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LONDON - Oxford Metrics plc (LSE: OMG), a provider of smart sensing and software solutions, has reported a decline in financial performance for the fiscal year ended September 30, 2024, compared with the previous year, while also announcing an expansion into the smart manufacturing sector.
The company's revenue fell to £41.5 million, a 6% decrease from the £44.2 million reported in FY23. Adjusted profit before tax saw a more significant drop of 51%, coming in at £3.7 million compared to £7.5 million in the previous year. The statutory profit before tax also declined by 62% to £2.8 million. Despite these figures, Oxford Metrics proposed an 18% increase in the ordinary dividend per share to 3.25p.
The company attributed the revenue decline to delayed purchase decisions, particularly in September, which historically has been their busiest month. This trend was most evident in their Vicon segment, which saw a slowdown due to a contraction in the global games industry and content creation. Geographically, the UK and Europe showed positive growth, while North America and APAC lagged behind FY23 figures.
Oxford Metrics has also been preparing for the commercial release of their markerless technology, which is expected to begin contributing modest revenue, including annual recurring revenue, in FY25. The company sees this as setting the gold standard for the future of motion capture.
In line with its strategic expansion, Oxford Metrics has established a presence in the smart manufacturing market through acquisitions. Industrial Vision Systems Ltd (IVS) was acquired, contributing £2.9 million in revenue, and post-period, The Sempre Group was also brought into the fold, expected to enhance earnings and provide synergies with IVS.
The company reports a strong balance sheet with net cash of £50.7 million, which will support growth initiatives, research and development, and further mergers and acquisitions. As of November 30, 2024, the cash position remains robust at £46.7m.
Looking ahead, Oxford Metrics has started FY25 in line with management expectations, with normalized trading patterns from the latter part of FY24 continuing. The company is well-positioned to capitalize on growth opportunities in the smart manufacturing sector and expects to see the benefits of its markerless technology in the coming fiscal year.
This news update is based on a press release statement issued by Oxford Metrics plc.
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