REG - Oxford Metrics PLC - Audited Preliminary Results
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251209:nRSI7437Ka&default-theme=true
RNS Number : 7437K Oxford Metrics PLC 09 December 2025
Oxford Metrics plc
("Oxford Metrics" or the "Group")
Audited Preliminary Results
Return to growth, in-line earnings performance and strategic progress
positioning the business for sustainable long-term growth
Oxford Metrics plc (LSE: OMG), the smart sensing and software company
servicing life sciences, entertainment, engineering and smart manufacturing
markets, announces its audited preliminary results for the financial year
ended 30 September 2025.
Financial Highlights
FY25 FY24 Change
Revenue £44.8m £41.5m +8%
Adjusted EBIT* £2.2m £1.7m +29%
Adjusted Basic EPS** 1.55p 3.01p -49%
Ordinary dividend per share 3.25p 3.25p 0%
Profit Before Tax £0.1m £0.5m -80%
Basic EPS (0.55p) 0.58p n/m
Cash and fixed term deposits £37.3m £50.7m -26%
* Adjusted EBIT is earnings before interest and tax, adjusted for share-based
payment charges, amortisation of acquired intangibles, costs and impairments
relating to closure of IMU New Zealand, impairment of development costs and
additional costs related to restructuring and acquisitions.
** Adjusted Basic EPS is calculated using profit after tax adjusted for
share-based payment charges, amortisation of acquired intangibles, costs and
impairments relating to closure of IMU New Zealand, impairment of development
costs and additional costs related to restructuring and acquisitions.
· Adjusted EBIT increased in line with market expectations as a result of higher
Smart Manufacturing inorganic and organic volumes, continued high margin
contribution from Motion Capture and improved cost discipline.
· In-year Motion Capture order intake up 21% to £34.8m (FY24: £28.8m),
demonstrating positive underlying demand. Motion Capture revenue was £32.0m
(FY24: £38.6m), reflecting continued US academic and entertainment headwinds
and post-COVID normalisation of opening order book to £1.0m (FY24: £11.5m).
· Smart Manufacturing revenue up 341% to £12.8m (FY24: £2.9m), including 38%
organic growth and contributions from two acquisitions.
· Operating cash generation before tax up to £6.7m (FY24: £0.3m), following
continued focus on inventory optimisation and stronger working capital
management.
· Reduction in PBT mainly reflecting lower net finance income following
increased shareholder returns and investment.
· £12.5m returned to shareholders through buybacks and dividends, reflecting
confidence in the Group's cash generation and balance sheet strength.
Strategic Highlights
· Strengthened Smart Manufacturing division with two acquisitions (The Sempre
Group and Amber Optix) to turn projects into products faster, improve margin
potential and expand the addressable market.
· Launch of Markerless Motion Capture, complementing the core marker-based
systems, positioning the Group for next-generation growth and expanding ARR
opportunities.
· Ongoing product innovation and AI leadership, with a focus on proprietary
models and datasets that power next-generation Markerless Motion Capture and
automated inspection solutions.
· New divisional heads appointed (one post-period) as part of the Group's
broader programme to enhance operational focus and commercial delivery.
Current Trading & Outlook
· Q1 trading to date in line with the Board's expectations.
· Refocusing Motion Capture resources on geographies with clearer momentum
supported by a targeted product delivery roadmap.
· Unifying the Smart Manufacturing businesses under one structure to enhance
order-to-revenue conversion, increase efficiency and build a scalable
projects-to-products strategy to support margin expansion.
· Strong balance sheet supports strategic organic investment and selective small
bolt on M&A.
· Refined strategy and three-year framework, reflecting the evolution of the
Group and informed by new Board and divisional leadership, to be set out in H1
FY26.
Imogen O'Connor, CEO of Oxford Metrics
"This was a year of solid execution and strategic progress, with performance
in-line with market expectations. We delivered on our commitments, scaling
Smart Manufacturing with two targeted acquisitions and achieving strong
organic growth in that division, driven by tighter operational focus. Motion
Capture revenue was lower, reflecting continued softness in the US and a
normalised opening order book. However, planned strategic resource
reallocation helped deliver a 21% rise in in-year order intake, partially
offsetting the impact and supporting future growth.
"While external conditions remain challenging, we are focused on what we can
influence: where we deploy our efforts, how the organisation operates and how
we drive innovation, including the launch of Markerless Motion Capture, which
together are strengthening our platform for sustainable long-term growth."
Proposed change in accounting reference date
The Group's business activities and revenues are weighted toward the final
third of the calendar year. Having noted comments from shareholders, and to
aid the Group in the orderly preparation of its financial statements, the
Directors recognise that presenting financial statements that have a more
balanced first half and second half weighting is in the best interests of the
Group.
Accordingly, the Directors are considering that for the Group's next financial
year (which would otherwise end on 30 September 2026), its accounting
reference date be extended by three months to 31 December 2026. The Company is
seeking the requisite approvals and further announcements will be made in due
course with the aim that the Company's accounting reference date from next
year will be 31 December.
Analyst Briefing
Management will host an in-person-only briefing and Q&A for analysts in
London today at 9.30am UK time. To register to attend, please contact
oxfordmetrics@almastrategic.com (mailto:oxfordmetrics@almastrategic.com) .
Investor Presentation
Management will host a virtual investor presentation and Q&A via the
Investor Meet Company platform on 10 December 2025 at 4.00pm. Investors can
sign up for free and follow Oxford Metrics here
(https://www.investormeetcompany.com/oxford-metrics-plc/register-investor) .
Annual Report
A copy of the Results Presentation and FY25 Annual Report will be available on
our website shortly.
Contacts
Oxford Metrics +44 (0)1865 261 860
Imogen O'Connor, CEO
Zoe Fox, CFO
Panmure Liberum (NOMAD & Broker) +44 (0)20 3100 2000
James Sinclair-Ford / Rupert Dearden / Gaya Bhatt
Alma Strategic Communications +44 (0)20 3405 0205
Hilary Buchanan / Rebecca Sanders-Hewett / David Ison / Kinvara Verdon oxfordmetrics@almastrategic.com (mailto:oxfordmetrics@almastrategic.com)
About Oxford Metrics
Oxford Metrics (LSE:OMG) is a smart sensing and software Group that serves
thousands of customers in more than 70 countries. Founded in 1984, we started
our journey in life sciences, expanded into entertainment, winning an OSCAR®
and an Emmy®, moved into engineering and more recently, smart manufacturing.
We have a strong track record of creating value by incubating, growing and
then augmenting through acquisition, unique technology businesses.
The Group trades through two divisions. In Motion Capture, its market-leading
company Vicon Motion Systems provides motion measurement analysis to thousands
of customers worldwide in healthcare, entertainment and engineering markets.
In Smart Manufacturing, we deliver high-precision machine vision, metrology
and automated quality control for blue-chip manufacturers in medical devices,
pharmaceuticals and performance engineering, as well as across aerospace,
automotive and precision engineering.
The Group is headquartered in Oxford with offices in the United Kingdom,
Ireland, United States and Germany.
For more information about Oxford Metrics, visit www.oxfordmetrics.com
(http://www.oxfordmetrics.com) .
Chair statement
I am pleased to present my first report as Chair of Oxford Metrics plc, having
joined the Board after the period end in November 2025.
I would like to thank my predecessor, Roger Parry, for his nine years of
service as Chair. His leadership helped create the platform from which the
Group can now move forward, and I wish him well in his future endeavours.
An attractive opportunity
Three things drew me to Oxford Metrics: its global reputation for precision
and reliability, its long-standing leadership in motion measurement and the
clear opportunity to build on that heritage as technology and customer needs
evolve.
Having worked extensively with technology businesses that have transitioned to
a more IP-led model over the years, I have seen first-hand how combining
best-in-class products with software, data and services can create greater
scale, stronger customer relationships and more resilient revenue. Oxford
Metrics has the ingredients to follow a similar path, and I am excited by the
potential this creates.
Execution and strengthening the foundations for growth
FY25 was a year of solid progress. The team delivered results in line with
expectations while laying important foundations for future growth. Across both
divisions we have seen improvements in focus, operational discipline and
delivery. With new Managing Directors appointed in each division, one
post-period, and refreshed leadership at Board level, the Group is well
positioned to build on this progress in the years ahead.
Next-generation, AI-enabled Motion Capture through Markerless
In Motion Capture, the introduction of Markerless technology represents an
important strategic step forward.
Markerless is complementary to our marker-based systems - reducing set-up
complexity and opening up new, higher-volume use cases in both established and
emerging markets, while our marker-based solutions remain the benchmark for
applications that demand the highest levels of precision. Over the medium
term, we see Markerless acting as a catalyst for a higher proportion of
software, cloud-enabled services and recurring revenue across the Group.
Markerless reflects the Group's long-standing investment in AI-enabled motion
understanding, supported by one of the richest motion-data archives in the
industry. Rather than focusing on the underlying technology, the strategic
importance lies in the new classes of problems we can now solve for customers.
Across Smart Manufacturing, we apply AI capability to automate inspection and
quality assurance, improving accuracy, throughput and customer value while
positioning the division for more scalable solutions.
Together, proprietary data, proven models and high-precision sensing position
Oxford Metrics to participate meaningfully in the growing market for
AI-augmented motion and measurement solutions.
Growing momentum in Smart Manufacturing
In Smart Manufacturing, recent acquisitions have strengthened operational
focus, and a clearer go-to-market approach is driving encouraging momentum.
The division now brings together advanced imaging, automation and data-driven
inspection capabilities to help manufacturers improve accuracy, reduce waste
and accelerate throughput. Over the past year the Group has shifted emphasis
toward repeatable, scalable solutions that customers can deploy across
multiple lines or facilities, strengthening the quality and predictability of
revenue.
Bringing the Smart Manufacturing businesses together under a single structure
in the year ahead will support further efficiency and enable faster
order-to-revenue conversion. With a healthy pipeline and growing demand for
high-precision, AI-enabled quality control, Smart Manufacturing is well placed
to contribute more meaningfully to the Group's future growth.
Deploying capital through disciplined M&A
Selective M&A will continue to play an important role in how we create
value, supplementing organic growth. Our focus is on small bolt-on
opportunities that enhance our core technologies, deepen our capabilities in
Smart Manufacturing or add IP-rich software and data assets in Motion
Capture.
Entering FY26 with clarity and focus
While Motion Capture continues to experience softer conditions in parts of the
US academic and entertainment markets, activity across APAC and EMEAI has been
encouraging. Smart Manufacturing, meanwhile, benefits from a wide spread of
industrial end markets and sustained interest in automation and quality
assurance. This diversification, together with a strong balance sheet and a
respected technology portfolio, provides resilience as we move into the new
financial year.
Oxford Metrics has the right foundations, the right capabilities and the right
opportunities in front of it. My focus as Chair is to ensure we convert these
advantages into sustained, consistent performance. I look forward to working
closely with Imogen and the wider team as we guide the Group through its next
phase of growth. I thank our shareholders for their continued support and look
forward to engaging with many of you in the months ahead.
CEO Report
FY25 was a year of disciplined execution and strategic progress. We delivered
results in line with expectations, advanced our innovation agenda and
strengthened the operational platform across both divisions.
While US academic and entertainment headwinds continue to persist, with
encouraging signs elsewhere, new divisional leadership in place, a broader and
more diversified product portfolio and continued investment in technology, we
enter FY26 in a stronger position.
I would like to thank colleagues new and old across the Group for their hard
work and dedication through the year and to acknowledge Roger Parry, who
stepped down as Chair after more than nine years of service. His guidance
helped shape the business we are today and I am grateful for his contribution.
At the half year we signalled that we were working on refining the Group
strategy to reflect the evolution of the business - the launch of Markerless,
the build out of Smart Manufacturing and the appointment of dedicated
divisional MDs. That work is now well advanced and has a clear direction of
travel, focused on scaling our core technologies, increasing the proportion of
recurring revenue and maintaining disciplined capital allocation including
selective bolt-on M&A. Following the appointment of our new Chair in
November, the Board believes it is right that he is fully involved in
finalising the plan. We therefore intend to set out the strategy in H1 FY26,
including priorities and the three-year framework we will use to measure
progress, and expect to present it at an investor event, the details of which
will be announced in due course.
Business Overview
Oxford Metrics is a smart sensing and software company that enables
organisations to capture, analyse and act on motion and measurement data,
helping them improve performance, efficiency and decision-making. Through its
two divisions, Motion Capture and Smart Manufacturing, the Group serves
customers across life sciences, entertainment, engineering and smart
manufacturing.
In Motion Capture, the Group's trading brand, Vicon (71% of Group revenue), is
a global leader in motion measurement and analysis, providing integrated
hardware and software systems that transform complex motion data into
actionable insights. Applications range from biomechanics research and
clinical gait analysis to visual effects, product design and testing and
robotic tracking.
In Smart Manufacturing (29% of Group revenue), the Group's machine vision and
measurement technologies deliver high-precision quality control and automation
for blue-chip manufacturers in automotive, aerospace, medical and electronics
sectors.
Oxford Metrics operates a blended model combining high-value system sales with
proprietary hardware and software, service contracts and recurring revenue
streams. This balance provides both scalability and resilience across business
cycles.
The Group is well positioned in markets that are increasingly influenced by
automation, AI and the need for validated high-accuracy data across regulated,
safety-critical, patient-focused, research and creative performance
industries. The Group has more than 40 years of motion data and has used AI in
its software for over a decade. The Group is now using this archive to train
proprietary AI models that enhance motion capture and analysis capabilities.
FY25 Headlines
1. Motion Capture resilience and innovation underpinning growth prospects
· Successfully allocated resources to growth opportunities in APAC and EMEAI,
partially offsetting revenue pressure from ongoing headwinds in US academic
and entertainment markets.
· Positioned the Group for continued leadership in next-generation AI-enabled
Motion Capture and growing ARR with the launch of Markerless technology,
initially into the entertainment market. Pipeline and sales traction expected
to continue to build through FY26 alongside product innovation.
· Launched a new motion capture camera at a more accessible price point,
broadening the addressable market in academic and commercial use cases.
2. Strong performance and growing momentum in Smart Manufacturing
· Step change in scale and capability through the acquisitions of The Sempre
Group (Sempre) (October 2024) and Amber Optix (April 2025), expanding our
product portfolio, technical IP and commercial reach in measurement and vision
solutions.
· Revenue grew 341% to £12.8m (FY24: £2.9m), including 38% organic growth,
driven by stronger project delivery, focused sales activity and traction
across target sectors including automotive, aerospace, medical and
pharmaceutical.
· Well positioned for further margin and volume gains as Sempre and IVS merge in
FY26 to turn more projects into repeatable products, improve efficiency and
enhance cross-selling, creating a scalable engine for long-term growth.
3. Disciplined execution and strengthened operational foundations
· Continued focus on operational effectiveness and cost efficiencies following a
targeted restructure alongside resource allocation to high-impact growth
areas, supporting a 29% increase in adjusted EBIT.
· Improved working capital and inventory discipline delivered stronger
operational cash generation before tax of £6.7m (FY24: £0.3m), reflecting
improved forecasting and supply-chain control.
· Appointed divisional MDs in Smart Manufacturing and, post-period, Motion
Capture to strengthen operational visibility, enhance accountability and
accelerate the project-to-product strategy.
Divisional Review
Motion Capture
Motion Capture delivered a solid performance despite ongoing headwinds in the
US academic and entertainment markets, reporting revenue of £32.0m (FY24:
£38.6m). The division entered FY25 with normalised opening order book (£1.0m
vs £11.5m in FY24) as buying patterns returned to pre-COVID norms and
standard lead times. Despite this lower starting point, underlying demand
remained firm, with in-year order intake up 21% and strong performances in
APAC and EMEAI.
Vicon's market-leading position continues to support deep customer
relationships and repeat business, with many customers having been with the
business for more than a decade. This strong referral base helps to drive new
business. Vicon continues to be well-positioned in a motion capture market
which is seeing increased adoption across new markets and emerging
geographies, supported by technological innovations which are making motion
capture more accessible and versatile.
During the year, Vicon launched two significant products that strengthen its
technology leadership and expand its addressable market. In March, the company
introduced its first Markerless solution, initially targeting the
pre-visualisation segment of the entertainment industry. The platform opens a
new software-based, recurring revenue opportunity and is expected to gain
commercial traction through FY26, after a busy H2 FY25 conducting multiple
in-person global demonstration events. In July, Vicon launched the Valkyrie 6
camera, offering its premium technology at a more accessible price point and
broadening reach to academic and commercial customers.
Vicon systems continue to support a wide range of high-impact applications -
from astronaut training and climate simulation to elite sports science and
hurricane modelling. Leading entertainment customers, including Tencent,
MiHoYo and NetEase, expanded their motion capture capabilities with additional
Valkyrie stages, while NAVER added a new facility for VTubing content.
Location-based entertainment partner Sandbox VR installed 30 more sites
globally during the year, further extending Vicon's reach into EMEAI. New
sales in LATAM and EMEAI, alongside growing activity in APAC, illustrate the
broadening global adoption of motion capture technology.
Post-period, Ronan Smith was appointed Managing Director of the Motion Capture
division, bringing a strong track record of scaling technology businesses
across both SaaS and hardware markets.
Looking ahead to FY26, Vicon has a busy product release programme, including
enhanced Markerless capabilities and a new life sciences platform that will
extend Markerless technology into this core customer segment, marking Vicon's
measured rollout of its innovative technology beyond entertainment and into
priority markets where it is a recognised leader. Investment is being directed
toward expanding sales prospecting and developing emerging territories to
ensure the division is positioned for sustained growth.
Smart Manufacturing
Our Smart Manufacturing division delivered a step change in scale and
capability during the year, following the acquisitions of Sempre in October
2024 and Amber Optix in April 2025. Sempre has broadened our commercial reach
and product portfolio across measurement and vision solutions, while Amber
Optix has been integrated into IVS, adding valuable intellectual property and
strengthening our offering in medical device inspection.
In March, Dr Simon Gunter joined as Managing Director of Smart Manufacturing,
bringing greater operational focus and strengthening best practice across
project delivery, engineering and sales.
Revenue increased 341% to £12.8 million (FY24: £2.9 million), including 38%
organic growth, driven by targeted sales activities, improved execution and
delivery discipline. The division secured projects across our focus sectors of
automotive, aerospace, medical and pharmaceutical, with an increasing pipeline
in semiconductors. Approximately 35% of revenue came from repeat customers,
reflecting strong retention alongside growth from new accounts.
Looking ahead to FY26, the integration of Sempre and IVS will bring the
division under a single structure focused on turning more projects into
repeatable products, operational efficiency and cross-selling. Investment in
senior hires and systems will support faster order-to-revenue conversion,
higher margins and the scaling of recurring contract service revenues,
creating a stronger engine for sustainable growth.
Current Trading & Outlook
The Group has made a solid start to FY26, trading in line with expectations.
This year's focus is continued disciplined execution - strengthening sales
pipelines, improving operational efficiency and continuing to gain from the
benefits of previous investment across both divisions.
In Motion Capture, we are concentrating resources on the highest-return
opportunities and accelerating expansion in earlier-stage markets in EMEAI and
APAC. Innovative product development remains a key focus.
In Smart Manufacturing, the priority is integration and scalability. Bringing
Sempre and IVS under one operating structure will streamline delivery, improve
margin performance and create a stronger foundation for future growth.
Our balance sheet supports organic investment and selective small bolt on
M&A. We will remain disciplined, targeting earnings-enhancing
opportunities that augment our technology, geography or market reach.
With our new Chair on board, we are working to finalise the strategy we
trailed at the half-year, centred on scaling our core technologies, expanding
recurring revenue and creating sustainable long-term value. We expect to
finalise and present the updated plan, including our priorities and three-year
framework in H1 FY26.
Financial and segmental review
Overview
The Group delivered a robust financial performance in line with market
expectations, achieving the highest revenue in its history. This growth was
driven by both inorganic and organic expansion within the Smart Manufacturing
division, as well as an improvement in order intake in the Motion Capture
division, despite revenue in that division reporting below FY24 levels.
In addition, the Group recorded a significant improvement in working capital,
reflecting disciplined management actions aimed at strengthening operating
cash flows. As a result, operating cash inflows before tax improved to £6.7m
(FY24: £0.3m).
Group performance
FY25 (£m) FY24 (£m)
Motion capture Smart Manufacturing PLC unallocated Total Group Motion capture Smart Manufacturing PLC unallocated Total Group
Revenue 32.0 12.8 - 44.8 38.6 2.9 - 41.5
Adjusted EBIT 2.3 1.6 (1.7) 2.2 1.5 0.0 0.3 1.7
EBIT 0.9 1.0 (2.3) (0.4) (1.0) (0.3) (0.3) (1.5)
Finance income and expense 0.5 2.0
Profit Before Tax 0.1 0.5
Revenues for the Group increased by 8% to £44.8m (FY24: £41.5m), in line
with expectations, resulting in an increase in adjusted EBIT of 29% to £2.2m
(FY24: £1.7m). See Note 7 for full reconciliation to profit before tax.
Revenues in Smart Manufacturing included organic growth of 38%. The growth was
driven by contract wins, robust operational delivery and inorganic growth from
two acquisitions.
Lower revenues in Motion Capture reflected the normalisation of the opening
order-book and the expected ongoing headwinds from US entertainment and
academic markets. FY24 benefited from an unusually high opening order-book of
£11.5m following the disruption of COVID and subsequent supply chain issues.
This reduced to £1.0m at the start of FY25. Order intake in the Motion
Capture division during FY25 was up 21% to £34.8m (FY24: £28.8m),
demonstrating positive underlying demand.
The adjusted EBIT improvement was driven by additional revenue volumes and
continued cost discipline. We reported in the FY24 results that we had
achieved annualised cost savings of approximately £1.2m, the benefits of
which we saw during FY25.
Cash generated from operating activities before tax improved to £6.7m (FY24:
£0.3m), reflecting continuous improvement in working capital and the
optimisation and right-sizing of the Motion Capture inventory.
The year-on-year FX effects were minimal: on the average FY25 USD to GBP
exchange rate of 1.30 vs average FY24 USD to GBP exchange rate of 1.27 the
revenues decreased by less than 1% for the Group.
As reported in our FY24 results, the decision was taken to wind down IMeasureU
(IMU), our New Zealand operation. A small number of legacy contract costs
remain, so IMU has been reclassified into continuing operations in the prior
period. See note 31 to the Financial Statements for more details. All
closure-related costs are excluded from adjusted EBIT.
Revenue by markets
FY25 FY24 Inc/(dec) Inc/(dec) FY25 FY24
Group revenue by market £m £m £m % Proportion (%) Proportion (%)
Engineering 5.1 8.1 (3.0) (38%) 11% 20%
Entertainment 14.7 15.9 (1.2) (7%) 33% 38%
Life sciences 12.2 14.6 (2.4) (17%) 27% 35%
Motion Capture 32.0 38.6 (6.6) (17%) 71% 93%
Smart Manufacturing 12.8 2.9 9.9 341% 29% 7%
Total 44.8 41.5 3.3 8% 100% 100%
Lower revenue in Motion Capture reflected ongoing US entertainment and
academic headwinds, impacting both our engineering and life sciences markets,
although sales activity increased with larger order intake versus FY24 and
improved sales in emerging markets and territories.
FY25 FY24 Inc/(dec) Inc/(dec) FY25 FY24
Group revenue by geographical area £m £m £m % Proportion (%) Proportion (%)
UK 11.2 6.1 5.1 84% 25% 15%
Europe 8.3 6.4 1.9 29% 18% 15%
North America 12.5 17.5 (5.0) (29%) 28% 42%
Asia Pacific 12.0 11.0 1.0 9% 27% 27%
Other 0.8 0.5 0.3 60% 2% 1%
Oxford Metrics Group 44.8 41.5 3.3 8% 100% 100%
All geographical areas strengthened, excluding the United States.
The significant UK increase included the contribution of the two Smart
Manufacturing businesses acquired during the year. FY24 growth benefited from
the acquisition of IVS and our largest UK Vicon order in history. UK Motion
Capture revenue declined by 51% (FY24: +36%) and US Motion Capture declined
33%, with other areas increasing by 7%.
Gross margin decreased to 64.7% (FY24: 66.5%), reflecting the stronger mix of
revenue through the Smart Manufacturing division, which is, as expected,
typically lower margin than the Motion Capture business, which continues to
provide strong margins.
Gross profit for the Group was £29.0m (FY24: £27.6m), an increase of
£1.4m.
Financial and operating results
FY25 Key Performance Indicators
The Group's performance is measured against certain key financial performance
indicators to monitor growth and performance against strategic and financial
plans. These are presented below:
· Group revenue growth: Revenue £44.8m (FY24: £41.5m), up 8% on prior year
from increased organic and inorganic sales in smart manufacturing offsetting
the lower Motion Capture revenue impacted by the US academic funding
headwinds.
· Maintaining high gross margins: Gross margin 64.7% (FY24: 66.5%), reflecting
the expected shift in sales mix towards Smart Manufacturing.
· Adjusted earnings before interest and tax: £2.2m (FY24: £1.7m), up 29%.
Benefiting from the increased revenue and cost savings.
· Operational cash generation before tax: £6.7m (FY24: £0.3m) improved from
favourable working capital movement and strong inventory control.
· Adjusted basic earnings per share growth: EPS: 1.55p (FY24: 3.01p), reflecting
lower interest income on lower cash balances at lower interest rates.
Adjusted items and alternative performance measures (APMs)
The Group uses APMs to assess its underlying financial performance. Certain
items ("adjusted items") are excluded from these measures where management
considers they do not reflect the trading performance of the period or where
their removal improves comparability. Presenting adjusted items separately
provides greater clarity over financial trends and assists with year-on-year
analysis. The term "adjusted" is not defined in IFRS and may therefore differ
from measures used by other companies.
Adjusted items in the year:
· Restructuring and reorganisation costs: £0.3m (FY24: nil);
· Share option charge: £0.3m (FY24: £0.2m);
· Cost associated with acquisitions: £0.2m (FY24: £0.3m);
· Amortisation of intangibles arising on acquisitions: £0.8m (FY24:
£0.5m);
· Costs associated with IMU closure: £0.2m (FY24: £0.9m); and
· Impairment of development costs: £750k (FY24: nil).
FY25 FY24
Statutory Adjustments Adjusted Statutory Adjustments Adjusted
Revenues 44.8 - 44.8 41.5 - 41.5
Gross Profit 29.0 - 29.0 27.6 - 27.6
GM (%) 64.8% - 64.8% 66.5% 66.5%
Operating Costs (29.4) 2.6 (26.8) (29.1) 3.2 (25.9)
Operating Profit (0.4) 2.6 2.2 (1.5) 3.2 1.7
Finance income and expense 0.5 - 0.5 2.0 2.0
Profit before Tax 0.1 2.6 2.7 0.5 3.2 3.7
Earnings before Interest and Tax (0.4) 2.6 2.2 (1.5) 3.2 1.7
Operating Costs
Operating costs were £29.4m (FY24: £29.1m). After the adjustments detailed
above, operating costs were £26.8m (FY24: £25.9m), £0.9m higher
year-on-year. The increase is driven from the impact of the newly acquired
business Sempre, which has been offset from savings across most areas
reflecting the impact of cost efficiencies implemented during the year and
restructuring.
Research and Development expenditure recognised in the Income Statement was
£5.2m (FY24: £5.3m), including £0.7m of development costs impaired and
stated net of capitalised development costs. Capitalised R&D increased to
£3.3m (FY24: £3.1m), reflecting the progression of projects from research
into the development phase. Continued investment in innovation remains
essential to maintaining the Group's competitive position.
The Group maintained a disciplined approach to cost management, enhancing
operational efficiency and reallocating resources toward higher-impact areas
This included reviewing adviser and professional fee structures and targeted
investment in IT systems to further improve efficiency and position the Group
for expansion.
Adjusted EBIT was £2.2m (FY24: £1.7m). This is calculated by adding back
£2.6m (FY24: £3.2m), including amortisation and impairment of acquired
intangibles, the share option charge and non-recurring items to statutory
operating profit. A full reconciliation is available in note 7 to the
Financial Statements.
Balance sheet highlights
The Group has a robust and strong balance sheet with cash and fixed term
deposits of £37.3m (FY24: £50.7m).
Net assets were £66.4m (FY24: £79.1m), summarised as below:
Goodwill and intangibles
The balance increased to £23.7m (FY24: £18.7m), reflecting the acquisitions
of Sempre and Amber Optix (£4.8m combined) and a £3.3m increase in
capitalised development costs (FY24: £3.1m), less £1.6m of amortisation of
development costs (FY24: £1.6m), £0.7m of impairment of development costs
and £0.8m of amortisation of acquired intangibles (FY24: £0.5m). During FY24
there was an impairment of £1.1m of goodwill relating to IMU New Zealand.
Impairment of capitalised development costs
The impairment of £0.7m was due to technical obsolescence in the Motion
Capture Markerless project, reflecting the nature of machine learning
technology development which was superseded when the product was released
during FY25.
Property, plant and equipment (PPE)
PPE decreased to £3.0m (FY24: £3.3m). Additions were £0.4m (FY24: £1.6m),
with the prior year including fit-outs and IT and demonstration equipment.
Depreciation was £1.2m (FY24: £1.0m).
Right-of-use assets (IFRS16)
The value of right-of-use assets decreased to £3.3m (FY24: £3.5m). Additions
in the year related to motor vehicle leases and leasehold assets acquired with
Sempre.
Post year-end, the Group is reviewing under-utilised office space, and certain
facilities could be exited., Currently we are still in occupation of the
facilities, and discussions are ongoing with the landlord. If the decision is
made to exit this may lead to an impairment of ROU assets in FY26, values are
yet to be quantified.
Inventories
Inventories reduced to £5.9m (FY24: £7.7m), driven by the successful
implementation of an inventory reduction and optimisation programme in the
Motion Capture division. This was partially offset by £0.5m of net inventory
increase from the newly acquired Sempre. A £0.2m provision was released and
£0.1m of inventory written off following a review across Vicon and Sempre.
Inventory and broader working capital optimisation remain key areas of focus
for the Group.
Trade and other receivables
Trade and other receivables increased to £12.9m (FY24: £8.9m), reflecting
stronger Q4 trading and additional debtors from Sempre.
Current liabilities
Trade and other payables increased to £11.3m (FY24: £7.3m), driven by higher
trade payables (£3.7m vs £1.4m), increased accruals (£2.9m vs £2.5m) and a
rise in support contract liabilities and deferred income (£3.7m vs £2.9m)
due in part to the addition of Sempre and the higher Q4 revenue.
Cash
The Group ended the year with net cash of £37.3m (FY24: £50.7m), including
£22.0m in fixed-term deposits (FY24: £30.0m).
Operating cash inflow increased significantly to £6.7m (FY24: cash outflow
£0.4m), benefitting from a £4.9m improvement in working capital, realised
through the continued focus on inventory optimisation and operational
discipline.
Cash outflows included development giving rise to the addition of intangibles
of £3.3m (FY24: £3.1m), acquisitions of £4.2m net of cash acquired (FY24:
£6.2m), dividends of £4.2m (FY24: £3.6m) and share buybacks of £8.3m
(FY24: £nil)
Surplus cash not required for the day to day working capital needs of the
business is held in a variety of 3-12 month deposits with NatWest and Lloyds
Bank. Interest received in cash for the year was £1.7m (FY24: £2.4m) The
variance between interest received and finance income reported in the income
statement reflects accrued interest, arising from the timing difference
between the recognition of interest earned and the actual receipt of cash
payments.
Tax
The Group tax charge was £0.8m (FY24: credit of £0.1m). Current tax payable
£0.1m (FY24: £0.1m) is limited due to the R&D tax credits the company
benefits from, the tax expense relates to deferred tax. The Group continues to
benefit from research and development tax credits, which, in FY25, are
classified as other income and deferred income. The Group's net deferred tax
liability increased to £3.1m (FY24: £1.9m).
Capital allocation and management
The Group maintains a disciplined approach to capital allocation, balancing
R&D and growth investment, M&A, dividends and share buybacks with the
Board reviewing priorities regularly, taking into consideration performance,
economic changes and the needs of the business.
Share buyback programme
During the year the Group announced a £10.0m on-market share buyback
programme. By year end, £8.3m had been deployed, with 15.9m shares purchased
at an average price of £0.52 per share. As at the date of this report, the
outflow is approximately £8.6m.
M&A
Enabled by its strong cash balance, Oxford Metrics continues to adopt a
disciplined approach to M&A, targeting small bolt-ons, earnings-enhancing
deals that add accelerative IP, technology or market reach in Smart
Manufacturing and IP-enhancing opportunities in Motion Capture.
Two acquisitions were made during the year:
· 100% of the share capital of The Sempre Group for £3.4m net of
cash acquired (including deferred and contingent consideration) on
10 October 2024; and
· 100% of the share capital of Amber Optix for £0.3m net of cash
acquired (including deferred consideration) on 4 April 2025 (cash acquired
was £1.2m).
Both acquisitions have contributed to Group profitability and provided a step
change in scale and capability, expanding our product portfolio, technical IP
and commercial reach in measurement and vision solutions.
We continue to only pursue small, bolt-on opportunities that align with our
strict criteria and mantra: to find the right acquisitions, at the right
price, for the right reasons.
Dividends
Dividends were paid out at 3.25p, reflecting an increase on the previous year
(FY24: 2.75p). The Cash impact was £4.2m (FY24: £3.6m). The directors are
recommending approval at the Company's Annual General Meeting on 25 February
2026 of a final dividend of 3.25 pence per share. This dividend is currently
not covered by the year's profits, but due to the increase in operational cash
generation and the Group's high cash balance, the directors for this year are
recommending payment.
Financial Outlook
The Group is well positioned as it looks ahead into FY26 and beyond, supported
by a robust balance sheet, underpinned by a strong cash & fixed term
deposit position of £37.3m that provides the business with the resource for
ongoing investment and M&A activities to support growth.
The Group has begun FY26 in line with expectations. The focus remains on
growth with the merger of the Smart Manufacturing businesses into one trading
company and structure, the continuation of a group wide cost efficiency drive
and advancement of the Motion Capture product roadmap.
consolidated INCOME statement
for the year ended 30 september 2025
Restated (see note 11)
Note 2025 2024
£'000 £'000
Revenue 3 44,774 41,459
Cost of sales (15,776) (13,868)
Gross profit 28,998 27,591
Sales, support and marketing costs (10,394) (8,795)
Research and development costs (5,230) (5,321)
Administrative expenses (13,781) (14,991)
Other income 16 -
Operating loss (391) (1,516)
Finance income 1,268 2,334
Finance expense (792) (276)
Profit before taxation 85 542
Taxation 7 (766) 216
(Loss)/profit attributable to owners of the parent during the year (681) 758
Earnings per share for profit on total operations attributable to owners of
the parent during the year
Basic (loss)/earnings per ordinary share (pence) 8 (0.55)p 0.58p
Diluted (loss)/earnings per ordinary share (pence) 8 (0.55)p 0.56p
COnsolidated statement of comprehensive income FOR THE YEAR ENDED 30 sEPTEMBER
2025
Group Group
2025 2024
£'000 £'000
Net loss for the year (681) 758
Other comprehensive income/(expense)
Items that will or may be reclassified to profit or loss
Exchange differences on retranslation of overseas subsidiaries 62 (406)
Tax credit on translation differences - 81
Total other comprehensive income/(expense) 62 (325)
Total comprehensive (expense)/income for the year attributable to owners of (619) 433
the parent
consolidated statement of financial position AS AT 30 september 2025
Group Group
COMPANY NUMBER 03998880 2025 2024
£'000 £'000
Non-current assets
Goodwill and intangible assets 23,681 18,714
Property, plant and equipment 3,007 3,257
Right of use assets 3,255 3,534
Financial asset - investments 236 236
Deferred tax asset - -
30,179 25,741
Current assets
Inventories 5,890 7,737
Trade and other receivables 12,863 8,932
Current tax receivable 663 425
Fixed term deposits 22,000 30,000
Cash and cash equivalents 15,303 20,723
56,719 67,817
Current liabilities
Trade and other payables (11,420) (7,344)
Current tax payable (54) (124)
Deferred consideration payable (836) (436)
Lease liabilities (1,363) (1,174)
(13,673) (9,078)
Net current assets 43,046 58,739
Total assets less current liabilities 73,225 84,480
Non-current liabilities
Other liabilities (1,495) (848)
Lease liabilities (2,170) (2,601)
Provisions (74) (59)
Deferred tax liability (3,117) (1,879)
(6,856) (5,387)
Net assets 66,369 79,093
Capital and reserves attributable to
owners of the parent
Share capital 289 329
Shares to be issued 65 65
Share premium account 19,494 19,494
Merger reserve 870 870
Retained earnings 45,079 57,865
Capital redemption reserve 40 -
Foreign currency translation reserve 532 470
Total equity shareholders' funds 66,369 79,093
consolidated STATEMENT of CASHFLOWS
For the YEAR ended 30 september 2025
2025 2024
£'000 £'000
Cash flows from operating activities
Total (loss)/profit for the year (681) 758
Income tax expense/(credit) 766 (216)
Finance income (1,268) (2,334)
Finance expense 792 276
Depreciation and amortisation 4,722 4,072
Impairment of intangible assets 750 1,273
Loss on sale of property, plant and equipment 22 -
Share-based payments 348 211
Decrease/(increase) in inventories 2,522 (285)
(Increase)/decrease in receivables (3,494) 1,108
Increase/(decrease) in payables 2,186 (4,540)
Cash generated from operating activities 6,665 323
Tax paid (3) (755)
Net cash generated from/(used in) operating activities 6,662 (432)
Cash flows from investing activities
Purchase of property, plant and equipment (457) (1,611)
Purchase of intangible assets (3,260) (3,086)
Acquisition of subsidiary undertaking, net of cash acquired (4,172) (6,231)
Proceeds on disposal of property, plant and equipment 6 12
Cash placed on fixed term deposits (47,000) (57,968)
Fixed term deposits maturing 55,000 69,968
Interest received 1,723 2,388
Net cash generated from investing activities 1,840 3,472
Cash flows from financing activities
Principal paid on lease liabilities (1,130) (825)
Interest paid (16) (3)
Interest paid on lease liabilities (271) (291)
Issue of ordinary shares - 10
Own shares repurchased for cancellation (8,257) -
Equity dividends paid (4,193) (3,615)
Net cash used in financing activities (13,867) (4,724)
Net (decrease)/increase in cash and cash equivalents (5,365) (1,684)
Cash and cash equivalents at beginning of the period 20,723 22,791
Exchange loss on cash and cash equivalents (55) (384)
15,303 20,723
CONSOLIDATED AND COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30
SEPTEMBER 2025
Group Share Shares Share premium account Merger Reserve Retained earnings Capital redemption Reserve Foreign currency translation reserve Total
capital to be issued
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance as at 30 September 2023 326 65 19,487 - 60,451 - 876 81,205
Net profit for the year - - - - 758 - - 758
Exchange differences on retranslation of overseas subsidiaries - - - - (406) (406)
- -
Tax credit on translation differences - - - 81 - 81
- -
Transactions with owners:
Tax recognised directly in equity in relation to employee share option schemes - - - (21) - (21)
- -
Dividends - - - - (3,615) - - (3,615)
Issue of share capital 3 - 7 870 - - - 880
Share based payment charge - - - - 211 - - 211
Balance as at 30 September 2024 329 65 19,494 870 57,865 - 470 79,093
Net profit for the year - - - - (681) - - (681)
Exchange differences on retranslation of overseas subsidiaries - - - - - 62
- 62
Transactions with owners:
Tax recognised directly in equity in relation to employee share option schemes - - - - (3) - - (3)
Dividends - - - - (4,193) - - (4,193)
Purchase of own shares for cancellation (40) - - - (8,257) 40 - (8,257)
Share based payment charge - - - - 348 - - 348
Balance as at 30 September 2025 289 65 19,494 870 45,079 40 532 66,369
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 IFRSs, this
announcement does not itself contain sufficient information to comply with
IFRSs.
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 for the year ended 30 September 2025 as set out in
this preliminary announcement does not constitute the statutory accounts of
the Group for the relevant year within the meaning of section 435 of the
Companies Act 2006. The financial statements for the year ended 30 September
2025 will be delivered to the Registrar of Companies following the Company's
annual general meeting. The Consolidated Income Statement, Consolidated
Statement of Comprehensive Income, Consolidated Statement of Changes in Equity
and Consolidated Statement of Cash Flows for the year ended 30 September 2024
and the Consolidated Statement of Financial Position as at 30 September 2024
have been derived from the full Group accounts published in the Annual Report
and Financial Statements 2024. These have been delivered to the Registrar of
Companies and on which the report of the independent auditors was unqualified
and did not contain a statement under section 498(2) or section 498(3) of the
Companies Act 2006.
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 2025.
3. Revenue from contracts with customers
2025 2024
Revenue £'000 £'000
Motion Capture 31,986 38,590
Smart manufacturing 12,788 2,869
44,774 41,459
2025 2025 2025
Motion Capture Smart Manufacturing Total Group
£'000 £'000 £'000
Timing of the transfer of goods and services
Point in time 28,089 10,301 38,390
Over time 3,897 2,487 6,384
Total 31,986 12,788 44,774
Contract Counterparties
Direct to consumers 16,172 12,788 28,960
Third party distributor 15,814 - 15,814
Total 31,986 12,788 44,774
By destination
UK 2,132 9,068 11,200
Europe 5,869 2,400 8,269
USA 9,879 405 10,284
Rest of North America 1,621 610 2,231
Asia Pacific 12,015 - 12,015
Other 470 305 775
31,986 12,788 44,774
By origin
UK 17,723 12,082 29,805
Europe 1,821 706 2,527
North America 12,442 - 12,442
31,986 12,788 44,774
By market
Engineering 5,062 - 5,062
Entertainment 14,727 - 14,727
Life Sciences 12,197 - 12,197
Smart Manufacturing - 12,788 12,788
31,986 12,788 44,774
By type
Sale of hardware 26,115 10,202 36,317
Sale of software 1,975 252 2,227
Services and support 3,896 2,334 6,230
31,986 12,788 44,774
2024 2024 2024
Motion Capture Smart Manufacturing Total Group
£'000 £'000 £'000
Timing of the transfer of goods and services
Point in time 33,765 393 34,158
Over time 4,825 2,476 7,301
Total 38,590 2,869 41,459
Contract Counterparties
Direct to consumers 24,222 2,869 27,091
Third party distributor 14,368 - 14,368
Total 38,590 2,869 41,459
By destination
UK 4,326 1,761 6,087
Europe 5,938 475 6,413
USA 15,516 6 15,522
Rest of North America 1,533 480 2,013
Asia Pacific 10,968 11 10,979
Other 309 136 445
38,590 2,869 41,459
By origin
UK 19,690 2,869 22,559
Europe 1,560 - 1,560
North America 17,340 - 17,340
38,590 2,869 41,459
By market
Engineering 8,100 - 8,100
Entertainment 15,851 - 15,851
Life Sciences 14,639 - 14,639
Smart Manufacturing - 2,869 2,869
38,590 2,869 41,459
By type
Sale of hardware 30,626 2,734 33,360
Sale of software 1,741 12 1,753
Services and support 6,223 123 6,346
38,590 2,869 41,459
Contract balances
2025
Contract assets Contract liabilities
£'000 £'000
At 1 October 2024 144 (3,773)
On acquisition 26 (665)
Transfers from contract assets to trade receivables during the period (138) -
Amounts included in contract liabilities recognised as revenue during the - 3,189
period
Excess of revenue recognised over invoices raised during the period 551 -
Invoices raised in advance of performance and not recognised as revenue during - (3,523)
the period
Foreign exchange differences - 6
At 30 September 2025 583 (4,766)
2024
Contract assets Contract liabilities
£'000 £'000
At 1 October 2023 - (4,528)
On acquisition 18 (438)
Transfers from contract assets to trade receivables during the period (18) -
Amounts included in contract liabilities recognised as revenue during the - 4,145
period
Excess of revenue recognised over invoices raised during the period 144
Invoices raised in advance of performance and not recognised as revenue during - (3,199)
the period
Foreign exchange differences - 247
At 30 September 2024 144 (3,773)
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 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. 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 2025 2026 2027 2028 2029 2030 2031 and beyond
£'000 £'000 £'000 £'000 £'000 £'000
Support contracts 2,885 670 282 106 40 7
Smart Manufacturing contracts
776 - - - - -
3,661 670 282 106 40 7
At 30 September 2024 2025 2026 2027 2028 2029 2030 and beyond
£'000 £'000 £'000 £'000 £'000 £'000
Support contracts 2,732 480 225 99 23 21
Smart Manufacturing contracts
193 - - - - -
2,925 480 225 99 23 21
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:
· Motion Capture: This is the development, production and sale of
computer software and equipment for the engineering, entertainment and life
science markets.
· Smart Manufacturing: This is the development, production and sale
of vision inspection systems.
Other unallocated costs represent head office expenses not recharged to
subsidiary companies and interest received on surplus cash balances.
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.
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.
No individual customer accounts for more than 10% of revenue.
Adjusted earnings before interest and tax are detailed in note 7.
2025 Smart Manufacturing Unallocated Total
Motion Capture
£'000 £'000 £'000 £'000
Total revenue 37,382 13,041 - 50,423
Inter segment revenue (5,396) (253) - (5,649)
Revenue from external customers 31,986 12,788 - 44,774
Depreciation 1,021 141 20 1,182
Amortisation and impairment 3,287 1,003 - 4,290
Profit/(loss) before tax 204 942 (1,061) 85
Finance income (5) (10) (1,253) (1,268)
Finance expense 663 64 65 792
Earnings/(loss) before interest and tax 862 996 (2,249) (391)
2024 Restated (see note 31) Smart Manufacturing Unallocated Total
Motion Capture
£'000 £'000 £'000 £'000
Total revenue 47,448 2,869 - 50,317
Inter segment revenue (8,858) - - (8,858)
Revenue from external customers 38,590 2,869 - 41,459
Depreciation 902 32 21 955
Amortisation 2,685 432 - 3,117
(Loss)/profit before tax (1,182) (314) 2,038 542
Finance income (42) (15) (2,277) (2,334)
Finance expense 249 27 - 276
Loss before interest and tax (975) (302) (239) (1,516)
Non-current assets Additions to non-current assets Carrying amount of segment assets Carrying amount of segment liabilities
2025 2024 2025 2024 2025 2024 2025 2024
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Motion Capture 15,781 16,440 3,652 4,684 34,418 35,767 (13,012) (11,292)
Smart manufacturing 14,153 9,038 5,779 8,858 22,740 10,593 (6,155) (1,872)
Unallocated 245 263 2 7 29,740 47,198 (1,362) (1,301)
Oxford Metrics Group
30,179 25,741 9,433 13,549 86,898 93,558 (20,529) (14,465)
5. (Loss)profit for the year
The (loss)/profit for the year is stated after charging / (crediting):
2025 2024
£'000 £'000
Amortisation of right of use assets 1,191 1,021
Depreciation of property, plant and equipment - owned 1,182 955
Amortisation of intellectual property 414 394
Amortisation of customer relationships 337 124
Amortisation of brand 51 17
Amortisation of development costs 1,547 1,561
Impairment of development costs 750 -
Impairment of intellectual property - 197
Impairment of goodwill - 1,076
Share option charges 348 211
Foreign exchange loss 215 601
6. Reconciliation of adjusted EBIT
The adjusted EBIT 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 operating profit to adjusted EBIT provided below
includes the following items:
· restructuring and acquisition costs that are non-recurring in
nature.
· non-cash items which arise from the accounting treatment of
share-based payments, amortisation, impairment of acquired intangibles and
impairment of development costs.
· costs associated with the closure of our IMU business which are
non-recurring and are not related to ongoing activities.
· research and development tax credit which has arisen in 2025 due
to a change in the rules resulting in the Group claiming under the new merged
scheme.
As adjusted results exclude significant costs (such as restructuring costs and
amortisation of intangibles), they should not be regarded as a complete
picture of the Group's financial performance, which is presented in its total
results. The exclusion of adjusting items may result in adjusted earnings
being materially higher or lower than total earnings. When significant
impairments, restructuring charges and legal costs are excluded, adjusted
earnings will be higher than total earnings. The calculation of adjusted
earnings per share uses the adjusted profit after tax to provide a measure
which reflects the underlying operating performance of the business.
Oxford Metrics Group 2025 2024
£'000 £'000
Operating (loss)/profit (391) (1,516)
Share option charges 348 211
Amortisation of intangibles arising on acquisition 798 524
Impairment of goodwill and intellectual property - 1,273
Impairment of development costs 750 -
Acquisition costs 212 295
Research and development tax credit (16) -
Costs associated with the closure of IMU 208 895
Restructuring costs 305 -
Adjusted earnings before interest and tax 2,214 1,682
Finance income 1,268 2,334
Finance expense (792) (276)
Taxation (766) 216
Adjusted profit after tax 1,924 3,956
Adjusted earnings per share for profit attributable to owners of the parent
during the year
Basic earnings per share (pence) 1.55p 3.01p
Diluted earnings per share (pence) 1.51p 2.98p
Motion Capture 2025 2024
£'000 £'000
Operating profit/(loss) 862 (975)
Share option charges - 18
Amortisation of intangibles arising on acquisition 190 189
Impairment of goodwill and intellectual property - 1,273
Impairment of development costs 750 -
Restructuring costs 305 -
Research and development tax credit (16) -
Costs associated with the closure of IMU 208 895
Adjusted earnings before interest and tax 2,299 1,472
Smart Manufacturing 2025 2024
£'000 £'000
Operating profit/(loss) 996 (302)
Amortisation of intangibles arising on acquisition 608 262
Adjusted earnings before interest and tax 1,604 (40)
In the current financial year there has been a change in the way head office
expenses are allocated to subsidiaries in the Group to only charge the costs
and shared services associated with the individual divisions.
This has resulted in an increase in unallocated expenses remaining in Oxford
Metrics plc.
7. Taxation
The tax is based on the profit for the year and represents:
2025 2024
£'000 £'000
United Kingdom corporation tax at 25.0% (2024: 25.0%) 7 1
Overseas taxation 102 288
Adjustments in respect of prior year (14) (140)
Current taxation 95 149
Deferred taxation (note 20) 671 (365)
Total taxation (credit)/expense 766 (216)
At 30 September 2025, the Group had an undiscounted deferred tax asset of
£1,455,000 (2024: £2,266,000). 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 (2024: 25%) and are detailed in note 20.
The tax assessed for the year is higher than the standard rate of corporation
tax in the UK of 25.0% (2024: lower than the standard rate of 25%).
The differences are explained as follows:
2025 2024
£'000 £'000
Profit on ordinary activities before tax 1,327 542
Expected tax expense based on the rate of 332 136
corporation tax in the UK of 25.0% (2024: 25.0%)
Effect of:
Expenses not deductible for tax purposes 260 436
Movement in unrecognised deferred tax asset 271 281
Adjustments to tax charge in respect of prior year current tax (14) (140)
Adjustments to tax charge in respect of prior year deferred tax (110) (84)
Higher rates on overseas taxation (23) (70)
Research and development enhanced deduction - (775)
Effect of tax rate change 50 -
Total tax expense/(credit) 766 (216)
8. Earnings/(loss) per share
2025 2024
Earnings Weighted average number of shares Per share amount Earnings Weighted average number of shares Per share amount
£'000 '000 pence £'000 '000 pence
Basic (loss)/earnings per share
Earnings attributable to ordinary shareholders (681) 124,364 (0.55) 758 131,338 0.58
Dilutive effect of employee share options - 2,837 - - 1,504 (0.02)
Diluted (loss)/earnings per share (681) 127,201 (0.55) 758 132,842 0.56
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
2025 2024
Equity - ordinary £'000 £'000
Final 2023 paid in 2024 (2.75 pence per share) - 3,615
Final 2024 paid in 2025 (3.25 pence per share) 4,193 -
4,193 3,615
The directors are proposing a final dividend in respect of the financial year
ended 30 September 2025 of 3.25 pence per share (2024: 3.25 pence per share)
which will absorb an estimated £3,756,000 of shareholders' funds. This
dividend will be paid on 27 March 2026 to shareholders who are on the register
of members at close of business on 13 February 2026 subject to approval at the
AGM. These dividends have not been accrued in these financial statements.
10. Prior period restatement
At the start of FY24, the decision was taken to begin winding down operations
at IMeasureU (New Zealand) Limited. On 31 March 2024, we classified the
business as 'held for sale' while we negotiated its disposal. The sale did not
complete. By 30 September 2024, we had stopped negotiations and decided to
abandon the business. IMeasureU (New Zealand) Limited still has outstanding
contractual obligations under revenue service contracts that must be
fulfilled, and there are ongoing costs from contracts entered into before we
made that decision
We have restated the prior year comparative because IMeasureU (New Zealand)
Limited was incorrectly presented as a discontinued operation. As it did not
meet the criteria for a discontinued operation, we now present it within
continuing operations. We set out the impact of the restatement below. There
is no impact on profit for the year, net assets or other primary statements.
As previously reported
As restated
Consolidated statement of comprehensive income 2024 Effect 2024
£'000 £'000 £'000
Gross profit 27,591 - 27,591
Sales, support and marketing costs (8,795) - (8,795)
Research and development costs (5,152) (169) (5,321)
Administrative expenses (12,920) (2,071) (14,991)
Operating profit 724 (2,240) (1,516)
Finance income 2,334 - 2,334
Finance expense (276) - (276)
Profit before taxation 2,782 (2,240) 542
Taxation 149 67 216
Profit from continuing operations 2,931 758
Loss from discontinued operations net of tax (2,173) 2,173 -
Profit attributable to owners of the parent during the year 758 - 758
Total comprehensive income for the period attributable to owners of the parent
433 - 433
Adjusted earnings per share from continuing operations As previously reported
Effect As restated
Basic earnings per share 2.96p 0.05p 3.01p
Diluted earnings per share 2.93p 0.05p 2.98p
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) .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END PREBKLBBELLZFBD
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Oxford Metrics
See all newsREG - Oxford Metrics PLC - Notification of major holdings
AnnouncementREG - Oxford Metrics PLC - Notification of Transactions by a PDMR
AnnouncementREG - Oxford Metrics PLC - Notification of Transactions by a PDMR
AnnouncementREG - Oxford Metrics PLC - Notification of Transactions by a PDMR and a PCA
AnnouncementREG - Oxford Metrics PLC - Transaction in Own Shares
Announcement