REG - Oxford Metrics PLC - Preliminary Results
06/12/2022 07:00
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RNS Number : 6768I Oxford Metrics PLC 06 December 2022
6 December 2022
Oxford Metrics plc
("Oxford Metrics", the "Company" or the "Group")
Preliminary Results for the financial year ended 30 September 2022
- Year of strategic progress with disposal of Yotta -
- Record order book underpins more than half FY23 revenue expectation -
- Overall strong demand picture provides encouraging momentum into new 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 2022.
FY22 % Change FY21
Revenue # £28.8m +4.5% £27.6m
Adjusted Profit Before Tax*# £2.6m -35.5% £4.0m
Adjusted* Basic Earnings per Share # 2.55p -6.6% 2.73p
Ordinary Dividend per Share 2.50p +25% 2.00p
Statutory Profit after Tax £46.9m +1498.5% £2.9m
Statutory Basic Earnings per Share 36.70p +1481.9% 2.32p
Net Cash** £67.7m +194.8% £23.0m
Orders-in-hand £24.0m +306.8% £5.9m
* Profit Before Tax before Group recharges adjusted for share-based payments,
amortisation and impairment of intangibles arising on acquisition, additional
Contemplas consideration deemed remuneration and exceptional costs
** Including Fixed Term Deposits
# Continuing operations
Financial Highlights (for continuing operations)
· Headline revenue of £28.8m (FY21: £27.6m), up 4.5%, up 0.5% on a
constant currency basis with global supply chain constraints leading to
deferment of £3.5m orders unable to ship in FY22
· Adjusted Profit Before Tax* at £2.6m (FY21: £4.0m), reflecting
measured investment in five-year plan and the impact of deferred orders
· Debt free with strong net cash position of £67.7m (FY21: £23.0m),
strengthened by sale of Yotta
· Board proposes increasing final dividend to 2.50p per share (FY21:
2.00p)
Operational Highlights
Clear need for Vicon's market-leading offering drives strong demand and
revenue growth
· Largest-ever order book as at 30(th) September 2022 of £24.0m
(FY21: £5.9m)
· Strong demand across all our market segments:
o Buoyant demand in Entertainment accounting for 58.6% of orders in hand,
including contract wins with Dark Matters, to deploy Vicon's Vero solution
Shōgun software in France's first virtual production studio, ByteDance, which
purchased a large system to evolve the next viral dance move, and Industrial
Light & Magic to create the highly acclaimed Abba Voyage experience
o Life Sciences revenues grew 16.3% and account for 22.6% of the orders in
hand, including Saarland University acquiring a system in a collaboration with
NASA, ESA & DLR, the German Aerospace Centre, for large scale studies into
the Musculoskeletal (MSK) aging process
o Location-based Entertainment recovery is well underway reporting
year-on-year revenue growth of 220.7% and accounts for 12.0% of orders in
hand, including additional contracts with Sandbox VR, MackNext, and Immersive
Gamebox
o Engineering revenues reported 3.2% decrease year-on-year, including a
contract win with TU Delft's Department of Cognitive Robotics who bought a
system to extend their work in robotics
· Encouraging traction with new flagship system - Valkyrie,
providing momentum into the new year
· Most recent acquisition, Contemplas, now integrated
Successful sale of Yotta to Causeway Technologies for £52.0m
· All cash transaction realises investment made in Yotta at an
attractive multiple
· Provides even greater clarity to go-forward growth path building
more connected business
· Boosts near-term financial firepower to accelerate M&A as well
as ongoing organic investments
Outlook and Guidance
· Vicon enters new financial year with well over half of revenue
expectation underpinned by orders in hand
· Demand remains strong and we believe supply chain constraints are
gradually easing
· Vicon will continue to invest in augmenting capabilities to sense,
analyse and apply our technology
· As a more focussed business, supported by positive fundamentals, we are
well placed to capitalise on the Smart Sensing opportunity that lies ahead
· M&A pipeline focussed on acquisitions in known markets of
entertainment, Life Sciences, engineering and sports, and on companies which
possess hard-to-replicate, deep Intellectual Property in integrated Smart
Sensing and attractive financial metrics
Commenting on the results Nick Bolton, Chief Executive said:
"Year one of our five-year plan has marked significant change and progress for
Oxford Metrics, as we seek to build a growing, connected enterprise focussed
on the expanding market opportunities in smart sensing systems, through
organic and inorganic investment.
During the year, we successfully divested Yotta, creating a more focussed
group while bringing further clarity to our go-forward strategy; a laser focus
on our market-leading Vicon business. At the same time, we have continued to
push boundaries to extend our sensing capabilities, bringing to market
Valkyrie - our new flagship solution - to capture motion more accurately than
ever before.
We enter a new financial year with our largest ever set of orders-in-hand and
demand for our systems remains buoyant. While we have seen a deferment of
shipments due to wider global supply chain constraints, this situation is
gradually improving, and our commercial momentum is regaining pace. The Board
is encouraged by the overall strong demand picture for our market-leading
products.
As a more focussed business with a strengthened balance sheet and strong
fundamentals, the Board looks forward to the new financial year which is set
to be a year of opportunity and growth for Oxford Metrics."
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 / Tejas Padalkar
FTI Consulting +44 (0)20 3727 1000
Matt Dixon / Emma Hall / Jamille Smith / Jemima Gurney
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 Vicon, a world leader in motion measurement analysis
to thousands of customers worldwide, including Guy's Hospital, Industrial
Light & Magic, MIT and NASA.
The Group is headquartered in Oxford with offices in California, Colorado,
Germany and New Zealand. 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
2021/22 was a year of important change for Oxford Metrics. At the start of the
financial year, we launched our new five-year strategy through which we aim to
grow revenues 2.5x whilst delivering an Adjusted PBT* margin of 15% by the end
of the plan. In May, we announced the disposal of Yotta for £52m, which now
allows us to focus on growth through the lens of the faster growing Vicon, a
world leader in motion tracking. We then, in July, launched our most advanced
motion capture system, Vicon Valkyrie, which captures motion more accurately
than ever before and, which we expect will drive revenues in the next
financial year and beyond. All this provides us with a springboard from which
to focus on building a higher growth, more connected Group.
But the year was not without its frustrations. We were subject to the
well-publicised global supply chain challenge faced by many industries in a
post-pandemic world. This was made all the more frustrating given the high
level of market demand we experienced and continue to experience for our
solutions. As of 30 September 2022, our order book stood at £24.0m (FY21:
£5.9m), a record level for our business. Despite this buoyant market demand,
we were unable to fulfil some customer orders, which moved approximately
£3.5m of orders into the new financial year. Although some uncertainty
remains, the overall supply chain picture continues to improve, and we expect
these orders to ship in the first half of the new financial year. The launch
of our Valkyrie system that uses the latest component technology rather than
legacy components used in the outgoing Vantage system will also help ease the
situation.
For continuing operations, revenues of £28.8m (FY21: £27.6m) are reported
and an Adjusted PBT* of £2.6m (FY21: £4.0m), which reflects the deferment of
£3.5m orders we were unable to ship in September 2022.
The Group reports a statutory Profit after tax of £46.9m (FY21: £2.9m) with
a bolstered cash position including Fixed Term Deposits of £67.7m (FY21:
£23.0m, following the disposal of our Yotta business at a highly attractive
valuation.
The Board proposes to increase our final dividend to 2.50 per share (FY21
Final Dividend: 2.00p) this year. We remain committed to our progressive
dividend policy and will to aim to achieve average dividend cover of
approximately two-times Adjusted PBT* per Share over time.
I would like to take this opportunity to recognise the outstanding
contribution made by Dr Tom Shannon, one of our founders, who passed away in
August 2022. Tom was one of the original team which founded Oxford Metrics in
1984 and has been part of the business ever since. Tom's contribution was felt
across the entire business from R&D to quality management, from compliance
to commercials. There is no doubt Tom helped make Oxford Metrics the great
business it is today and we owe him our deep gratitude.
Lastly, I would like to thank everyone involved in supporting and building our
business - our customers, our shareholders, our partners, and, of course, our
brilliant team across the world.
Roger Parry
Chair
CEO STATEMENT
As we enter a new financial year, our vision for Oxford Metrics is clear. Our
current five-year plan, set out in our annual report last year, aims to build
a growing enterprise focussed on the expanding market opportunities in smart
sensing systems, through organic and inorganic investment. Such sensor-based,
analytical systems offer the possibility to transparently enhance our lives:
enabling the digital to interface directly with the real world.
In our plan, we describe the coming of the Augmented Age, where humans partner
with technology to achieve what neither can alone. For this augmented
partnership to thrive, technologies are needed which have the ability to
perceive us and our surroundings. They must be able to sense and understand
every dimension of our world in real-time: humans, objects, movements,
environments. Ever since our founding in 1984, this has been our domain and
where our deep Intellectual Property resides powering the interface between
the real world and its virtual twin. And importantly, we stand to gain as this
smart sensing is applied to an increasing number of end market applications.
Our plan looks to capitalise on exactly this expanded opportunity by focussing
on driving each of the three elements of smart sensing: sense, analyse and
apply.
1. Extend our sensing capabilities
Our first thread is to extend our sensing methods through R&D, M&A and
fostering key supplier partnerships, which broadens the applicability of our
solutions and thus expands our addressable market. Here, we are focussed on
building and acquiring a consistent, integrated core technology stack.
Although the end market applications may be new, there will always be a
tie-back to this central capability of integrated smart sensing systems.
A good example of this over the past year was the introduction of Vicon's new
flagship motion tracking system, Valkyrie. This new solution pushes the
envelope of measurement capability further than any previous Vicon generation.
The system can measure smaller movements, more accurately, in larger volumes
and at higher speeds. We believe these newly extended powers will address the
growing demand for larger volume measurement driven by trends in the
engineering, sports performance analysis and visual effects markets.
2. Enhance the analysis we can perform
Secondly, we seek to augment the analysis our customers can undertake with our
software and thus broaden further the range of applications to which our
systems can be applied. Again, this will be pursued through both organic and
inorganic means. Expanding the analysis our customers can undertake with our
systems has the potential to both grow our market opportunity and fill out our
solutions in our existing markets.
We are constantly working to improve Vicon's suite of analysis software. For
example, in March, we introduced a new version of our innovative Capture.U
app. The app working with Vicon's Blue Trident inertial sensor, can now be
used in an educational and training context. For universities and schools, it
provides a means to develop practical understanding of human movement to build
on their theoretical models. It helps the student apply their knowledge by
engaging them to perform specific movements, such as squats, bicep curls and
shoulder raises, then guiding the user in analysing and interpreting the data
captured.
3. Embed our IP in other companies' solutions
Finally, we aim to grow by seeing our deep technology incorporated into other
business' products and services. This aims to expand our addressable market as
we drive the integration of our sensing and analysis IP to specific
application domains. Over the past year we have both opened up our technology
to selected partners and invested in specific resources to identify, partner
and support such embedding companies.
Our most progressed embedding opportunities are in the Location-based
Entertainment (LBE) market and, as we emerged from the period of
pandemic-related lockdowns, we saw a number of those partners restart their
roll-outs during the second half including Sandbox VR, who most recently
announced the opening of their 30th location, MackNext, who installed their
second Yullbe VR experience at Miniature Wonderland in Hamburg and Immersive
Gamebox, who have plans for over 250 sites over the next three years.
Through these three mutually reinforcing mechanisms we will continue to drive
growth. But over the past year, this has mostly been the result of organic
initiatives. As previously communicated, we have the financial firepower for
M&A and while our ambition remains, the environment for M&A has
materially changed over the past six months. Although public company valuation
multiples have reduced, private company valuations metrics are only now
starting to reflect these lower levels. This has meant a price mismatch
between buyer and seller, which has made concluding transactions tougher. We
will still continue to pursue our carefully selected targets, but we will only
do so at a price that represents fair value for our shareholders.
It is also worth adding that the sale of Yotta in May 2022, does not change
our vision or plan but it does enable us to bring increased financial
firepower to execute our growth. With a stronger balance sheet, we have the
opportunity to accelerate our pace of growth through lifting our ambition to
complete a number of larger transactions. We continue to hold a pipeline of
M&A opportunities which fit well within this clear, coherent plan. Our
pipeline is focussed on acquisitions in markets we understand well,
entertainment, Life Sciences, engineering and sports, and on companies which
possess hard-to-replicate, deep IP in integrated smart sensing. The right
targets also possess attractive cashflow metrics, good-to-high revenue
visibility or strong position in a niche market, and able management teams who
share our cultural values. We look forward to announcing deals as the markets
normalise.
OPERATIONAL REVIEW
KPI Revenue PBT Adjusted PBT*
FY22 FY21 FY22 FY21 FY22 FY21
Vicon £28.8m £27.6m £2.7m £3.5m £5.4m £6.8m
Plc - - - £0.1m (£2.8m) (£2.8m)
Group £28.8m £27.6m £2.7m) £3.6m £2.6m £4.0m
Despite achieving revenue growth of 4.5% (0.5% on a constant currency basis),
the results achieved do not reflect the underlying strength of the business,
and in particular the strong demand across all our market segments. Strong
demand for our products during the year resulted in accumulating a record
orderbook at the end of the financial year of £24.0m (FY21: £5.9m). Despite
the constraints, reported revenues were up 4.5% at £28.8m (FY21: £27.6m).
There has been strong demand in the Entertainment segment which, although it
saw a 15.7% decline year-on-year in revenue as a result of deferred orders,
accounted for 58.6% of orders in hand. Life sciences, traditionally our
cornerstone market saw revenue growth of 16.3% and accounted for 22.6% of the
orders in hand. The recovery in Location-based Entertainment is well underway
reporting year-on-year revenue growth of 220.7% and accounted for 12.0% of
orders in hand. Engineering reported a small 3.2% decrease in reported
revenues year-on-year and accounted for 6.8% of orders in hand.
Product gross margin was 70.5% (FY21: 72.6%). Two factors account for the net
decline, with a favourable revenue mix being more than offset by gross margin
erosion arising from more expensive components which accounted for
approximately 3 percentage points of the decline. The overall cost base
increased as we began to invest in the five-year plan though, given the
possibility of supply chain constraints, the pace investment was measured,
which resulted in a Vicon reported Adjusted PBT* of £5.4m (FY21: £6.8m).
Vicon's customers continued to extend the possibilities of our systems with
some notable highlights over the past 12 months. We saw success in our Life
Sciences market, including Saarland University acquiring a system for a
collaboration with NASA, ESA & DLR, the German Aerospace Centre, for large
scale studies into the Musculoskeletal (MSK) aging process, including
investigating physical decline when immobilised; for example when
overwintering in Antarctica or on the International Space Station.
In our Entertainment market, ByteDance purchased a large entertainment system
as they look to evolve the next viral dance move, and longstanding Vicon
customer, Industrial Light & Magic, merged the physical and the digital to
create the highly acclaimed Abba Voyage experience. While in our Engineering
vertical market, the Department of Cognitive Robotics at TU Delft, bought a
system to extend their work in robotics, which includes human-robot
interaction.
2022 also saw the rise of the use of Vicon motion capture for VTubing, where
virtual characters are live streamed to fans. This trend has been growing for
a while. Amazon reports that last year VTubing content grew 467% year-on-year
on Twitch, and in 2020 some 38% of YouTube's 300 most profitable channels were
from VTubers. At the low end, content creators can drive a 2D avatar from
their webcam. But now increasingly, popular VTubers, especially in Japan, are
using sophisticated Vicon capture setups to drive full 3D characters. This is
yet another exciting application of Vicon's 3D capture technology.
CURRENT TRADING AND OUTLOOK
With strong market demand, Vicon start the new financial year with an Order
Book of £24.0m which will underpin over half of the full year revenue
expectations. Based on order intake so far in the new financial year which,
includes our largest ever single order, demand remains strong. With regards to
the supply chain constraints, the Board believes the situation is gradually
improving and the launch of our Valkyrie system that uses the latest component
technology rather than legacy components used in the outgoing Vantage system
will also help ease the situation. That said, the global supply chain picture
and more general global uncertainties means further supply chain disruption
cannot be entirely ruled out.
Overall, the fundamentals at Vicon remain positive and the business is well
placed to capitalise on the substantial market opportunity in the year ahead.
As part of the new five-year strategic plan, Vicon will continue to invest to
augment our capabilities to sense, analyse and apply our technology. The
£2.3m investment previously announced was tempered in FY22 and is set to
increase to £2.8m on an annualised basis. The investment compared to the
current cost base will be reflected in FY23 by an increase of £0.8m and by a
further £1.0m in FY24.
The Group remains in good financial health which includes a cash position of
£67.7m which will enable the business to pursue our investment strategy
including the ability to execute acquisition opportunities as the markets
normalise that will accelerate our strategy.
The successful sale of Yotta brings even greater clarity to our go-forward
growth plan and our energy and excitement to capitalise on the smart sensing
opportunity that lies ahead. The Board looks forward to the new financial year
which is set to be a year of opportunity and growth.
Nick Bolton
CEO
* Profit Before Tax before Group recharges adjusted for share-based payments,
amortisation and impairment of intangibles arising on acquisition, additional
Contemplas consideration deemed remuneration and exceptional costs
FINANCIAL REVIEW
Disposal of Yotta
In May 2022, the Group completed the disposal of the Yotta subsidiary for a
headline consideration of £52.0m. After customary adjustments for working
capital and Debt-like items the sale generated a profit on disposal after
costs of £43.6m. The net cash generated by the transaction was £47.1m.
The disposal has resulted in a significant change to the year-on-year
comparison in the Income Statement, Statement of Financial Position and
Statement of Cash which is highlighted as appropriate in this Financial
Review.
Income Statement
The Group reported revenue from continuing operations of £28.8m (FY21:
£27.6m) representing a headline increase of 4.5%, on a constant FX basis
revenues increased by 0.5%. From a geographical perspective, our Asia Pacific
region had a strong year driven by Entertainment, Europe also reported growth
of 6.4% and Vicon USA reported 11.7% headline growth though on a constant FX
basis growth was nearer 0.7%.
Gross Profit margin held steady at 67.5% (FY21: 68.8%), reflecting a
favourable change in the mix of revenue and gross margin erosion of
approximately 3 percentage points during the year arising from supply chain
constraints. In real terms Gross Profit improved year on year by £0.5m to
£19.5m.
Reviewing the cost base within the Income Statement:
· Sales, Support and Marketing costs increased by £1.3m which was
largely due to increased marketing efforts and commission together with
operational activity returning to near normal levels post the pandemic.
· Research & Development expensed through the Income Statement
was £3.5m (FY21: £3.5m). 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 released during the financial year, some
of which are described in the CEO review.
· Administration expenses increased by £0.4m which was due to
£0.2m additional consideration for the Contemplas acquisition arising from
growth in ARR and other corporate costs. Adjusted PBT* of £2.6m (FY21:
£4.0m/£4.5m on a constant currency basis) has been determined after adding
back to the Statutory PBT £2.7m (FY21: £3.6m) non-cash items such as
amortisation and impairment of acquired intangibles, share option charge and
non-recurring exceptional items. A full reconciliation is available in note 6.
Statement of Financial Position
Goodwill and intangibles
The movement this year is a net £3.5m reduction. The movement is accounted
for by the disposal of Yotta which accounted for £5.1m of Goodwill and
Intangibles as at the end of FY22 offset by the net effect during the year of
capitalised R&D of £3.4m (FY21: £2.8m), amortisation and impairment of
development costs £1.4m (FY21: £2.2m) and the amortisation and impairment of
acquired intangibles of £0.3m (FY21: £1.5m).
Property, plant and equipment
A small decline of £0.1m is reported. The net movement reflects the disposal
of £0.3m relating to Yotta and the net effect during the year of additions of
£0.6m (FY21: £0.2m) and the depreciation of £0.4m (FY21: £0.5m).
Right of use assets (IFRS16)
The decrease of £0.6m is largely accounted for by the disposal of £0.7m
Right of Use assets relating to Yotta.
Investments
The investment of £0.2m relates to a 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.
Inventories
The inventory position at the end of the financial year was £4.5m (FY21:
£2.5m). The higher inventory position largely reflecting the cost of goods
relating to the £3.5m deferred orders into the next financial year.
Trade and other receivables
At the year-end Trade and other receivables were £7.4m (FY21: £6.1m). The
net overall increase is due to higher Vicon Trade receivables £5.3m (FY21:
£2.9m), which reflected a higher final quarter revenue performance compared
to last year, Accrued interest £0.3m (FY21: £0.0m), higher Other Debtors
£1.0m (FY21: £0.1m) being mostly VAT repayment due from HMRC offset by the
disposal of Yotta that accounted for £2.5m of Trade and Other receivables at
the end of FY21.
Current liabilities
At the year-end, Trade and other payables were £11.3m (FY21: £12.5m). The
net decrease is due to the disposal of Yotta that accounted for £4.3m of
Trade and other payables at the end of FY21 offset by an increase in trade
payables at the year-end to £4.0m (FY21: £2.3m), lower accruals £1.9m
(FY21: £2.5m) and higher Vicon support contract liabilities £5.1m (FY21:
£3.1m).
The lease liabilities balance reported at £0.4m (FY21: £0.6m) represents the
value of lease payments due within one year relating to right of use assets.
The overall decrease was accounted for by the disposal of Yotta lease
liabilities and amortisation.
Non-current liabilities
The £0.1m increase in Other liabilities is due to Vicon Support contract
liabilities.
The lease liabilities balance reported of £1.1m (FY21: £1.6m) 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 £67.7m (FY21: £23.0m) including
Fixed Term deposits of £55.0m (FY21: £Nil).
Cash generated by operating activities was £3.5m (FY21 Cash generated:
£14.5m).
The deployment of this cash included continued investment in development
giving rise to a purchase of intangibles of £3.5m (FY21: 2.8m) and payment of
dividends of £2.5m (FY21: £2.3m).
Surplus cash not required for the day to day working capital needs of the
business is on a variety of 3-12 month bank deposits. Interest received in
the year was £0.3m (FY21:£Nil).
Tax
The Group tax credit this year is £0.7m (FY21: Charge £0.6m). The tax credit
for the year arose due various deferred tax adjustments including but not
exclusively Research & Development tax credits which continues to have a
beneficial effect on the level of corporation tax payable in the UK.
The deferred tax asset decreased to £1.6m (FY21: £1.9m) arising from a
decrease in the asset associated with the notional gain on exercise of share
options and the disposal of Yotta offset by an increase in unrelieved losses
carried forward. The deferred tax liability decreased to £2.5m (FY21: £3.1m)
largely arising from the disposal of Yotta.
David Deacon
CFO
* Profit Before Tax before Group recharges adjusted for share-based payments,
amortisation and impairment of intangibles arising on acquisition, additional
Contemplas consideration deemed remuneration and exceptional costs
consolidated INCOME statement
for the year ended 30 september 2022
2022 2021
Note £'000 £'000
Revenue 3 28,816 27,571
Cost of sales (9,352) (8,589)
Gross profit 19,464 18,982
Sales, support and marketing costs (6,608) (5,336)
Research and development costs (3,547) (3,511)
Administrative expenses (6,814) (6,438)
Operating profit 2,495 3,697
Finance income 305 4
Finance expense (67) (67)
Profit before taxation 3,5 2,733 3,634
Taxation 7 665 (574)
Profit from continuing operations 3,398 3,060
Profit from discontinued operations net of tax 10 43,519 (125)
Profit attributable to owners of the parent during the year 46,917 2,935
Earnings per share for profit on continuing operations attributable to owners
of the parent during the year
Basic earnings per ordinary share (pence) 8 2.66p 2.42p
Diluted earnings per ordinary share (pence) 8 2.62p 2.40p
Earnings per share for profit on total operations attributable to owners of
the parent during the year
Basic earnings per ordinary share (pence) 8 36.70p 2.32p
Diluted earnings per ordinary share (pence) 8 36.11p 2.30p
COnsolidated statement of
comprehensive income FOR THE YEAR
ENDED 30 sEPTEMBER 2022
Group Group
2022 2021
£'000 £'000
Net profit for the year 46,917 2,935
Other comprehensive expense
Items that will or may be reclassified to profit or loss
Exchange differences on retranslation of overseas subsidiaries 953 (129)
Total other comprehensive expense 953 (129)
Total comprehensive income for the year attributable to owners of the parent 47,870 2,806
consolidated statement of financial position AS AT 30 september 2022
COMPANY NUMBER: 03998880 Group Group
2022 2021
£'000 £'000
Non-current assets
Goodwill and intangible assets 10,081 13,543
Property, plant and equipment 1,638 1,756
Right of use assets 1,367 1,978
Financial asset - investments 236 236
Deferred tax asset 1,588 1,877
14,910 19,390
Current assets
Inventories 4,462 2,494
Trade and other receivables 7,397 6,099
Current tax receivable 254 118
Fixed term deposits 55,000 -
Cash and cash equivalents 12,679 22,957
79,792 31,668
Current liabilities
Trade and other payables (11,287) (12,504)
Lease liabilities (440) (582)
(11,727) (13,086)
Net current assets 68,065 18,582
Total assets less current liabilities 82,975 37,972
Non-current liabilities
Other liabilities (965) (883)
Lease liabilities (1,064) (1,563)
Provisions (40) (32)
Deferred tax liability (2,520) (3,058)
(4,589) (5,536)
Net assets 78,386 32,436
Capital and reserves attributable to
owners of the parent
Share capital 324 317
Shares to be issued 65 65
Share premium account 19,094 18,483
Retained earnings 57,917 13,538
Foreign currency translation reserve 986 33
Total equity shareholders' funds 78,386 32,436
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE year ENDED 30 SEPTEMBER 2022
Group Group
2022 2021
£'000 £'000
Cash flows from operating activities
Profit for the year 46,917 2,935
Income tax (credit)/expense (934) 286
Finance income (305) (4)
Finance expense 114 106
Dividends receivable - -
Depreciation and amortisation 2,555 3,339
Impairment of intangible assets - 1,341
Increase in fair value of investment - (68)
Profit on disposal of discontinued operation (43,578) -
Share-based payments 139 98
Exchange adjustments - (69)
(Increase)/ decrease in inventories (1,919) 1,144
(Increase)/decrease in receivables (3,664) 3,126
Increase/(decrease) in payables 4,187 2,223
Cash generated from operating activities 3,512 14,457
Tax paid (248) (102)
Net cash from operating activities 3,264 14,355
Cash flows from investing activities
Purchase of property, plant and equipment (588) (239)
Purchase of intangible assets (3,464) (2,778)
Disposal of discontinued operation, net of cash disposed of 47,141 -
Proceeds on disposal of property, plant and equipment 37 11
Cash placed on fixed term deposits (65,000) -
Fixed term deposits maturing 10,000 -
Interest received 28 4
Dividends received - -
Acquisition of subsidiary undertaking net of cash acquired - (1,149)
Net cash used in investing activities (11,846) (4,151)
Cash flows from financing activities
Principal paid on lease liabilities (460) (504)
Interest paid - (1)
Interest paid on lease liabilities (112) (105)
Issue of ordinary shares 583 687
Equity dividends paid (2,542) (2,264)
Net cash used in financing activities (2,531) (2,187)
Net (decrease)/increase in cash and cash equivalents (11,113) 8,017
Cash and cash equivalents at beginning of the period 22,957 14,940
Exchange gain/(loss) on cash and cash equivalents 835 -
Cash and cash equivalents at end of the period 12,679 22,957
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER
2022
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 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
Net profit for the year - - - 46,917 - 46,917
Exchange differences on retranslation of overseas subsidiaries - - - - 953 953
Transactions with owners:
Tax recognised directly in equity in relation to employee share option schemes - - - (99) - (99)
Dividends - - - (2,542) - (2,542)
Issue of share capital 7 - 611 - - 618
Share based payment charge - - - 103 - 103
Balance as at 30 September 2022 324 65 19,094 57,917 986 78,386
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 6 December 2022.
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 435 of the Companies Act
2006 for the years ended 30 September 2022 and 30 September 2021 but is
derived from those accounts. The statutory accounts for the year ended 30
September 2021 have been delivered to the Registrar of Companies and those for
the year ended 30 September 2022 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
2022 or 30 September 2021.
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 2022.
3. Revenue from contracts with customers
2022 2021
Revenue £'000 £'000
Continuing operations
Vicon UK 17,338 17,260
Vicon USA 11,478 10,311
28,816 27,571
Timing of the transfer of goods
and services Vicon UK Vicon USA Total
2022 £'000 £'000 £'000
Point in time 15,494 9,175 24,669
Over time 1,844 2,303 4,147
Total 17,338 11,478 28,816
Contract Counterparties
Direct to consumers 4,256 10,529 14,785
Third party distributor 13,082 949 14,031
Total 17,338 11,478 28,816
By destination
UK 2,396 - 2,396
Germany 2,156 - 2,156
Italy 304 - 304
Netherlands 441 - 441
France 473 - 473
Poland 332 - 332
Spain 260 - 260
Rest of Europe 1,022 - 1,022
Total Europe 4,988 - 4,988
Canada 39 1,008 1,047
USA 24 10,197 10,221
Rest of North America - 177 177
Total North America 63 11,382 11,445
Australia 797 - 797
Hong Kong 2,539 - 2,539
Japan 2,334 - 2,334
South Korea 1,314 - 1,314
China 2,158 - 2,158
Rest of Asia Pacific 532 - 532
Total Asia Pacific 9,674 - 9,674
Other 217 96 313
Total 17,338 11,478 28,816
Timing of the transfer of goods
and services Vicon UK Vicon USA Total
2021 £'000 £'000 £'000
Point in time 15,606 8,353 23,959
Over time 1,654 1,958 3,612
Total 17,260 10,311 27,571
Contract Counterparties
Direct to consumers 4,750 9,265 14,015
Third party distributor 12,510 1,046 13,556
Total 17,260 10,311 27,571
By destination
UK 3,519 - 3,519
Germany 1,591 - 1,591
Italy 484 - 484
Netherlands 435 - 435
France 220 - 220
Poland 355 - 355
Rest of Europe 1,601 - 1,601
Total Europe 4,686 - 4,686
Canada - 1,221 1,221
USA - 8,920 8,920
Rest of North America 2 104 106
Total North America 2 10,245 10,247
Australia 530 - 530
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
Total Asia Pacific 9,053 - 9,053
Other - 66 66
Total 17,260 10,311 27,571
2022 2021
£'000 £'000
Vicon revenue by market - Continuing operations
Engineering 5,581 5,763
Entertainment 10,023 11,884
Life sciences 10,589 9,106
Location based entertainment 2,623 818
Total 28,816 27,571
Group revenue by type
Continuing operations
Sale of hardware 22,700 22,496
Sale of software 1,970 1,662
Rendering of services 3,009 2,485
SaaS 193 141
Support 944 787
Total 28,816 27,571
Group revenue by origin
Continuing operations
UK 16,010 17,000
Europe 1,312 238
North America 11,478 10,311
Asia Pacific 16 22
Total 28,816 27,571
Contract balances
2022
Contract assets Contract liabilities
£'000 £'000
At 1 October 2021 261 7,474
Transfers from contract assets to trade receivables (520) -
Amounts included in contract liabilities recognised as revenue during the - (23,176)
period
Excess of revenue recognised over cash during the period 770 -
Cash received in advance of performance and not recognised as revenue during - 26,670
the period
Disposal (511) (5,325)
Foreign exchange differences - 400
At 30 September 2022 - 6,043
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
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 2022 2023 2024 2025 2026 2027 2028 and beyond
£'000 £'000 £'000 £'000 £'000 £'000
Support contracts 3,143 595 239 75 44 11
At 30 September 2021 2022 2023 2024 2025 2026 2027
£'000 £'000 £'000 £'000 £'000 £'000
Support contracts 2,550 428 263 83 22 11
The remaining performance obligations at 30 September 2021 in the table above
exclude those relating to Yotta Group.
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.
During the year the Group comprised 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. Yotta Group was disposed of
during the year.
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 2022 are £5,718,000 (2021: £4,439,000).
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.
2022 2021
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
Continuing operations
Vicon UK 1,590 (434) 1,426 2,582 3,229 (1,344) 1,130 3,015
Vicon USA 3,848 - (3,712) 136 3,562 - (3,065) 497
Vicon Group 5,438 (434) (2,286) 2,718 6,791 (1,344) (1,935) 3,512
Unallocated (2,840) (86) 2,941 15 (2,763) 30 2,855 122
Total continuing operations
2,598 (520) 655 2,733 4,028 (1,314) 920 3,634
Adjusted profit before tax is detailed in note 6.
Segment depreciation and amortisation
2022 2021
£'000 £'000
Continuing operations
Vicon UK 1,810 3,436
Vicon USA 203 208
Vicon Group 2,013 3,644
Unallocated 59 38
Total continuing operations 2,072 3,682
Discontinued operations
Yotta 483 998
Oxford Metrics Group 2,555 4,680
Non-current assets Additions to non-current assets Carrying amount of segment assets Carrying amount of segment liabilities
2022 2021 2022 2021 2022 2021 2022 2021
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Vicon UK 12,825 10,324 3,304 2,137 30,757 22,962 (11,007) (8,702)
Vicon USA 1,585 941 566 33 6,613 6,971 (4,644) (2,989)
Vicon Group 14,410 11,265 3,870 2,170 37,370 29,933 (15,651) (11,691)
Yotta Group - 7,262 661 1,078 - 13,193 - (5,952)
Unallocated 500 863 8 94 63,384 13,984 (665) (979)
OMG Life Group*
- - - - (6,052) (6,052) - -
Oxford Metrics Group
14,910 19,390 4,539 3,342 94,702 51,058 (16,316) (18,622)
* 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):
2022 2021
£'000 £'000
Amortisation of right of use assets 496 522
Depreciation of property, plant and equipment - owned 424 495
Amortisation of customer relationships - 249
Amortisation of intellectual property 272 261
Amortisation of development costs 1,363 1,812
Impairment of development costs - 360
Impairment of intellectual property - 981
Share based payments - equity settled 36 36
Share option charges 103 62
Operating lease charges - land and buildings - 3
Foreign exchange loss 487 10
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.
2022 2021
£'000 £'000
Profit before tax - continuing operations 2,733 3,634
Share option charges 103 51
Amortisation of intangibles arising on acquisition 261 258
Impairment of intangible arising on acquisition - 981
Reorganisation costs - 6
Costs associated with the acquisition of Contemplas 156 86
Adjustment to fair value of investment - (68)
Reapportion Group overheads (655) (920)
Adjusted profit before tax - continuing operations 2,598 4,028
Adjusted earnings per share for profit on continuing operations attributable
to owners of the parent during the year
Basic earnings per share (pence) 2.55p 2.73p
Diluted earnings per share (pence) 2.51p 2.71p
The adjusted profit before tax for the Vicon and Yotta business segments (note
4) is shown in detail below;
Vicon Group
2022 2021
Continuing operations £'000 £'000
Profit before tax 2,718 3,512
Share option charges 17 13
Amortisation of intangibles arising on acquisition 261 258
Impairment of intangible arising on acquisition - 981
Reorganisation costs - 6
Costs associated with the acquisition of Contemplas 156 86
Reapportion Group overheads 2,286 1,935
Adjusted profit before tax 5,438 6,791
Yotta Group
2022 2021
Discontinued operations £'000 £'000
Profit before tax 43,250 (413)
Profit on disposal of discontinued operation (43,578) -
Share option charges - 11
Amortisation of intangibles arising on acquisition - 249
Reorganisation costs 93 26
Reapportion Group overheads 655 920
Adjusted profit before tax 420 793
The Group overheads in the tables above include head office expenses recharged
to subsidiaries.
7. Taxation
The tax is based on the profit for the year and represents:
2022 2021
£'000 £'000
United Kingdom corporation tax at 19.0% (2021: 19.0%) 462 60
Overseas taxation 69 228
Adjustments in respect of prior year (79) (3)
Current taxation 452 285
Deferred taxation (1,386) 1
Total taxation (credit)/expense (934) 286
Continuing and discontinued operations:
2022 2021
£'000 £'000
Income tax (credit)/expense from continuing operations (665) 574
Income tax credit from discontinued operations excluding gain on sale (note (269) (288)
10)
Total tax (credit)/ expense (934) 286
At 30 September 2022, the Group had an undiscounted deferred tax asset of
£1,588,000 (2021: £1,877,000). 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 (2021: 25%).
The tax assessed for the year is lower than the standard rate of corporation
tax in the UK of 19.0% (2021: lower than the standard rate of 19%).
The differences are explained as follows:
2022 2021
£'000 £'000
Profit for the year 46,917 2,935
Income tax (credit)/expense including discontinued operations (934) 286
Profit on ordinary activities before tax 45,983 3,221
Expected tax income based on the standard rate of 8,737 612
corporation tax in the UK of 19.0% (2021: 19.0%)
Effect of:
Expenses not deductible for tax purposes 68 255
Book gain on disposal in excess of tax gain (8,280) -
Unrelieved current year losses (335) (161)
Utilisation of losses brought forward - (32)
Adjustments to tax charge in respect of prior year current tax (79) (8)
Adjustments to tax charge in respect of prior year deferred tax (383) (62)
Higher rates on overseas taxation 29 42
Research and development tax credit (467) (310)
Effect of tax rate change (224) (50)
Total tax (credit)/expense (934) 286
During the prior 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 2022 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
2022 2021
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 operations
Basic earnings per share
Earnings attributable to ordinary shareholders 3,398 127,840 2.66 3,060 126,437 2.42
Dilutive effect of employee share options - 2,081 (0.04) - 993 (0.02)
Diluted earnings per share 3,398 129,921 2.62 3,060 127,430 2.40
Discontinued operations
Basic earnings per share
Earnings attributable to ordinary shareholders 43,519 127,840 34.04 (125) 126,437 (0.10)
Dilutive effect of employee share options - 2,081 (0.54) - 993 -
Diluted earnings per share 43,519 129,921 33.50 (125) 127,430 (0.10)
Total operations
Basic earnings per share
Earnings attributable to ordinary shareholders 46,917 127,840 36.70 2,935 126,437 2.32
Dilutive effect of employee share options - 2,081 (0.59) - 993 (0.02)
Diluted earnings per share 46,917 129,921 36.11 2,935 127,430 2.30
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
2022 2021
Equity - ordinary £'000 £'000
Final 2020 paid in 2021 (1.80 pence per share) - 2,264
Final 2021 paid in 2022 (2.00 pence per share) 2,542 -
2,542 2,264
10. Discontinued operations
During the year the Group sold its 100% interest in Yotta Limited and Yotta
Pty Limited (Yotta Group) for a total consideration of £49,105,000.
The transaction was based on an enterprise value of £52m and the final cash
consideration was determined as follows;
£'000
Enterprise value 52,000
Adjustments for debt-like items (2,432)
Working capital adjustments (463)
Cash consideration received 49,105
The post-tax gain on disposal of discontinued operations was determined as
follows;
£'000
Cash consideration received 49,105
Cash disposed of (1,629)
Transaction costs (335)
Net cash inflow on disposal of discontinued operation 47,141
Net assets disposed (other than cash)
Property, plant, and equipment 281
Intangibles 5,400
Trade and other receivables 3,398
Other financial assets 2,085
Trade and other payables (5,997)
Other financial liabilities (1,604)
3,563
Pre-tax gain on disposal of discontinued operation
Related tax expense -
Gain on disposal of discontinued operation 43,578
Result of Yotta Group
2022 2021
£'000 £'000
Revenue 5,604 8,056
Expenses other than finance costs (5,885) (8,430)
Finance costs (47) (39)
Tax credit 269 288
Profit from selling discontinued operation after tax 43,578 -
Profit for the year 43,519 (125)
The statement of cash flows includes the following amounts relating to
discontinued operations:
2022 2021
£'000 £'000
Operating activities (1,228) (2,658)
Investing activities 44,851 (900)
Financing activities (109) (189)
Net cash flow from discontinued operations 43,514 (3,747)
11. 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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