11 June 2019 - Oxford Metrics plc (LSE: OMG), the international software company servicing government, life sciences, entertainment and engineering markets, announces interim results for the six months ended 31 March 2019.

* 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

Financial Highlights

• Headline Group revenue of £16.1m, up 12.6% (H1 FY18: £14.3m)
  • Group revenue up 10.4% on a constant currency basis
• Adjusted profit before tax up 16.1% to £1.7m (H1 FY18: £1.5m)
• Cash generated from operations (before paying interest and tax) £3.3m (H1 FY18: £3.5m)
• Cash of £10.9m as at 31 March 2019 (H1 FY18: £9.2m) after the payments of a final and special dividend worth £3.1m
• Growth initiatives at Yotta yielding results:
  • Annualised Recurring Revenue (‘ARR’) up 10.7% year-on-year
  • 93.2% (FY18: 95.3%) retention of growing SaaS customer base
  • As at 10th June 2019, ARR stood at £6.0m
• Headline Vicon revenue up 14.4% year-on-year (11.5% at constant currency) against a strong comparator

Operational Highlights

• Five-year “amplify the core” strategic growth plan launched in 2016, with aim to drive growth by building on core strengths and capabilities of subsidiaries
• Good progress in Third Year of plan leveraging investments made in previous years to broaden product range and expand addressable markets
• Vicon capitalising on its leadership position in its established markets, with a particularly strong performance in Engineering which grew 89% year-on-year
• Vicon seeing increasing traction for Location-based Virtual Reality ('LBVR') solution which now accounts for 8% of first-half revenue
• Established new partnership with Sandbox VR, who immediately purchased systems from Vicon, with significant opportunity to scale the partnership over time
• IMU Step, SaaS solution for elite sports, continues to build momentum with universities and trials being undertaken by a number of major sporting franchises
• Yotta launched a new Waste and Environmental Management module for Alloy expanding its addressable market and the pipeline continues to build following sales team changes

Commenting on the results Nick Bolton, Chief Executive Officer said:

“We have made a positive start to the year, delivering record revenue and double-digit revenue and earnings growth. Driving that performance was Vicon, which delivered revenue growth of 14%, securing deals with NASA’s Jet Propulsion Lab and Square Enix to consolidate our leadership position in the Engineering and Entertainment markets.

This year we have also seen the Location-based Virtual Reality market really beginning to take off. The scale of this market is significant, our partners are now launching new locations across multiple geographies and we signed an exciting new partnership with Sandbox VR.

The focused investments we are making this year will help us to capture these new opportunities and launch new products to drive future growth. As we move into the second half, our pipeline of sales for both Yotta and Vicon is strong, underpinning our confidence in delivering in-line with market expectations for the full year.”

For the full Interim Results click here.

Contact us.