24 May 2018 - Oxford Metrics plc (LSE: OMG) the international software company servicing government, life sciences, entertainment and engineering markets, is pleased to announce the sale of Yotta Surveying Limited to Ginger Group, a major construction and civil engineering company. The sale completes the disposal process first announced by the Company in June 2017 and is in line with the Group’s strategy.

Yotta Surveying Limited provides highways surveying services to Government Agencies, Local Government and major infrastructure contractors. The sale is to Ginger Group for a cash consideration of £1.0m and the business will, with immediate effect, trade as Ginger Lehmann Ltd in the UK. The business will continue to operate from its existing premises and all current Yotta Surveying Limited staff will remain with the business.

For Oxford Metrics shareholders, we take one further step along our five-year plan and move forward as an increasingly dependable, recurring revenue based business.

Nick Bolton, Chief Executive Officer of Oxford Metrics

The Net Assets of Yotta Surveying at the date of disposal total £0.4m which includes £0.3m in cash and an inter-company liability with Oxford Metrics of £0.6m that will be settled by Ginger Group as part of the transaction. The disposal therefore will yield a net cash inflow to the Group of £1.3m. A loss on disposal of £0.2m (before costs) will be recognised.

Following the disposal, Oxford Metrics continues to retain ownership of the software and services business, Yotta Limited, and its Alloy, Horizons, Mayrise and March software products.

Commenting on the disposal Nick Bolton, Chief Executive Officer of Oxford Metrics, said:

“I am pleased to have completed this process, with an outcome that works well for everyone. We know that in Ginger Group, the surveying business has a strong, committed new owner and that our surveying team joins a bigger organisation capable of nurturing and growing these assets. For Oxford Metrics shareholders, we take one further step along our five-year plan and move forward as an increasingly dependable, recurring revenue based business.”

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