Financials

Interim Results 2019/20 Highlights

  • Strong performance until last two weeks of March as a result of the government imposed restrictions and shutdowns in response to COVID-19
  • Headline Group revenue of £15.0m, down 6.5% (H1 FY19: £16.1m), as unable to fulfil £1.1m of Vicon orders during last two weeks of the first half due to global operational shutdowns. These orders have now been largely shipped to customers and will be recognised in the second half of the year. This delay in shipments had a £0.9m impact on profitability
  • The Group reported an adjusted profit before tax £0.3m (H1 FY19: £1.7m)
  • Adjusted earnings per share 0.17p (H1 FY19: 1.18p) 
  • Cash generated from operations (before paying interest and tax) £1.0m (H1 FY19: £3.3m) 
  • Strong balance sheet with no debt and cash of £10.8m as at 31 March 2020 (H1 FY19: £10.9m) after the payment of a final dividend. Cash position at 20 May 2020 £14.2m
  • Growth initiatives at Yotta yielding results:
    • Improved visibility with Annualised Recurring Revenue (‘ARR’) up 14.6% year-on-year
    • 95.8% (FY19: 93.2%) retention of growing SaaS customer base

CFO Comment

David Deacon discusses the Interim Results for the six months ended 31 March 2020.

The Group reports a strong revenue performance, recording our second highest ever first half revenues. However, COVID-19 government imposed lockdowns in March caused a delay in customer shipments at Vicon during the final two weeks of H1, which led to carrying forward £1.1m of orders (H1 FY19: nil) into H2. These orders largely account for the decline compared to last year. Consequently, the Group reports total revenues of £15.0m (H1 FY19: £16.1m), down 6.5% on last year's record at a headline level and 7.0% on a constant currency basis. The enforced delay to revenue recognition largely accounts for the decline in reported Adjusted PBT* to £0.3m (H1 FY19: £1.7m). In line with our strategic plan to increase the visibility of revenues and profits, the Group increased Annual Recurring Revenues (‘ARR’) by 14.6% year-on-year to £6.8m (H1 FY19: £5.9m).The cash position, having paid a final dividend of £2.3m in H1, finished at £10.8m as at 31 March 2020 (H1 FY19: £10.9m). Cash position at 20 May 2020 was £14.2m. The Group remains debt-free.

David Deacon - Chief Financial Officer

Financial Metrics

Revenues (£'000)
(continuing operations)

Adjusted PBT* (£'000)
(continuing operations)

Recurring Revenues (£'000)

Cash Generation after Tax (£'000)

  • Trend
  • Average

Investor Metrics

EPS** (p)

Ordinary Dividends paid (p)

EV/EBITDA Multiple

Annual TSR*** (%)

  • Trend
  • Average
  • CAGR

*Profit/(loss) Before Tax from continuing operations before Group recharges adjusted for share-based payments, amortisation of intangibles arising on acquisition, change in fair value of deferred consideration payable and unwinding of associated discount factor, Pimloc and exceptional costs.

**Earnings Per Share (EPS).

***Total Shareholder Return (TSR) Cumulative
Growth Rate (CAGR) of 23% over the period.

The key financials of the investor area on oxfordmetrics.com contains financial information about Oxford Metrics which has been provided for general information only. You should not take action in reliance of such information but rather make your own independent enquiries and seek the advice of a relevant professional.

Annual and Interim Results

2020

Interim Results 2020
Watch Video
Download Results

2019

Annual Results 2019
Download Results
Preliminary Results 2019
Watch Video
Download Infographic
Interim Results 2019
Watch Video
Download Results
Download Infographic

 

 

2018

Annual Results 2018
Download Results
Preliminary Results 2018
Watch Video
Download Infographic
Interim Results 2018
Watch Video
Download Results
Download Infographic

 

2017

Annual Results 2017
Download Results
Preliminary Results 2017
Download Infographic
Interim Results 2017
Download Results
Download Infographic

Financial Calendar 2020

28 Feb

Dividend payment

31 Mar

End of half year

21 May

Interim Results

30 Sep

End of financial year

AIM Rule 26

More

Advisors

More