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Oxford Metrics turns in decent full-year performance

By Josh White

Date: Tuesday 03 Dec 2019

Oxford Metrics turns in decent full-year performance

(Sharecast News) - Software company Oxford Metrics reported an 11.7% improvement in headline group revenue in its preliminary results on Tuesday, or 10% at constant currency, to to £35.3m, which it said was driven by a "strong" performance from Vicon.
The AIM-traded firm said its adjusted profit before tax was ahead 5.7% year-on-year for the 12 months ended 30 September at £5.5m, while IFRS15 had an adverse impact on revenue and adjusted profit before tax of £0.3m.

It reported "strong" cash generation from operations, before paying interest and tax, which increased by 13.9% to £7.7m, and said it had a net cash balance of £13.8m at year-end, up from £12.2m 12 months earlier.

The board raised the recommended ordinary dividend by 20% to 1.8p per share.

Looking at its motion measurement division, Oxford Metrics said Vicon recorded record revenues for the fourth consecutive year, with headline revenue there up 16.2% year-on-year, or 13.9% at constant currency.

In its asset management division, it said Yotta reported its highest ever annualised recurring revenue, up 8.8% year-on-year to £6.2m as at 30 September.

"This has been a year of real strategic progress - a year where the investments we have been making across the business are beginning to bear fruit," said chief executive officer Nick Bolton.

"In our motion measurement division, including Vicon, we have invested in sales and marketing, bolstered our position as market leader and enter entirely new markets in elite sports and LBVR, where we now have a significant opportunity to scale.

"This puts Vicon in a strong position to capitalise on the trend of motion measurement, which continues to break into every aspect of our daily lives, whether that be through smartphones, fitness trackers or virtual reality."

In the asset management division, Bolton said that while the firm had a slower start to the year, the transition to a software-as-a-service model was now complete, and following investment in the product and people, momentum was said to be building.

"Both businesses have started the year well and operate in growing global markets.

"Cash generation remains strong, and our pipelines continue to grow, all of which gives the board confidence in our prospects for the year ahead and beyond."

At 1535 GMT, shares in Oxford Metrics were up 5.08% at 93p.

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