - our outstanding team in our offices
worldwide, our shareholders, our partners and most importantly our customers.
Roger Parry
Chair
* Profit Before Tax before Group recharges adjusted for share-based payments,
amortisation and impairment of intangibles arising on acquisition, impairment
of Pimloc investment and exceptional costs.
CEO STATEMENT
To use a meteorological metaphor, we have seen all types of weather over this
past 12 months. We started the year with the winter of on-going, multiple
lockdowns and we finished it in the sunshine of greater than pre-pandemic
levels of demand, albeit with a squeezed supply chain. As you can see from the
headline results, it was a year of clear trading progress and we now stand on
our strongest ever platform. We have over 10,000 customers worldwide in over
70 different countries, including all 10 of the world's top 10 games companies
and all of the top 20 universities worldwide. We even have around half the UK
street lighting assets managed using our software. It was also a year where
the macro changes we have been tracking for several years started to
accelerate and it is this acceleration that indicates the path we must take to
drive further future growth through our new five-year plan.
STRATEGIC REVIEW - OUR NEW FIVE-YEAR PLAN
Ever since 1984, Oxford Metrics has been enabling the interface between the
real world and its virtual twin. It was in that year we introduced our first
motion capture system and we have been providing a bridge between the physical
and digital world ever since.
We started our journey in healthcare, we expanded into entertainment, winning
an OSCAR® and an Emmy®, then we moved into defence and engineering. We have
a track record of creating value by incubating, growing and then augmenting
through acquisition, unique technology businesses.
Accelerated Augmentation
As we emerge from the pandemic, something fundamental is changing in our
markets and in our opportunity. We are seeing an acceleration of the Augmented
Age - an era where machines and humans partner to achieve what neither can do
alone. We were already seeing this in many of the markets we serve, including
robotics, healthcare, sports and entertainment - but now it's been brought
forward by the pandemic. Look at the faster adoption of tele-medicine, remote
management, and virtual production.
For this augmented partnership between human and machine to work, we need
technologies which have the ability to perceive us and our surroundings. They
must be able to capture and understand every dimension of our world in
real-time - humans, objects, movements, environments. This requires smart
sensing systems, where cameras and other sensors are deeply coupled with
powerful software to enable machines to transparently enhance our lives.
No longer will it be sufficient for a company's solution to just stop at the
image or sensed data. Integrated smart sensing solutions, such as the ones we
offer, look after the full life cycle of the data - sense, analyse, apply.
From imagery to insight; from pixel to purpose; from sensing to sense-making,
we aim to lead this important and expanding category in those end markets we
already understand well.
The expansion of this market opportunity is being driven by two recent and
still on-going underlying technology trends. Firstly, improvements in sensing
capability - lower cost, higher resolution, better imagers, which can be
readily combined with other also rapidly improving sensors (e.g. inertial,
LIDAR and environmental sensors). Secondly, improvements in processing
capability - both in terms of hardware (GPUs and now Neural Processing Units
and other forms of specialised processors) and software (especially in Machine
Learning).
Rise of Smart Sensing
These improvements mean smart sensing can be applied to a much wider set of
problems and markets, and this represents a significantly expanded opportunity
for Oxford Metrics. But one which requires us to both broaden and adapt our
own offering to access the significantly larger marketplace than we operate in
today.
We cannot serve all these end markets directly because we lack the necessary
whole products, channels and other resources to be successful. Where we can
generate significant value, however, is in providing both the tools for the
R&D departments in these markets and then go on to embed our technology in
those firms who do hold the requisite end-market elements and thus gain
indirect access to this profit pool.
Three growth levers
To achieve this vision, capture the opportunity and drive growth over the life
of this five-year plan, we will focus on three key initiatives:
1. Extend the sensing capabilities our integrated smart sensing systems
through R&D, M&A and fostering key supplier partnerships. Currently,
our solutions utilise a wide range of sensors from environmental monitors to
force plates, from inertial sensors to cameras - some we own and some we just
integrate with. These existing sensing mechanisms can be improved, and we can
also add other sensing mechanisms to broaden the applicability of our
integrated solutions.
2. Enhance the analysis we can undertake to broaden the range of applications
to which our systems can be applied. Our most recent acquisition, Contemplas,
competed in August 2021, and their experience with tracking and measuring from
video, is a great example of this.
3. Embed our Intellectual Property (IP) in other firms' solutions by opening
up our technology through R&D, M&A and investing in dedicated
embedding sales and support resources. Here we will expand the ability to
integrate our sensing and analysis IP to specific application domains with the
aim to provide a stream of visible licensing revenues. We already have 13
partners who integrate our technologies as part of their end-market solutions;
for example, in Pavement Management Services PTY Ltd at Yotta and in the
Location-based Entertainment (LBE) market at Vicon.
Given the importance of M&A to drive growth, it is worth describing the
strict criteria we employ to identify ideal targets. We look for IP-rich,
hard-to-replicate technology companies with attractive actual or potential
cashflow metrics, good-to-high revenue visibility or a dominant position in a
niche market, proven market acceptance of their technology, and able
management teams who share our cultural values. We do not need all these
things at the point of acquisition but, where this is not possible, a pathway
to how they can be achieved must be clear.
Our aim is to identify latent value in asset, buy at a fair price and then
improve performance through clear strategy, technology transfer and careful
investment in R&D. Sometimes we will integrate the firm into one of our
existing subsidiaries and sometimes the acquired company will stand as a
separate division. We seek acquisitions both in public and private markets. We
employ people directly in deal origination, assessment and execution, and we
leverage our strong network of advisors.
Aims
Through these growth mechanisms we have two specific financial aims. Firstly,
we seek to increase revenues to 2.5 times their 2020/21 levels by the end of
the five-year period. Secondly, although some of the organic investment we
need to make will reduce Return on Sales ('ROS') in the early years of the
plan we expect this investment, amplified through M&A activity, to return
the group to our historic 15% adjusted profit before tax by the end of the
plan. By the end of this plan, we will be a bigger business both in terms of
revenues and profits.
OPERATIONAL REVIEW
2020/21 represented a return to form with both Yotta and Vicon reporting much
improved performances despite residual challenges arising from the COVID-19
pandemic.
Motion Measurement Division - Vicon
KPI Revenue PBT Adjusted PBT*
FY21 FY20 FY21 FY20 FY21 FY20
Motion measurement £27.6m £22.8m £3.5m £2.7m £6.8m £4.8m
Vicon's growth trajectory was restored in FY21 reporting an increase in
revenues of 21.1% to £27.6m (FY20: £22.8m). This growth was underpinned by a
buoyant Entertainment segment, up 76.5% and Engineering, up 39.2%. The Life
Sciences segment declined by 14.9%, so still relatively subdued post pandemic
and as expected, Location Based Entertainment ('LBE') also declined by 31.9%
due to the pandemic but towards the end of the financial year signs of a
recovery had commenced.
Gross margin on reported revenue was 72.6% (FY20: 73.6%) reflecting a slightly
higher prevalence of larger deals during the year, partly driven by the
continuing adoption of virtual production. The overall cost base increased in
line with activity levels which gave rise to an overall increase in Vicon
reported Adjusted PBT* of £6.8m (FY20: £4.8m). The above performance
includes recently acquired Contemplas GmbH which contributed revenues of
£0.2m in the last two months of the financial year and a small profit.
The Contemplas acquisition, completed in August 2021, brings a number of
benefits to Vicon including adding a video-based movement analysis to our
offering, bringing a dominant position in the niche market of swimming
analysis and strengthening our presence in Europe. Complementing Vicon's
strong heritage and leadership position in motion measurement, the acquisition
also brings valuable IP which over time, will assist with Vicon's broader
product development plans.
Entertainment's particularly strong year was driven by a buoyant video games
sector and the adoption of Virtual Production by several large production
houses. Virtual Production is a digitally led way of working, merging real and
virtual worlds, which incorporates a range of techniques and innovations that
have been developed across the past 20 years. This includes motion capture
solutions pioneered by Vicon, combined with cutting edge visual effects
techniques and game engine technology, utilising tools such as LED screens and
high-resolution digital film cameras. The power of this approach is when these
techniques are used in concert. Crucially, it blends the filming and
post-production stages. Instead of shooting against the classic green screen
and then waiting to see their vision come to life, directors can now see
digital characters, effects, and environments in real-time, in-camera and on
set. To respond to this clear market need, Vicon introduced Shōgun 1.6 during
the year with additional features targeted specifically to address the needs
of high-end Virtual Production. These include a low latency object tracker,
the ability to calibrate specific cameras and exportable lens maps. During the
period Vicon also closed a deal with Dimension Studios, a leading virtual
production studio, to provide 56 of Vicon's Vantage cameras and Vicon's
Shōgun software to enable Dimension Studio's ground-breaking work, including
with leading visual effects company DNEG for several high-profile virtual
production projects. All-in-all Virtual Production added £1.7m (FY20: £1.3m)
in revenues during the year and represents another exciting growth opportunity
for the business.
Through the second half of the year, we gradually saw Location-based
Entertainment (LBE) partners restart their facilities and, in some cases,
their rollouts. We now have 8LBE partners globally, offering a wide array of
unique entertainment experiences. We remain confident that once momentum has
been restored in this market it will represent a significant revenue growth
opportunity going forward.
Asset Management Division - Yotta
KPI Revenue PBT Adjusted PBT*
FY21 FY20 FY21 FY20 FY21 FY20
Asset Management £8.1m £7.5m (£0.4m) (£1.3m) £0.8m (£0.1m)
Our Asset Management division, Yotta, reported its highest level of ARR of
£7.4m on 30 September 2021 (30 September 2020: £6.8m). Yotta achieved gross
additions to the ARR base of £1.3m (FY20: £1.0m) during the year so
continued to benefit from ongoing Digital Transformation initiatives. Customer
retention remained largely unchanged at 90.1% (FY20: 91.7%).
Reported headline revenue increased by 7.0% to £8.1m (FY20: £7.5m) and the
division reported an Adjusted PBT* of £0.8m (FY20 Loss: £0.1m) so delivering
a full year of profitability which, after a period of investment and losses,
represents a major milestone.
The growth in ARR driven by digital transformation led to notable Alloy wins
at Derbyshire, English Heritage, SSE Devon, London Borough of Newham, London
Borough of Havering, Walsall, Calderdale, Northumberland and Ubico (West
Oxfordshire). Revenue recognition was increased by a host of go-lives
including National Highways, London Borough of Hackney, Chorley, Bury, North
Somerset, Huntingdonshire, Bristol Waste, Glasgow, West Lancashire and
Hillingdon. Our customers clearly appreciate Alloy's capability to expand into
new areas with one system and play a role in the wider system ecosystem.
We continued to invest in product development. Alloy added finance and
accounting, Street Manager compatibility and enhanced reporting functionality
and Horizons now includes emissions monitoring functionality. Horizons also
benefitted from collaboration with our new partner Vaisala, (a Finnish company
that develops, manufactures and markets products and services for
environmental and industrial measurement), which allows the user to consume
data from Vaisala's mobile phone-based surveying application to analyse asset
condition. This ability was instrumental in the selection of Horizons by the
aforementioned Northumberland, Calderdale and Brent customers.
CURRENT TRADING AND OUTLOOK
Both divisions have experienced a strong start to the new fiscal year with key
demand metrics pointing to a positive outlook.
Turning first to Vicon, they start the new financial year with a revenue
pipeline for the first half which is at least 20% ahead of this time last year
and includes unprecedented level of orders in hand of £5.9m. However, as in
many industries, Vicon continues to experience some short-term supply chain
challenges arising from the well-publicised global semiconductor shortage.
Whilst there has been some improvement in recent months the Board believe
revenues in the first half may be affected. We remain well prepared to meet
and manage this industry-wide challenge and anticipate that any impact will
result in revenue being delayed into the second half of the year rather than
being lost. Overall, the fundamentals at Vicon remain positive and they remain
well placed to capitalise on the substantial market opportunity in the year
ahead. As part of the new five-year strategic plan, Vicon will also be
increasing investment in the year ahead, to augment our capabilities to sense,
analyse and apply our technology, by £2.3m on an annualised basis going
forward.
Yotta has a strong ARR sales pipeline for the full year, consistent with
adding at least another £1.2m gross additions to ARR during the financial
year. With this anticipated growth in ARR and a stable cost base, Yotta can
look forward to another full year of profitability.
The Group starts the year in good financial health and in a strong position to
invest in its future and expedite acquisition opportunities that will
accelerate our strategy. The board look forward to an exciting year ahead that
will be the first step in our new five-year plan delivering further
shareholder value.
Nick Bolton
CEO
FINANCIAL REVIEW
Income Statement
The Group reported revenue of £35.6m (FY20: £30.3m) representing a headline
increase of 17.6%, and on a constant FX basis the increase was 19.9%. From a
geographical perspective, Vicon USA, which had suffered the most during the
pandemic, recorded a headline year-on-year improvement of 11.7%, on a constant
FX basis the improvement was 19.3%.
Gross Profit margin improved to 70.7% (FY20: 69.0%), reflecting a slight
change in the mix of revenue. In real terms Gross Profit improved year on year
by £4.3m to £25.2m.
Reviewing the cost base within the Income Statement:
· Sales, Support and Marketing costs increased by £0.5m which was largely due
to marketing and operational activity returning to near normal levels together
with additional sales commissions arising from higher revenues.
· Research & Development expensed through the Income Statement was £5.0m
(FY20: £4.2m). The overall increase was due to the R&D amortisation and
impairment charge of £2.2m (FY20: £1.8m). The continual investment and
innovation in product and services is necessary to maintain the Group's
competitive position which included a number of the new products and services
released during the financial year, some of which are described in the CEO
review.
· Administration expenses increased by £1.3m which was largely due to the
impairment of the IMeasureU acquired intangible by £1.0m and acquisition
costs relating to Contemplas of £0.1m.
Adjusted PBT* of £4.8m (FY20: £2.6m) has been determined after adding back
to the Statutory PBT £3.2m (FY20: £1.6m) non-cash items such as amortisation
and impairment of acquired intangibles, share option charge, impairment of
investment in Pimloc and non-recurring exceptional items which this year
included M&A costs of £0.1m. A full reconciliation is available in note
7.
Acquisition of Contemplas GmbH
The acquisition contributed revenues of £0.2m in the final month of the
financial year and a small profit.
In accordance with IFRS 3 any future earn out payments will be recognised in
the Income Statement as deemed remuneration given certain conditions
associated with the acquisition. The amount recognised as consideration in
excess of the fair value of net assets acquired has been attributed to
software IP.
Statement of Financial Position
Goodwill and intangibles
The increase this year includes the acquisition of Contemplas GmbH Acquired
Intangibles of £1.9m. The remainder of the increase represents the net effect
of capitalised R&D of £2.8m (FY20: £2.5m), amortisation and impairment
of development costs £2.2m (FY20: £1.8m) and the amortisation and impairment
of acquired intangibles of £1.5m (FY20: £0.6m) including the partial
impairment of the IMeasureU acquired intangible.
Property, plant and equipment
A small decline is reported to £1.8m (FY20: £1.9m). Additions, including
Contemplas, were £0.3m (FY20: £0.3m) during the year and the depreciation
charge was £0.5m (FY20: £0.6m).
Right of use assets (IFRS16)
Additions of £0.3m and an amortisation of £0.5m resulted in a net decline to
£2.0m (FY20: £2.2m).
Investments
The investment of £0.2m relates to minority interest in Trensl Inc. which
provides training VR solutions for the military and healthcare
(rehabilitation). The investment comes back-to-back with an exclusive Supply
Agreement to provide all systems. The year-on-year change relates to
Contemplas which is now a 100% owned subsidiary.
Inventories
The inventory position at the end of the financial year was £2.5m (FY20:
£3.4m). Overall, inventory levels have reduced due to a combination of high
demand during the year and slower replenishment due to current supply chain
challenges.
Trade and other receivables
At the year-end trade and other receivables decreased to £6.1m (FY20:
£9.2m). The overall decrease is largely due to lower Trade receivables of
£4.6m (FY20: £7.7m) reflecting a revenue performance this year that was less
weighted towards the end of the financial year..
Current liabilities
The year-on-year increase in trade and other payables is accounted for by an
increase in trade payables at the year-end to £2.5m (FY20: £2.0m), higher
accruals £2.9m (FY20: £1.6m) and an increase in Contract liabilities to
£6.6m (FY20: £5.2m) which reflects ARR growth. These increases were offset
by the withdrawal of VAT Covid payment relief (FY20: £0.8m) not available in
FY21.
The lease liabilities balance reported at £0.6m (FY20: £0.4m) represents the
value of lease payments due within one year relating to right of use assets.
Non-current liabilities
The £0.3m increase in Other Liabilities is due to contract liabilities.
The lease liabilities balance reported of £1.6m (FY20: £1.9m) represents the
value of lease payments due greater than one year relating to right of use
assets.
Statement of cashflows
The Group finished the year with cash of £23.0m (FY20: £14.9m).
Cash generated from operating activities was £14.5m (FY20: £7.0m - Restated)
which included a working capital inflow arising from a reduction in inventory
of £1.1m (FY20: £0.2m increase), a decrease in accounts receivables of
£3.1m (FY20: £2.2m) and an increase in payables of £2.2m (FY20: £0.2m
decrease).
The deployment of this cash included continued investment in development
giving rise to a purchase of intangibles of £2.8m (FY20: 2.5m), consideration
paid for Contemplas of £1.1m and payment of dividends of £2.3m (FY20:
£2.3m)
Tax
The Group tax charge this year was £0.3m (FY20: £0.0m). This increase for
the most part is due to improved overseas trading. The level of Group R&D
activities in the UK where the marginal rate of tax is 19% (FY20: 19%)
continues to have a beneficial effect on the level of corporation tax payable
in the UK given the reliefs available.
The deferred tax asset increased to £1.9m (FY20: £1.0m) largely due to an
increase in unrelieved losses and an increase in the UK tax rate to 25% from
1(st) April 2023. The deferred tax liability increased to £3.1m (FY20:
£2.0m) largely due to the Contemplas acquisition and the aforementioned
increase in UK tax rate.
David Deacon
CFO
* Profit Before Tax before Group recharges adjusted for share-based payments,
amortisation and impairment of intangibles arising on acquisition, impairment
of Pimloc investment and exceptional costs.
consolidated INCOME statement
for the year ended 30 september 2021
All amounts relate to continuing operations 2021 2020
Note £'000 £'000
Revenue 3 35,627 30,298
Cost of sales (10,442) (9,400)
Gross profit 25,185 20,898
Sales, support and marketing costs (7,806) (7,341)
Research and development costs (4,951) (4,213)
Administrative expenses (9,105) (7,813)
Other operating income - 163
Operating profit 3,323 1,694
Finance income 4 20
Finance expense (106) (103)
Share of post-tax loss of equity accounted associate - (29)
Profit before taxation 3,5 3,221 1,582
Taxation 7 (286) 22
Profit attributable to owners of the parent during the year
2,935 1,604
Earnings per share for profit on total operations attributable to owners of
the parent during the year
Basic earnings per ordinary share (pence) 8 2.32p 1.28p
Diluted earnings per ordinary share (pence) 8 2.30p 1.26p
COnsolidated statement of
comprehensive income FOR THE YEAR
ENDED 30 sEPTEMBER 2021
Group Group
2021 2020
£'000 £'000
Net profit for the year 2,935 1,604
Other comprehensive expense
Items that will or may be reclassified to profit or loss
Exchange differences on retranslation of overseas subsidiaries (129) (353)
Total other comprehensive expense (129) (353)
Total comprehensive income for the year attributable to owners of the parent 2,806 1,251
consolidated statement of financial position AS AT 30 september 2021
COMPANY NUMBER: 03998880 Group Group
2021 2020
£'000 £'000
Non-current assets
Goodwill and intangible assets 13,543 12,551
Property, plant and equipment 1,756 1,937
Right of use assets 1,978 2,182
Financial asset - investments 236 305
Deferred tax asset 1,877 974
19,390 17,949
Current assets
Inventories 2,494 3,439
Trade and other receivables 6,099 9,224
Current tax debtor 118 82
Cash and cash equivalents 22,957 14,940
31,668 27,685
Current liabilities
Trade and other payables (12,504) (9,931)
Lease liabilities (582) (426)
(13,086) (10,357)
Net current assets 18,582 17,328
Total assets less current liabilities 37,972 35,277
Non-current liabilities
Other liabilities (883) (609)
Lease liabilities (1,563) (1,909)
Provisions (32) (24)
Deferred tax liability (3,058) (1,994)
(5,536) (4,536)
Net assets 32,436 30,741
Capital and reserves attributable to
owners of the parent
Share capital 317 314
Shares to be issued 65 65
Share premium account 18,483 17,763
Retained earnings 13,538 12,437
Foreign currency translation reserve 33 162
Total equity shareholders' funds 32,436 30,741
consolidated STATEMENT of CASHFLOWS
For the year ended 30 september 2021
Group Group
2021 2020
Restated*
£'000 £'000
Cash flows from operating activities
Group operating profit/(loss) 3,323 1,694
Depreciation and amortisation 3,339 3,448
Impairment of intangible assets 1,341 72
Impairment of investment - -
Increase in fair value of investment (68) -
Share-based payments 98 160
Exchange adjustments (69) (200)
Decrease/(increase) in inventories 1,144 (225)
Decrease in receivables 3,126 2,248
Increase/(decrease) in payables 2,223 (177)
Cash generated from operating activities 14,457 7,020
Tax paid (102) (157)
Net cash from operating activities 14,355 6,863
Cash flows from investing activities
Purchase of property, plant and equipment (239) (310)
Purchase of intangible assets (2,778) (2,511)
Purchase of investment - (236)
Proceeds on disposal of property, plant and equipment 11 33
Interest received 4 20
Dividends received - -
Acquisition of subsidiary undertaking net of cash acquired (1,149) (128)
Net cash used in investing activities (4,151) (3,132)
Cash flows from financing activities
Principal paid on lease liabilities (504) (594)
Interest paid (1) (2)
Interest paid on lease liabilities (105) (101)
Issue of ordinary shares 687 322
Equity dividends paid (2,264) (2,253)
Net cash used in financing activities (2,187) (2,628)
Net increase in cash and cash equivalents 8,017 1,103
Cash and cash equivalents at beginning of the period 14,940 13,837
Cash and cash equivalents at end of the period 22,957 14,940
*In the prior year the principal paid on lease liabilities was previously
included within cash generated from operating activities. The cashflows in
the statement above have been restated to correctly include them within cash
flows from financing activities.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER
2021
Group Share Shares Share premium account Retained earnings Foreign currency translation reserve Total
capital to be issued
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 30 September 2019 313 65 17,417 12,851 515 31,161
Net profit for the year - - - 1,604 - 1,604
Exchange differences on retranslation of overseas subsidiaries - - - - (353) (353)
Transactions with owners:
Tax recognised directly in equity in relation to employee share option schemes - - - 100 - 100
Dividends - - - (2,253) - (2,253)
Issue of share capital 1 - 346 - - 347
Share based payment charge - - - 135 - 135
Balance as at 30 September 2020 314 65 17,763 12,437 162 30,741
Net profit for the year - - - 2,935 - 2,935
Exchange differences on retranslation of overseas subsidiaries - - - - (129) (129)
Transactions with owners:
Tax recognised directly in equity in relation to employee share option schemes - - - 368 - 368
Dividends - - - (2,264) - (2,264)
Issue of share capital 3 - 720 - - 723
Share based payment charge - - - 62 - 62
Balance as at 30 September 2021 317 65 18,483 13,538 33 32,436
1. Basis of preparation of the financial information
The financial information in this preliminary announcement has been prepared
in accordance with the recognition and measurement criteria of IFRS. This
announcement does not itself contain sufficient information to comply with
IFRS. The Company expects to publish full financial statements that comply
with IFRS on 2(rd) December 2021.
The preparation of financial statements in conformity with IFRS requires the
use of certain critical accounting estimates. It also requires management to
exercise judgement in the process of applying the Group's accounting policies
which affect the reported amount of assets and liabilities at the statement of
financial position date and the reported amounts of revenues and expenses
during the reported period. Although the estimates are based on management's
best knowledge of the amount, event or actions, actual results may ultimately
differ from those estimates.
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006 for the years ended 30 September 2021 and 30 September 2020 but is
derived from those accounts. The statutory accounts for the year ended 30
September 2020 have been delivered to the Registrar of Companies and those for
the year ended 30 September 2021 will be delivered following the Company's
annual general meeting. The auditors have reported on those accounts: their
report was unqualified, did not contain references to any matters to which the
auditors drew attention by way of emphasis and did not contain a statement
under Section 498 of the Companies Act 2006 for the year ended 30 September
2021 or 30 September 2020.
2. Basis of consolidation
The consolidated financial information incorporates the results of the Company
and all of its subsidiary undertakings drawn up to 30 September 2021.
3. Revenue from contracts with customers
All revenue is from continuing operations.
2021 2020
Revenue £'000 £'000
Vicon UK 17,260 13,540
Vicon USA 10,311 9,228
Vicon Group 27,571 22,768
Yotta 8,056 7,530
Oxford Metrics Group 35,627 30,298
Timing of the transfer of goods 2021
and services Vicon UK Vicon USA Yotta Total
£'000 £'000 £'000 £'000
Point in time 15,606 8,353 1,747 25,706
Over time 1,654 1,958 6,309 9,921
Oxford Metrics Group 17,260 10,311 8,056 35,627
Contract Counterparties
Direct to consumers 4,750 9,265 6,773 20,788
Third party distributor 12,510 1,046 1,283 14,839
Oxford Metrics Group 17,260 10,311 8,056 35,627
By destination
UK 3,519 - 7,741 11,260
Germany 1,591 - - 1,591
Italy 484 - - 484
Netherlands 435 - 22 457
France 220 - - 220
Poland 355 - - 355
Rest of Europe 1,601 - 6 1,607
Canada - 1,221 - 1,221
USA - 8,920 - 8,920
Rest of North America 2 104 - 106
Australia 530 - 269 799
Hong Kong 1,277 - - 1,277
Japan 3,290 - - 3,290
South Korea 1,364 - - 1,364
China 2,254 - - 2,254
Rest of Asia Pacific 338 - - 338
Other - 66 18 84
Oxford Metrics Group 17,260 10,311 8,056 35,627
Timing of the transfer of goods 2020
and services Vicon UK Vicon USA Yotta Total
£'000 £'000 £'000 £'000
Point in time 12,240 7,231 1,775 21,246
Over time 1,300 1,997 5,755 9,052
Oxford Metrics Group 13,540 9,228 7,530 30,298
Contract Counterparties
Direct to consumers 2,831 8,617 6,420 17,868
Third party distributor 10,709 611 1,110 12,430
Oxford Metrics Group 13,540 9,228 7,530 30,298
By destination
UK 2,248 - 7,227 9,475
Germany 613 - - 613
Italy 231 - - 231
Netherlands 449 - 29 478
France 189 - - 189
Switzerland 294 - - 294
Russia 350 - - 350
Rest of Europe 1,003 - 2 1,005
Canada - 1,006 - 1,006
USA 1 7,706 - 7,707
Rest of North America 6 227 - 233
Australia 1,307 - 256 1,563
Hong Kong 3,205 - - 3,205
Japan 3,061 - - 3,061
South Korea 323 - - 323
Rest of Asia Pacific 260 - 260
Other - 289 16 305
Oxford Metrics Group 13,540 9,228 7,530 30,298
2021 2020
£'000 £'000
Vicon revenue by market
Engineering 5,763 4,139
Entertainment 11,884 6,732
Life sciences 9,106 10,696
Location based entertainment 818 1,201
Vicon Group* 27,571 22,768
Yotta revenue by type
Software 4 12
Rendering of services 2,057 2,095
SaaS 3,164 2,680
Support 2,831 2,743
Yotta Group 8,056 7,530
Group revenue by type
Sale of hardware 22,496 18,221
Sale of software 1,666 1,578
Rendering of services 4,542 3,958
SaaS 3,305 2,790
Support 3,618 3,751
Oxford Metrics Group 35,627 30,298
Group revenue by origin
UK 24,786 20,796
Europe 238 -
North America 10,311 9,228
Asia Pacific 292 274
Oxford Metrics Group 35,627 30,298
*This additional information is provided to the Chief Operating Decision
Maker. Further analysis by market is not available.
Contract balances
2021
Contract assets Contract liabilities
£'000 £'000
At 1 October 2020 411 5,850
Transfers from contract assets to trade receivables (1,525) -
On acquisition - 227
Amounts included in contract liabilities recognised as revenue during the - (13,459)
period
Excess of revenue recognised over cash during the period 1,375 -
Cash received in advance of performance and not recognised as revenue during - 14,926
the period
Foreign exchange differences - (70)
At 30 September 2021 261 7,474
2020
Contract assets Contract liabilities
£'000 £'000
At 1 October 2019 787 5,370
Transfers from contract assets to trade receivables (1,518) -
Amounts included in contract liabilities recognised as revenue during the
period
- (9,498)
Excess of revenue recognised over cash during the period 1,141 -
Cash received in advance of performance and not recognised as revenue during
the period
- 10,062
Foreign exchange differences 1 (84)
At 30 September 2020 411 5,850
Contract assets and contract liabilities are included within trade and other
assets and trade and other payables and other liabilities respectively on the
face of the statement of financial position. They arise primarily from
the Group's software and support contracts which are delivered over time and
where the cumulative payments received from customers at each balance sheet
date do not necessarily equal the amount of revenue recognised on the
contract.
Remaining performance obligations
The majority of the Group's contracts are for the delivery of goods and
services within the next 12 months for which the practical expedient in
paragraph 121(a) of IFRS 15 applies. However, some software and support
contracts are for a period greater than 12 months and the amount of revenue
that will be recognised in future periods on these contracts is as follows:
At 30 September 2021 2022 2023 2024 2025 2026 2027
£'000 £'000 £'000 £'000 £'000 £'000
Support contracts 2,972 414 249 83 22 11
Software contracts 3,143 1,378 590 199 - -
6,115 1,792 839 282 22 11
At 30 September 2020 2021 2022 2023 2024 2025 2026
£'000 £'000 £'000 £'000 £'000 £'000
Support contracts 2,649 604 376 299 281 8
Software contracts 1,477 862 473 301 - -
4,126 1,466 849 600 281 8
4. Segmental analysis
Segment information is presented in the 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:
· Vicon Group: This is the development, production and sale of computer software
and equipment for the engineering, entertainment and life science markets; and
· Yotta Group: This is the provision of software and services for the management
of infrastructure assets for Government Agencies, Local Government and major
infrastructure contractors.
Other unallocated costs represent head office expenses not recharged to
subsidiary companies.
Inter segment transfers are priced along the same lines as sales to external
customers, with an appropriate discount being applied to encourage use of
Group resources. This policy was applied consistently throughout the current
and prior year. There were no significant inter segment transfers during the
current or prior year.
Intra segment sales between Vicon UK and Vicon USA are eliminated prior to
management and internal reporting, and hence are not shown separately in the
analysis below. The total intra segment sales between Vicon UK and Vicon USA
in the year ended 30 September 2021 are £4,439,000 (2020: £3,766,000).
Segment assets consist primarily of property, plant and equipment, intangible
assets, inventories and trade and other receivables. Unallocated assets
comprise deferred taxation, investments and cash and cash equivalents.
2021 2020
Adjusted profit/(loss) before tax Adjusting items Group recharges Profit/(loss) before tax Adjusted profit/(loss) before tax Adjusting items Group recharges Profit/(loss) before tax
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Vicon UK 3,229 (1,344) 1,130 3,015 1,571 (275) 393 1,689
Vicon USA 3,562 - (3,065) 497 3,277 - (2,218) 1,059
Vicon Group 6,791 (1,344) (1,935) 3,512 4,848 (275) (1,825) 2,748
Yotta 793 (286) (920) (413) (115) (398) (758) (1,271)
Unallocated (2,763) 30 2,855 122 (2,174) (304) 2,583 105
Oxford Metrics Group
4,821 (1,600) - 3,221 2,559 (977) - 1,582
Adjusted profit before tax is detailed in note 6.
Segment depreciation and amortisation
2021 2020
£'000 £'000
Vicon UK 3,436 2,263
Vicon USA 208 208
Vicon Group 3,644 2,471
Yotta 998 1,031
Unallocated 38 18
Oxford Metrics Group 4,680 3,520
Non-current assets Additions to non-current assets Carrying amount of segment assets Carrying amount of segment liabilities
2021 2020 2021 2020 2021 2020 2021 2020
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Vicon UK 10,324 9,581 2,137 3,221 22,962 23,320 (8,702) (5,827)
Vicon USA 941 1,071 33 317 6,971 5,938 (2,989) (2,802)
Vicon Group 11,265 10,652 2,170 3,538 29,933 29,258 (11,691) (8,629)
Yotta Group 7,262 6,664 1,078 1,806 13,193 16,511 (5,952) (5,856)
Unallocated 863 633 94 247 13,984 5,917 (979) (408)
OMG Life Group*
- - - - (6,052) (6,052) - -
Oxford Metrics Group
19,390 17,949 3,342 5,591 51,058 45,634 (18,622) (14,893)
* The negative balance within segment assets represents a cash overdraft which
is part of the Group's cash offset facility.
5. Profit for the year
The profit for the year is stated after charging / (crediting):
2021 2020
£'000 £'000
Amortisation of right of use assets 522 528
Depreciation of property, plant and equipment - owned 495 610
Amortisation of customer relationships 249 312
Amortisation of intellectual property 261 245
Amortisation of development costs 1,812 1,753
Impairment of development costs 360 72
Impairment of intellectual property 981 -
Share based payments - equity settled 36 25
Share option charges 62 135
Operating lease charges - land and buildings 3 -
Foreign exchange gain/(loss) 10 (24)
Grant income receivable - (163)
6. Reconciliation of adjusted profit before tax
The adjusted profit before tax is considered by the Board to more accurately
reflect the underlying operating performance of the business on a go-forward
basis and complements the statutory measure as reported in the Consolidated
Income Statement.
The reconciliation of profit before tax to adjusted profit provided below
includes items that are:
· non-recurring in nature, such as redundancy costs incurred from time to time,
acquisition costs and results of the Group's equity accounted associate, which
are not core to operations or future operating performance.
· non-cash moving items which arise from the accounting treatment of share based
payments and the amortisation of acquired intangibles which affect neither
future operating performance nor cash generation.
The above definition has been consistently applied historically and is the
measure by which the market generally judges PBT performance.
2021 2020
£'000 £'000
Profit before tax 3,221 1,582
Share option charges 62 135
Amortisation of intangibles arising on acquisition 507 541
Impairment of intangible arising on acquisition 981 -
Reorganisation costs 32 74
Aborted transaction costs - 198
Costs associated with the acquisition of Contemplas 86 -
Adjustment to fair value of investment (68) -
Share of post-tax loss of equity accounted associate - 29
Adjusted profit before tax 4,821 2,559
Adjusted earnings per share for profit on total operations attributable to
owners of the parent during the year
Basic earnings per share (pence) 3.59p 2.05p
Diluted earnings per share (pence) 3.56p 2.02p
The adjusted profit before tax for the Vicon and Yotta business segments which
are included within the Group's continuing operations is shown in detail
below;
Vicon Group
2021 2020
£'000 £'000
Profit before tax 3,512 2,748
Share option charges 13 33
Amortisation of intangibles arising on acquisition 258 242
Impairment of intangible arising on acquisition 981 -
Reorganisation costs 6 -
Costs associated with the acquisition of Contemplas 86 -
Reapportion Group overheads 1,935 1,825
Adjusted profit before tax 6,791 4,848
Yotta Group
2021 2020
£'000 £'000
Loss before tax (413) (1,271)
Share option charges 11 25
Amortisation of intangibles arising on acquisition 249 299
Reorganisation costs 26 74
Reapportion Group overheads 920 758
Adjusted profit/(loss) before tax 793 (115)
7. Taxation
The tax is based on the profit for the year and represents:
2021 2020
£'000 £'000
United Kingdom corporation tax at 19.0% (2020: 19.0%) 60 89
Overseas taxation 228 297
Adjustments in respect of prior year (3) (56)
Current taxation 285 330
Deferred taxation 1 (352)
Total taxation expense/(credit) 286 (22)
At 30 September 2021, the Group had an undiscounted deferred tax asset of
£1,877,000 (2020: £974,000). The asset comprises principally short term
timing differences, future tax relief available on the exercise of outstanding
employee share options in Oxford Metrics plc and unrelieved trading losses
carried forward for which recoverability is reasonably certain.
Deferred tax assets and liabilities have been measured at an effective rate of
25% in both the UK and USA, respectively (2020: 19% and 25%, respectively).
The tax assessed for the year is lower than the standard rate of corporation
tax in the UK of 19.0% (2020: lower than the standard rate of 19%).
The differences are explained as follows:
2021 2020
£'000 £'000
Profit on ordinary activities before tax 3,221 1,582
Expected tax income based on the standard rate of 612 300
corporation tax in the UK of 19.0% (2020: 19.0%)
Effect of:
Expenses not deductible for tax purposes 255 90
Recognition of previously unrecognised deferred tax asset - (37)
Unrelieved current year losses (161) 90
Utilisation of losses brought forward (32) (14)
Adjustments to tax charge in respect of prior year current tax (8) (56)
Adjustments to tax charge in respect of prior year deferred tax (62) -
Higher rates on overseas taxation 42 86
Research and development tax credit (310) (621)
Effect of tax rate change (50) 140
Total tax expense/(credit) 286 (22)
During the year the UK Government substantively enacted an increase in the
corporation tax rate to 25.0% effective from 1 April 2023. The deferred tax
asset and liability as at 30 September 2021 has been calculated based on the
rate of 25.0% unless the asset/liability is expected to be realised or settled
before the rate increase in which case the rate of 19.0% has been used.
8. Earnings per share
2021 2020
Earnings Weighted average number of shares Per share amount Earnings Weighted average number of shares Per share amount
£'000 '000 (pence) £'000 '000 (pence)
Continuing and total operations
Basic earnings per share
Earnings attributable to ordinary shareholders 2,935 126,437 2.32 1,604 125,568 1.28
Dilutive effect of employee share options - 993 (0.02) - 2,083 (0.02)
Diluted earnings per share 2,935 127,430 2.30 1,604 127,651 1.26
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the year.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares (share options). For share options a calculation
is done to determine the number of shares that could have been acquired at
fair value (determined as the average annual market share price of the
Company's shares) based on the monetary value of the subscriptions rights and
outstanding share based payment charges attached to outstanding share
options. The number of shares calculated as above is compared with the
number of shares that would have been issued assuming the exercise price of
the share options.
9. Dividends
Equity - ordinary £'000 £'000
Final 2019 paid in 2020 (1.80 pence per share) - 2,253
Final 2020 paid in 2021 (1.80 pence per share) 2,264 -
2,264 2,253
The directors are proposing a final dividend in respect of the financial year
ended 30 September 2021 of 2.0 pence per share (2020: 1.80 pence per share)
which will absorb an estimated £2,539,000 of shareholders' funds. This
dividend will be paid on 23 February 2022 to shareholders who are on the
register of members at close of business on 10 December 2021 subject to
approval at the AGM. These dividends have not been accrued in these financial
statements.
10. Copies of announcement
Copies of this announcement will be available from the Company's registered
office at 6 Oxford Industrial Park, Yarnton, Oxfordshire, OX5 1QU and from the
Company's website: www.oxfordmetrics.com (http://www.oxfordmetrics.com) .
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