Unaudited Interim Results
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
17 June 2026
Oxford Metrics plc
("Oxford Metrics", the "Company" or the "Group")
Unaudited Interim Results
Strategy & Capital Allocation Update
Improved year-over-year performance; strategic priorities advanced, establishing the foundations for sustained, future growth
Oxford Metrics plc (LSE: OMG), the smart sensing and measurement technology group servicing life sciences, entertainment, engineering and manufacturing markets, announces its unaudited interim results for the six months ended 31 March 2026 alongside its strategy & capital allocation update.
As announced on 16 December 2025, Oxford Metrics changed its accounting reference date from 30 September to 31 December. FY26 is therefore an extended 15-month period running from 1 October 2025 to 31 December 2026 ("FY26"). These interim results cover the first six months of FY26 and are reported against the equivalent prior-year period. The Group expects to publish further unaudited interim accounts for the 12-month period ending 30 September 2026 by no later than 31 December 2026.
Financial Highlights
Six months to 31 March 2026
Prior-year period
Change
FY251
Revenue
£20.7m
£20.1m
+3%
£44.8m2
Adjusted EBIT*
(£0.2m)
(£0.4m)
+50%
£2.2m
Adjusted Basic EPS**
0.38p
(0.16p)
+338%
1.55p
Profit Before Tax
(£1.0m)
(£1.1m)
10%
£0.1m
Basic EPS
(0.66p)
(1.00p)
+34%
(0.55p)
Cash and fixed term deposits
£31.7m
£39.9m
-21%
£37.3m
¹ FY25 represents the 12-month period ended 30 September 2025 and is included for reference only.
2 For reference only, Revenue for the comparative 15-month period from 1 October 2024 to 31 December 2025 was £52.2m.
*Adjusted EBIT is earnings before interest and tax, adjusted for share-based payment charges, amortisation of acquired intangibles, costs and impairments relating to the closure of IMU New Zealand, restructuring including lease exit costs to optimise office premises, acquisition-related costs and other items considered non-underlying.
**Adjusted basic EPS is calculated using profit after tax adjusted for share-based payment charges, amortisation of acquired intangibles, costs and impairments relating to the closure of IMU New Zealand, restructuring including lease exit costs to optimise office premises, acquisition-related costs and other items considered non-underlying.
· Revenue increased by 3% to £20.7m:
o Motion Capture revenue increased by 10% to £16.3m, compared with £14.8m in the prior-year period, supported by good growth in Entertainment and Engineering and significant international contract wins.
o Vision Metrology revenue was £4.4m, compared with £5.3m in the prior-year period, reflecting the timing of certain customer projects now expected to be confirmed later in FY26. The integration of IVS and Sempre combining the trade and assets of the entities to create Industrial Vision and Metrology Systems Ltd (IVMS) was completed during the period, positioning the division to deliver its growth strategy.
· Gross margin increased to 66.0%, (prior-year period in FY25: 65.5%) reflecting the stronger mix of revenue from Motion Capture and continued cost discipline.
· Adjusted EBIT* improved to a loss of £0.2m compared with a loss of £0.4m in the prior-year period, reflecting higher revenue, robust gross margin and continued cost control.
· Cash and fixed-term deposits of £31.7m, after payment of the final dividend of £3.7m and share buybacks of £1.3m during the period.
Strategic Highlights
· Significant Motion Capture contract wins secured across priority international markets, including Eastern Europe, Japan and India.
· Markerless Motion Capture pipeline remains encouraging, with planned FY26 product updates focused on broadening use cases and improving conversion.
· Strengthened divisional management teams in both Motion Capture and Vision Metrology, supporting clearer operational accountability and execution.
· Sempre and IVS unified as Industrial Vision and Metrology Systems Limited (IVMS), creating a more integrated platform for growth.
· The former Smart Manufacturing division is now reporting as Vision Metrology going forwards, reflecting its focus on high-precision vision inspection, metrology and automated measurement solutions.
· The Group commenced the optimisation of its property footprint, including the planned early exit from one UK office, which, in addition to other cost optimisation actions, has supported annualised savings of approximately £0.8m.
Outlook and Strategy Update
· Management's expectations for FY26 remain unchanged, with revenue for the 15-month period expected to be approximately £56m, noting the delayed timing of an IVMS customer project, which is now expected to move a small portion of revenue previously expected in the period to 30 September 2026 into the three months to 31 December 2026.
· Motion Capture pipeline opportunities remain supportive for the remainder of FY26, while Vision Metrology has good visibility from its forward pipeline.
· To build on actions to date and accelerate longer-term margin expansion in line with the Group's strategy, management has identified further cost optimisation opportunities, expected to deliver annualised savings of approximately £1.0-1.6m from FY27 with further targeted savings planned for the medium term.
· The Group is rebalancing its approach to capital allocation, prioritising investment in strategic growth opportunities while maintaining balance sheet strength and flexibility for selective bolt-on and opportunistic M&A, with dividends paid as a percentage of free cash flow and selective share buybacks where appropriate.
· The Group is focused on scaling the business, increasing recurring and repeatable revenue and supporting stronger margins over time, with medium-term ambitions of:
· Doubling Group revenue through a mix of organic and inorganic activities
· Increasing recurring and repeatable revenue to c.25% of Group revenue
· Increasing Adjusted EBIT* margin to mid-teens
Imogen O'Connor, CEO of Oxford Metrics, commented:
"The first six months of FY26 showed further progress for Oxford Metrics, with revenue growth, improved Adjusted EBIT and continued strategic progress across the Group.
Motion Capture delivered a good performance, supported by significant international contract wins and encouraging demand across priority markets. In Vision Metrology, revenue was lower due to the timing of certain customer projects now expected later in FY26, but underlying demand remains encouraging and the unification of Sempre and IVS gives the division a stronger platform for growth.
With a strong balance sheet, a clearer operating structure, continued focus on aligning the cost base and favourable market drivers, Oxford Metrics is well placed for the balance of FY26 and beyond.
Today, we are also pleased to present our refined strategy, disciplined capital allocation approach and medium-term ambitions for the Group's next phase of development. These results provide a solid foundation for that plan."
Results Presentation & Investor Event
A recorded management presentation reviewing the Group's interim results is available at https://youtu.be/_fGfYcX7z1Y.
Separately and further to its announcement on 2 June 2026, the Group confirms that it will today host an investor event from 2.30pm to 4.30pm.
The event will be hosted by Imogen O'Connor, Chief Executive Officer, and Zoe Fox, Chief Financial Officer, who will be joined by senior leaders from across the Group.
The event will provide further background on the Group's refined strategy and three-year framework, focused on scaling the business, increasing recurring and repeatable revenue and supporting stronger margins over time. The event will also set out how the Group intends to deliver these medium term ambitions, including the strategic plans for its Motion Capture and Vision Metrology divisions and the Board's updated approach to capital allocation.
No new material information will be disclosed during the event beyond the information contained in this announcement.
Existing and prospective investors can join the live webcast via the IMC platform and register at:
https://www.investormeetcompany.com/oxford-metrics-plc/register-investor
A recording of the investor event will be made available on the Group's website following the event.
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 / Ailsa Macmaster / Gaya Bhatt
Alma Strategic Communications
+44 (0)20 3405 0205
Hilary Buchanan / Rebecca Sanders-Hewett / David Ison / Kinvara Verdon / Louisa El-Ahwal
About Oxford Metrics
Oxford Metrics (LSE:OMG) is a smart sensing and measurement technology Group that serves thousands of customers in more than 70 countries. Founded in 1984, we started our journey in healthcare, expanded into entertainment, winning an OSCAR® and an Emmy®, moved into engineering and more recently, 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 vision metrology, Industrial Vision and Metrology Systems is a specialist in machine vision software and measurement providing high precision, automated quality control systems trusted by blue-chip manufacturing companies in medical devices, pharmaceuticals, aerospace, automotive and precision engineering markets.
The Group is headquartered in Oxford with offices in the United Kingdom, Ireland, United States and Germany. Since 2001, Oxford Metrics (LSE: OMG) has been a quoted company listed on AIM, a market operated by the London Stock Exchange.
For more information about Oxford Metrics, visit www.oxfordmetrics.com.
Chief Executive's Statement
For the six months ended 31 March 2026, Oxford Metrics delivered improved year-on-year performance and continued to make progress against its operational and strategic priorities.
Group revenue increased by 3% to £20.7m, with growth in Motion Capture more than offsetting a softer period in Vision Metrology, where the timing of certain customer projects affected revenue recognition. Adjusted EBIT improved to a loss of £0.2m, supported by robust gross margins and continued cost discipline.
Trading conditions remain mixed by end market and geography, and macroeconomic uncertainty continues to influence the timing of some customer decisions. However, the Group's diversified international footprint, strong balance sheet and disciplined operating approach provide resilience as we progress through FY26.
Motion Capture
Vicon delivered a good performance in the period, with revenue increasing by 10% to £16.3m. Growth was supported by encouraging demand across priority markets and several significant international contract wins, including in Eastern Europe, Japan and India.
Activity in US academic and entertainment markets remained broadly in line with the prior-year period. The division continues to focus on targeted commercial execution, customer support and converting opportunities across its pipeline, while maintaining its product and technology leadership.
Markerless Motion Capture, our AI-enabled technology, remains an important medium-term opportunity for the Group. The pipeline continues to grow in value and customer interest remains encouraging across geographies. The focus for FY26 is on improving conversion rates, supported by planned product updates designed to improve quality, broaden use cases and support adoption in priority markets.
Vision Metrology
With effect from 1 March 2026, Sempre and IVS were unified into Industrial Vision and Metrology Systems Limited. The Smart Manufacturing division now reports as Vision Metrology, providing a clearer counterpart to Motion Capture and better reflecting its focus on high-precision vision inspection, metrology and automated measurement solutions.
Vision Metrology revenue was £4.4m in the period, compared with £5.3m in the prior-year period. This reflected the timing of certain repeat orders against a more uncertain macroeconomic backdrop, with these opportunities now expected later in the financial year.
While the financial performance of the division was softer in the period, demand in target sectors remains encouraging and the pipeline has improved since the period end. The integration of Sempre and IVS is an important step in creating a more scalable operating platform, improving delivery discipline and supporting better order-to-revenue timing.
Outlook
The Board expects trading to be weighted towards the rest of FY26, reflecting the timing of customer projects and planned product releases.
The Group remains focused on disciplined execution, supporting customers to convert opportunities in the pipeline and delivering the benefits of the IVMS integration. With cash and fixed-term deposits of £31.7m at the period end, Oxford Metrics remains well placed to invest selectively in product innovation, commercial capability and disciplined M&A, while progressing further cost optimisation initiatives.
Financial and Segmental Review
Overview
The Group delivered a year-on-year improvement in revenues and profitability. This growth was driven by Motion Capture's 10% increase in revenues as well as an improved gross margin and strong cost controls. In Vision Metrology, revenue was impacted by delayed orders, though cost efficiencies helped mitigate the lower sales.
In addition, the Group recorded continued improvement in working capital, reflecting disciplined management actions aimed at strengthening operating cash flows.
Group performance
Six Months to 31 March 2026 (£m)
Six Months to 31 March 2025 (£m)
Motion Capture
Vision Metrology
PLC unallocated
Total Group
Motion Capture
Vision Metrology
PLC unallocated
Total Group
Revenue
16.3
4.4
-
20.7
14.8
5.3
-
20.1
Adjusted EBIT
0.6
(0.1)
(0.7)
(0.2)
-
0.6
(1.0)
(0.4)
EBIT
(0.4)
(0.5)
(0.5)
(1.4)
(0.5)
(0.3)
(0.6)
(1.4)
Finance income and expense
0.4
0.3
Profit/(Loss) Before Tax
(1.0)
(1.1)
Revenues for the Group increased by 3% to £20.7m (prior-year period: £20.1m), in line with expectations, resulting in an improvement in adjusted EBIT of 50% to a loss of £0.2m (prior-year period: loss of £0.4m). See Note 4 for further details.
Motion Capture revenues delivered a pleasing result with an increase of 10% to £16.3m (prior-year period: £14.8m). Good growth was experienced in both Entertainment and Engineering with a small decline outside of the US in Life Sciences. Order intake during the period had a marginal decrease of 2% from the prior-year period.
Revenues in Vision Metrology decreased 17% to £4.4m (prior-year period: £5.3m). The softer results in the first six-month period of FY26 were impacted by the postponement of certain repeat orders, which are now expected to be received later in the financial year. As a result, order intake declined year on year by 57% reflecting the delayed repeat orders, however, the forward pipeline has improved since the period end, providing increased visibility for the remainder of the year.
Taken together, order intake at Group level during the period was £18.0m (prior year period: £22.7m), a decline of 21% from prior period predominantly driven by Vision Metrology as detailed above.
The adjusted EBIT improvement was driven by additional revenue volumes, an increase in gross margins of 0.5% and continued cost discipline across the Group.
Cash generated from operating activities before tax was £1.1m (prior-year period: £3.1m). We are continuing our concentration on improvements to working capital and the optimisation and right-sizing of the inventory for the Group which saw again a small decrease in the period.
The year-on-year FX impact decreased revenues by approximately 2%. On the average FY26 USD to GBP exchange rate of 1.33 vs average prior-year period: USD to GBP exchange rate of 1.27.
Cost optimisation programme
The Group has continued to progress its cost optimisation initiative during the period, taking actions to simplify the operating base and improve efficiency. Complementing actions to date, which have included the unification of Sempre and IVS and the closure of IMU, the Group commenced the optimisation of its property footprint, including the planned early exit from one UK office during the period. This has resulted in a £0.3m impairment of the right-of-use asset and a £0.6m provision for associated lease exit costs, with annualised savings expected to be approximately £0.8m. The Group has also now identified further initiatives to optimise the Group's operating structure, which are expected to deliver £1.0 to 1.6m of annualised savings from FY27 with further targeted savings planned for the medium term. to support the delivery of its medium-term strategic and margin objectives.
Revenue by markets
Six Months to 31 March 2026
Six Months to 31 March 2025
Inc/(dec)
Inc/(dec)
Six Months to 31 March 2026
Six Months to 31 March 2025
Group revenue by market
£m
£m
£m
%
Proportion (%)
Proportion (%)
Engineering
2.6
2.0
0.6
30%
13%
10%
Entertainment
8.4
7.2
1.2
17%
41%
36%
Life sciences
5.4
5.6
(0.2)
-4%
26%
28%
Motion Capture
16.3
14.8
1.5
10%
79%
74%
Vision Metrology
4.4
5.3
(0.9)
-17%
21%
26%
Total
20.7
20.1
0.6
3%
100%
100%
Higher revenue in Motion Capture reflected strong order intake and execution of deliveries globally over the period, despite the US academic and Entertainment markets remaining broadly unchanged.
The successful integration of the two businesses during the period has established a stronger operational and commercial platform for the division. This enhanced structure supports the execution of the Group's strategy and positions the Vision Metrology business to capture future growth opportunities.
Revenues by geographies
Six Months to 31 March 2026
Six Months to 31 March 2025
Inc/(dec)
Inc/(dec)
Six Months to 31 March 2026
Six Months to 31 March 2025
Group revenue by geographical area
£m
£m
£m
%
Proportion (%)
Proportion (%)
UK
4.1
4.9
(0.8)
-16%
20%
24%
Europe
4.2
3.1
1.1
35%
20%
15%
North America
7.3
6.6
0.7
11%
35%
33%
Asia Pacific
5.1
5.2
(0.1)
-2%
25%
26%
Other
-
0.2
(0.2)
-100%
-
1%
Oxford Metrics Group
20.7
20.1
0.6
3%
100%
100%
Both European and North American revenues improved in the period, driven by the Motion Capture division. The 11% increase in the North American revenues shows improvements in both the Engineering and Life Science markets and a large Entertainment contract was delivered in the period. Europe was favourable with 35% growth on prior year benefitting from significant contract wins in emerging geographies including Eastern Europe with additional large contract wins in Japan and India. The UK was impacted by the slower start to the year for IVMS.
The Group maintained a strong gross margin with an increase to 66.0% (prior-year period: 65.5%), reflecting the stronger mix of revenue through the Motion Capture division, which is typically higher margin than Vision Metrology.
Gross profit for the Group was £13.7m (prior-year period: £13.2m), an increase of £0.5m driven by both volume and gross margin improvement.
Profitability & EBIT
Adjusted EBIT improved to a loss of £0.2m (prior-year period: loss of £0.4m). This improvement is generated from a 3% increase in revenue resulting in £0.5m of additional gross profit for the period, benefiting from both volume and gross margin % increase. Operating overheads have a small inflationary cost increase of 3% to £13.9m (prior-year period: £13.5m), when removing the adjusted items considered to be one off costs and non-underlying costs to the business.
Six Months to 31 March 2026
Six Months to 31 March 2025
Statutory
Adjustments
Adjusted
Statutory
Adjustments
Adjusted
Revenues
20.7
-
20.7
20.1
-
20.1
Gross Profit
13.7
-
13.7
13.2
-
13.2
GM (%)
66.0%
-
66.0%
65.5%
-
65.5%
Operating Costs
15.1
1.2
13.9
14.6
1.1
13.5
Operating Profit
(1.4)
1.2
(0.2)
(1.4)
1.1
(0.3)
Finance income and expense
0.4
-
0.4
0.3
-
0.3
Profit before Tax
(1.0)
1.2
0.2
(1.1)
1.1
-
Earnings before Interest and Tax
(1.4)
1.2
(0.2)
(1.4)
1.1
(0.4)
The Group maintained a disciplined approach to cost management, enhancing operational efficiency and reallocating resources toward higher-impact areas to maintain the underlying operational costs at the same % levels as the prior-year period, minimising the impact of any inflationary pressures on the business.
Research and Development expenditure recognised in the Income Statement was £2.4m (prior-year period: £2.6m), stated net of capitalised development costs. Capitalised R&D decreased to £1.3m (prior-year period: £1.8m), reflecting the impact of cost saving made in beginning of FY25 and the greater efficiency in product development. Continued investment in innovation continues to support the Group's strong competitive position.
Adjusted EBIT was a loss of £0.2m (prior-year period: loss of £0.4m). This is calculated by adding back non underlying costs of £1.2m (prior-year period: £1.1m), including amortisation of acquired intangibles, the share option charge and non-recurring items to statutory operating profit.
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 including redundancy and lease exit costs to optimise costs of office premises and footprint: £0.9m (prior-year period: £0.2m);
· Share option charge: £0.3m (prior-year period: £0.1m);
· Cost associated with acquisitions: £Nil (prior-year period: £0.2m);
· Amortisation of intangibles arising on acquisitions: £0.4m (prior-year period: £0.4m);
· Costs associated with IMU closure: £0.1m (prior-year period: £0.1m); and
· Contingent consideration not payable: (£0.5m) (prior-year period: £Nil).
Balance sheet highlights
Cash and cash generation
The Group has a robust and strong balance sheet with cash and fixed term deposits of £31.7m (prior-year period: £39.9m). This is after payment of a dividend of £3.7m (prior-year period: £4.2m) and buybacks of £1.3m (prior-year period: £3.6m).
The inventory position at the end of the reporting period was £6.1m (prior-year period: £8.1m). Management continue to optimise inventory making continued progress in improving procurement processes and inventory management across the business sites.
Cash used in investing and financing activities included continued investment in research and development of £1.3m (prior-year period: £1.8m), and interest received of £0.5m (prior-year period: £1.1m), reflecting the lower cash balance and decrease in interest rates.
The final cash dividend of £3.7m (prior-year period: £4.2m) was paid in March 2026 and cash utilised for shares repurchased was £1.3m in the period (prior-year period: £3.6m). As at 19 May 2026 the share repurchase has been fully utilised and the full £10m has been returned to shareholders.
Cash generated from operations before tax during the first half was £1.1m, compared with £3.1m in the same period last year. The prior period benefited from significant improvements in working capital, particularly through reductions in Vicon inventory levels. In the current period, working capital has been maintained at these improved levels, with an improvement in inventory of £2.0m from March 2025.
Further optimisation of working capital and cash management is expected throughout the remainder of the financial year, helping to offset the impact of lower profitability through continued strong control over working capital.
Capital allocation
The Group's capital allocation framework is focused on maximising long-term shareholder value through disciplined investment in both organic and inorganic growth opportunities and returning surplus cash to shareholders. Our priorities are:
- Invest in growth opportunities, including products, people and systems
- Maintain balance sheet strength
- Flexibility to act on selective bolt-on and opportunistic M&A
- Pay dividends as a percentage of free cash flow and selectively buy back shares where appropriate
M&A and integration
Enabled by its strong cash balance, Oxford Metrics continues to adopt a disciplined approach to M&A, targeting selective bolt-ons and opportunistic earnings-enhancing deals that add accelerative IP, technology or market reach in Vision Metrology and IP-enhancing opportunities in Motion Capture.
During the period, the Group completed the consolidation of the IVS and Sempre businesses, now reported under the Vision Metrology division, and creating an efficient and scalable operating platform for future growth.
The consolidation of the two businesses has delivered a step change in scale and capability. The integration has also enabled the Group to streamline processes, align systems, and optimise resources, supporting improved operational efficiency and a more cohesive go‑to‑market strategy.
The Board remains confident that the creation of IVMS provides a strong foundation for future growth, enabling the Group to capitalise on increasing demand for advanced measurement and vision technologies across its target markets.
We continue to only pursue opportunities that align with our strict criteria and mantra: to find the right acquisitions, at the right price, for the right reasons.
Dividends
Dividends were paid out at 3.25p in the period for FY25 (prior-year period: 3.25p). Cash impact was £3.7m (prior-year period: £4.2m) reflecting the lower number of shares following the buyback. Moving forward, the Group is rebalancing its approach to capital allocation, prioritising investment in strategic growth opportunities while maintaining balance sheet strength and flexibility for selective bolt-on and opportunistic M&A, with dividends paid as a percentage of free cash flow and selective share buybacks where appropriate.
CONDENSED CONSOLIDATED INCOME STATEMENT
Six months ended
31 March
2026
Six months ended
31 March
2025
Year
ended
30 September
2025
(unaudited)
Restated
(unaudited)
(audited)
Note
£'000
£'000
£'000
Revenue
2
20,739
20,115
44,774
Cost of sales
(7,048)
(6,943)
(15,776)
Gross profit
13,691
13,172
28,998
Sales, support and marketing costs
(5,194)
(5,425)
(10,394)
Research and development
(2,393)
(2,635)
(5,230)
Administrative expenses
(7,516)
(6,562)
(13,781)
Other income
-
-
16
Operating (loss)/profit
(1,412)
(1,450)
(391)
Finance income
531
818
1,268
Finance expense
(124)
(506)
(792)
(Loss)/profit before taxation
(1,005)
(1,138)
85
Taxation
251
(148)
(766)
(Loss)/profit for the period attributable to
owners of the parent during the period
(754)
(1,286)
(681)
(Loss)/earnings per share for profit on total operations attributable to owners of the parent during the year
Basic loss per share (pence)
6
(0.66)p
(1.00)p
(0.55)p
Diluted loss per share (pence)
6
(0.66)p
(1.00)p
(0.55)p
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended
31 March
2026
Six months ended
31 March
2025
Year
ended
30 September 2025
(unaudited)
Restated
(unaudited)
(audited)
£'000
£'000
£'000
Net (loss)/profit for the period
(754)
(1,286)
(681)
Other comprehensive income
Items that will or may be reclassified to profit or loss
Exchange differences on retranslation of overseas subsidiaries
32
164
62
Total other comprehensive income
32
164
62
Total comprehensive (expense)/income for the period attributable to the owners of the parent
(722)
(1,122)
(619)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March
2026
31 March
2025
30 September
2025
(unaudited)
(unaudited)
(audited)
Note
£'000
£'000
£'000
Non-current assets
Goodwill and intangible assets
23,504
23,786
23,681
Property, plant and equipment
2,717
3,292
3,007
Right of use assets
2,153
3,704
3,255
Financial asset - investments
236
236
236
28,610
31,018
30,179
Current assets
Inventories
6,098
8,116
5,890
Trade and other receivables
11,364
9,356
12,863
Current tax debtor
700
487
663
Fixed term deposits
18,000
25,000
22,000
Cash and cash equivalents
13,664
14,860
15,303
49,826
57,819
56,719
Current liabilities
Trade and other payables
(9,877)
(9,700)
(11,420)
Current tax liability
-
-
(54)
Deferred consideration payable
(385)
(1,157)
(836)
Lease liabilities
(1,213)
(1,357)
(1,363)
(11,475)
(12,214)
(13,673)
Net current assets
38,351
45,605
43,046
Total assets less current liabilities
66,961
76,623
73,225
Non-current liabilities
Other liabilities
(1,061)
(1,029)
(1,495)
Lease liabilities
(1,429)
(2,626)
(2,170)
Provisions
(694)
(67)
(74)
Deferred tax liability
(2,865)
(2,582)
(3,117)
(6,049)
(6,304)
(6,856)
Net assets
60,912
70,319
66,369
Capital and reserves attributable to the owners of the parent
Share capital
7
282
313
289
Shares to be issued
65
65
65
Share premium account
19,494
19,494
19,494
Merger reserve
870
870
870
Retained earnings
39,590
48,927
45,079
Capital redemption reserve
47
16
40
Foreign currency translation reserve
564
634
532
Total equity shareholders' funds
60,912
70,319
66,369
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
Six months
ended 31 March 2026
Six months ended
31 March
2025
Year
ended
30 September 2025
(unaudited)
Restated
(unaudited)
(audited)
£'000
£'000
£'000
Cash flows from operating activities
Total loss for the period
(754)
(1,286)
(681)
Income tax (credit)/expense
(251)
148
766
Finance income
(531)
(818)
(1,268)
Finance expense
124
506
792
Depreciation and amortisation
2,572
2,351
4,722
Impairment of intangible assets
-
-
750
Impairment of right of use asset
281
-
-
Loss on sale of property, plant and equipment
2
-
22
Change in fair value of contingent consideration
(480)
-
-
Gain on lease modification
(31)
-
-
Share based payments
309
139
348
(Increase)/decrease in inventories
(198)
334
2,522
Decrease/(increase) in receivables
1,527
1,889
(3,494)
(Decrease)/increase in payables
(1,440)
(187)
2,186
Cash generated from operating activities
1,130
3,076
6,665
Tax paid
(95)
(322)
(3)
Net cash from operating activities
1,035
2,754
6,662
Cash flows from investing activities
Purchase of property, plant and equipment
(398)
(249)
(457)
Purchase of intangible assets
(1,259)
(1,761)
(3,260)
Proceeds on disposal of property, plant and equipment
149
9
6
Acquisition of subsidiary undertaking, net of cash acquired
-
(4,290)
(4,172)
Cash placed on fixed term deposit
(18,000)
(25,000)
(47,000)
Fixed term deposits maturing
22,000
30,000
55,000
Interest received
552
1,062
1,723
Net cash used in investing activities
3,044
(229)
1,840
Cash flows from financing activities
Principal paid on lease liabilities
(629)
(543)
(1,130)
Interest paid on lease liabilities
(94)
(139)
(271)
Interest paid
-
(10)
(16)
Own shares repurchased for cancellation
(1,315)
(3,598)
(8,257)
Equity dividends paid
(3,729)
(4,193)
(4,193)
Net cash used in financing activities
(5,767)
(8,483)
(13,867)
Net (decrease)/increase in cash and cash equivalents
(1,688)
(5,958)
(5,365)
Cash and cash equivalents at beginning of the period
15,303
20,723
20,723
Exchange gain/(loss) on cash and cash equivalents
49
95
(55)
Cash and cash equivalents
13,664
14,860
15,303
CONDENSED CONSOLIDATED STATEMENT OF CHANGES TO EQUITY
Share
Capital
Shares
to be
issued
Share premium account
Merger
reserve
Retained earnings
Capital redemption reserve
Foreign currency translation reserve
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Balance as at 30 September 2025
289
65
19,494
870
45,079
40
532
66,369
Net profit for the period
-
-
-
-
(754)
-
-
(754)
Exchange difference on retranslation of overseas subsidiaries
-
-
-
-
-
-
32
32
Transactions with owners:
Dividends
-
-
-
-
(3,729)
-
-
(3,729)
Purchase of own shares foe cancellation
(7)
-
-
-
(1,315)
7
-
(1,315)
Share based payment charge
-
-
-
-
309
-
-
309
Balance as at 31 March 2026
282
65
19,494
870
39,590
47
564
60,912
Balance as at 30 September 2024
329
65
19,494
870
57,865
-
470
79,093
Net profit for the period
-
-
-
-
(1,286)
-
-
(1,286)
Exchange difference on retranslation of overseas subsidiaries
-
-
-
-
-
164
164
Transactions with owners:
Dividends
-
-
-
-
(4,193)
-
-
(4,193)
Purchase of own shares for cancellation
(16)
-
-
-
(3,598)
16
-
(3,598)
Share based payment charge
-
-
-
-
139
-
-
139
Balance as at 31 March 2025
313
65
19,494
870
48,927
16
634
70,319
Balance as at 30 September 2024
329
65
19,494
870
57,865
-
470
79,093
Net profit for the period
-
-
-
-
(681)
-
-
(681)
Exchange difference 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
The accompanying notes are an integral part of this interim financial information.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM STATEMENTS
1. Basis of preparation
Oxford Metrics Plc, (the "Company") is a company domiciled in England. The condensed consolidated interim financial statements of the Company for the six months ended 31 March 2026 comprise the Company and its subsidiaries (together referred to as the "Group").
The condensed consolidated interim financial statements have been prepared using accounting policies consistent with those of the annual financial statements for the year ended 30 September 2025. Other new and amended standards and interpretations in accordance with UK adopted International Accounting Standards that will apply for the first time in the next annual financial statements are not expected to impact the Group as they are either not relevant to the Group's activities or require accounting which is consistent with the Group's current accounting policies.
The interim financial statements have not been audited or reviewed and the financial information contained in this report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the year ended 30 September 2025 are not the statutory accounts but have been extracted from the Group's 2025 financial statements which have been delivered to the Registrar of Companies. The auditors' report on those financial statements was unqualified did not contain references to any matters to which the auditors drew attention without qualifying the report and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.
2. 2. Revenue from contracts with customers
All revenue shown within note 2 relates to continuing operations.
Six months ended
31 March
2026
Six months ended
31 March
2025
Year
ended
30 September
2025
(unaudited)
(unaudited)
(audited)
Revenue
£'000
£'000
£'000
Motion Capture
16,337
14,817
31,986
Vision Metrology
4,402
5,298
12,788
20,739
20,115
44,774
Six months ended 31 March 2026 (unaudited)
Motion Capture
Vision Metrology
Total Group
£'000
£'000
£'000
Timing of the transfer of goods and services
Point in time
14,538
3,530
18,068
Over time
1,799
872
2,671
16,337
4,402
20,739
Contract Counterparties
Direct to consumers
7,907
4,402
12,309
Third party distributor
8,430
-
8,430
16,337
4,402
20,739
By destination
UK
869
3,204
4,073
Europe
3,453
766
4,219
USA
6,275
328
6,603
Rest of North America
568
102
670
Asia Pacific
5,135
2
5,137
Other
37
-
37
16,337
4,402
20,739
By origin
UK
8,563
4,242
12,805
Europe
898
160
1,058
North America
6,876
-
6,876
16,337
4,402
20,739
By market
Engineering
2,603
-
2,603
Entertainment
8,377
-
8,377
Life Sciences
5,357
-
5,357
Vision Metrology
-
4,402
4,402
16,337
4,402
20,739
By type
Sale of hardware
13,430
3,202
16,632
Sale of software
1,102
67
1,169
Services and support
1,805
1,133
2,938
16,337
4,402
20,739
Six months ended 31 March 2025 (unaudited)
Motion Capture
Vision Metrology
Total Group
£'000
£'000
£'000
Timing of the transfer of goods and services
Point in time
12,561
3,602
16,163
Over time
2,256
1,696
3,952
14,817
5,298
20,115
Contract Counterparties
Direct to consumers
8,110
5,298
13,408
Third party distributor
6,707
-
6,707
14,817
5,298
20,115
By destination
UK
1,192
3,745
4,937
Europe
2,327
797
3,124
USA
4,889
106
4,995
Rest of North America
971
635
1,606
Asia Pacific
5,190
15
5,205
Other
248
-
248
14,817
5,298
20,115
By origin
UK
7,612
5,017
12,629
Europe
951
281
1,232
North America
6,254
-
6,254
14,817
5,298
20,115
By market
Engineering
2,008
-
2,008
Entertainment
7,161
-
7,161
Life Sciences
5,648
-
5,648
Vision Metrology
-
5,298
5,298
14,817
5,298
20,115
By type
Sale of hardware
11,746
4,039
15,785
Sale of software
946
197
1,143
Services and support
2,125
1,062
3,187
14,817
5,298
20,115
Year ended 30 September 2025 (audited)
Motion Capture
Vision Metrology
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
31,986
12,788
44,774
Contract Counterparties
Direct to consumers
16,172
12,788
28,960
Third party distributor
15,814
-
15,814
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
Vision Metrology
-
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
3. Segmental Analysis
Segment information is presented in the condensed consolidated interim financial statements in respect of the Group's business segments, which are reported to the Chief Operating Decision Maker (CODM). The Group has identified the Board of Directors of Oxford Metrics plc, ("the Board") as the CODM. The business segment reporting reflects the Group's management and internal reporting structure.
The Group comprises the following business segments:
Motion Capture: This is the development, production and sale of computer software and equipment for the entertainment, engineering and life science markets; and
Vision Metrology: Previously known as 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 4.
Non-current assets
Additions to non-current assets
Six months ended 31 March 2026 (unaudited)
Six months ended 31 March 2025 (unaudited)
Year ended 30 September 2025 (audited)
Six months ended 31 March 2026 (unaudited)
Six months ended 31 March 2025 (unaudited)
Year ended 30 September 2025 (audited)
£'000
£'000
£'000
£'000
£'000
£'000
Motion Capture
14,631
16,645
15,781
1,514
1,877
3,652
Vision Metrology
13,740
14,118
14,153
204
7,162
5,779
Unallocated
239
255
245
3
2
2
Oxford Metrics Group
28,610
31,018
30,179
1,721
9,041
9,433
Carrying amount of segment assets
Carrying amount of segment liabilities
Six months ended 31 March 2026 (unaudited)
Six months ended 31 March 2025 (unaudited)
Year ended 30 September 2025 (audited)
Six months ended 31 March 2026 (unaudited)
Six months ended 31 March 2025 (unaudited)
Year ended 30 September 2025 (audited)
£'000
£'000
£'000
£'000
£'000
£'000
Motion Capture
34,203
32,552
34,418
(13,609)
(11,248)
(13,012)
Vision Metrology
18,758
20,198
22,740
(3,394)
(5,496)
(6,155)
Unallocated
25,475
36,087
29,740
(521)
(1,774)
(1,362)
Oxford Metrics Group
78,436
88,837
86,898
(17,524)
(18,518)
(20,529)
Six months ended 31 March 2026
Motion Capture
Vision Metrology
Unallocated
Total
£'000
£'000
£'000
£'000
Total revenue
19,304
4,434
-
23,738
Inter segment revenue
(2,967)
(32)
-
(2,999)
Revenue from external customers
16,337
4,402
-
20,739
Depreciation
470
64
8
542
Amortisation and impairment
1,794
517
-
2,311
Profit/(loss) before tax
(517)
(480)
(8)
(1,005)
Finance income
(1)
-
(530)
(531)
Finance expense
69
26
29
124
Earnings/(loss) before interest and tax
(449)
(454)
(509)
(1,412)
Six months ended 31 March 2025
Motion Capture
Vision Metrology
Unallocated
Total
£'000
£'000
£'000
£'000
Total revenue
17,523
5,419
-
22,942
Inter segment revenue
(2,706)
(121)
-
(2,827)
Revenue from external customers
14,817
5,298
-
20,115
Depreciation
517
137
10
664
Amortisation and impairment
1,203
484
-
1,687
(Loss)/profit before tax
(960)
250
(428)
(1,138)
Finance income
(1)
(3)
(814)
(818)
Finance expense
473
33
-
506
Loss before interest and tax
(488)
280
(1,242)
(1,450)
Year ended 30 September 2025
Motion Capture
Vision Metrology
Unallocated
Total
£'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
(Loss)/profit before tax
204
942
(1,061)
85
Finance income
(5)
(10)
(1,253)
(1,268)
Finance expense
663
64
65
792
Loss before interest and tax
862
996
(2,249)
(391)
4. Reconciliation of adjusted EBIT
Six months ended
31 March
2026
Six months ended
31 March
2025
Restated
Year
ended
30 September
2025
Oxford Metrics Group
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Operating (loss)/profit
(1,412)
(1,450)
(391)
Share option charges
309
139
348
Amortisation of intangibles arising on acquisition
393
393
798
Impairment of development costs
-
-
750
Impairment of right of use asset
281
-
-
Change in fair value of contingent consideration
(480)
-
-
Acquisition costs
-
188
212
Research and development tax credit
-
-
(16)
Costs associated with the closure of IMU
75
114
208
Restructuring costs
611
244
305
Adjusted earnings before interest and tax
(223)
(372)
2,214
Finance income
531
818
1,268
Finance expense
(124)
(506)
(792)
Taxation
251
(148)
(766)
Adjusted profit after tax
435
(208)
1,924
The change in the fair value of contingent consideration relates to the acquisition of the Sempre Group Holdings Limited in the prior year where an element of the consideration payable was dependant upon certain EBITDA parameters being achieved in the twelve months ended 31 December 2025. As these parameters were not achieved, no contingent consideration was payable.
The restructuring costs relate to the closure of an office building and redundancy costs.
Adjusted earnings per share for profit on continuing operations attributable to owners of the parent during the year
Basic earnings per share (pence)
0.38p
(0.16)p
1.55p
Diluted earnings per share (pence)
0.36p
(0.16)p
1.51p
Six months ended
31 March
2026
Six months ended
31 March
2025
Restated
Year
ended
30 September
2025
Motion Capture
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Operating profit/(loss)
(449)
(488)
862
Share option charges
8
-
-
Amortisation of intangibles arising on acquisition
95
95
190
Impairment of development costs
-
-
750
Impairment of right of use asset
281
-
-
Restructuring costs
611
244
305
Research and development tax credit
-
-
(16)
Costs associated with the closure of IMU
75
114
208
Adjusted earnings before interest and tax
621
(35)
2,299
Six months ended
31 March
2026
Six months ended
31 March
2025
Year
ended
30 September
2025
Vision Metrology
(unaudited)
Restated
(unaudited)
(audited)
£'000
£'000
£'000
Operating profit/(loss)
(454)
280
996
Share option charges
22
-
-
Amortisation of intangibles arising on acquisition
298
298
608
Adjusted earnings before interest and tax
(134)
578
1,604
5. Taxation
The Group's consolidated effective tax rate for the six months ended 31 March 2026 was 25.0% credit (for the six months ended 31 March 2025: 13.0%; for the year ended 30 September 2025: credit rate of 900.0%).
In accordance with IAS 34 the tax charge for the half year is calculated on the basis of the estimated full year tax rate.
The tax is based on the profit for the year and represents:
Six months ended
31 March 2026 (unaudited)
Six months ended
31 March
2025 (unaudited)
Year
ended
30 September 2025
(audited)
£'000
£'000
£'000
United Kingdom corporation tax at 25.0% (2025: 25.0%)
-
-
7
Overseas taxation
3
5
102
Adjustments in respect of prior year
-
-
(14)
Current taxation
3
5
95
Deferred taxation
(254)
143
671
Total taxation (credit)/expense
(251)
148
766
The tax assessed for the period is consistent with the standard rate of corporation tax in the UK of 25.0% (for the six months ended 31 March 2025: lower than the standard rate of 25% and for the year ended 30 September 2025: higher than the standard rate of corporation tax).
The differences are explained as follows:
Six months ended
31 March 2026 (unaudited)
Six months ended
31 March
2025 (unaudited)
Year
Ended
30 September 2025
(audited)
£'000
£'000
£'000
(Loss)/profit on ordinary activities before tax
(1,005)
(1,138)
85
Expected tax expense based on the rate of
corporation tax in the UK of 25.0% (2025: 25.0%)(251)
(285)
21
Effect of:
Expenses not deductible for tax purposes
44
186
571
Income not taxable
(120)
-
-
Movement in unrecognised deferred tax asset
105
158
271
Adjustments to tax charge in respect of prior year current tax
-
-
(14)
Adjustments to tax charge in respect of prior year deferred tax
-
89
(110)
Higher rates on overseas taxation
(29)
-
(23)
Effect of tax rate change
-
-
50
Total tax (credit)/expense
(251)
148
766
6. Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of all dilutive options.
31 March 2025 (unaudited)
31 March 2025 (unaudited)
30 September 2025 (audited)
Earnings/(loss)
Weighted average number of shares
Per share amount
Earnings/(loss)
Weighted average number of shares
Per share amount
Earnings/(loss)
Weighted average number of shares
Per share amount
£'000
'000
(pence)
£'000
'000
(pence)
£'000
'000
(pence)
Basic (loss)/earnings per share
Loss attributable to ordinary shareholders
(754)
114,646
(0.66)
(1,286)
128,305
(1.00)
(681)
124,364
(0.55)
Dilutive effect of employee share options
-
5,340
-
-
2,695
-
-
2,837
-
Diluted (loss)/earnings per share
(754)
119,986
(0.66)
(1,286)
131,000
(1.00)
(681)
127,201
(0.55)
7. Share capital
Allotted, called up and fully paid
31 March 2026
Number
'000
31 March 2025
Number
'000
30 September 2025
Number
'000
31 March 2026
£'000
31 March 2025
£'000
30 September 2025
£'000
At 1 October
115,571
131,439
131,439
289
329
329
Purchase of own shares
(2,690)
(6,378)
(15,868)
(7)
(16)
(40)
112,881
125,061
115,571
282
313
289
There were no shares issued in respect of share options exercised during the six months ended 31 March 2026 or 2025 (year ended 30 September 2025: nil).
In October 2024, the Company announced the return of up to £6.0m of cash to its shareholders through an on-market share buyback programme. In June 2025 this was extended to include a further £4.0m, so that in aggregate, a total of up to £10.0m of cash was returned to shareholders. The share buyback programme completed on 21 May 2026, with 19,505,301 ordinary shares cancelled in total, representing approximately 14.8% of the issued share capital at the start of the buyback programme. The nominal amount by which the share capital has been reduced has been transferred to the capital redemption reserve. All ordinary shares repurchased by the Company under the programme have been cancelled.
8. Dividends
The following dividends were recognised as distributions to equity holders in the period:
31 March
31 March
30 September
2026
2025
2025
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Final dividend for 2025 paid in 2026 - 3.25 pence per share
3,729
-
-
Final dividend for 2024 paid in 2025 - 3.25 pence per share
-
4,193
4,193
3,729
4,193
4,193
The final dividend for 2025 was paid to shareholders on 27 March 2026 at 3.25 pence per share, a total of £3,729,000.
9. Copies of the interim statement
Copies of the interim statement will be available from the Company's registered office at 6 Oxford Pioneer Park, Yarnton, Oxfordshire OX5 1QU, and from the Company's website: www.oxfordmetrics.com.
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