FY21	% Change	FY20
Revenue	£35.6m	+17.6%	£30.3m
Annual Recurring Revenue	£7.4m	+8.8%	£6.8m
Adjusted Profit Before Tax*	£4.8m	+89.4%	£2.6m
Adjusted* Basic Earnings per Share	3.59p	+75.1%	2.05p
Ordinary Dividend per Share	2.00p	+11.1%	1.80p
Statutory Profit before Tax	£3.2m	+103.6%	£1.6m
Statutory Basic Earnings per Share	2.32p	+81.3%	1.28p
Net Cash	£23.0m	+53.7%	£14.9m
Operating Cashflow	£14.5m	+105.9%	£7.0m**

* Profit Before Tax before Group recharges adjusted for share-based payments, amortisation and impairment of intangibles arising on acquisition, impairment of Pimloc investment and exceptional costs.

** Restated

Financial Highlights

• Headline revenue of £35.6m (FY20: £30.3m), up 17.6% (up 19.9% on a constant currency basis)
• Improved quality of earnings, with Annual Recurring Revenue (‘ARR’) of £7.4m (FY20: £6.8m) with new ARR additions of £1.3m (FY20: £1.0m)
• Adjusted Profit Before Tax* at £4.8m (FY20: £2.6m)
• Continued cash generation, with £23.0m in net cash (FY20: £14.9m) and operating cashflow of £14.5m (FY20: £7.0m - Restated)
• Board proposes increasing our final dividend to 2.00p per share (FY20: 1.80p) this year

Operational Highlights

Vicon delivers impressive revenue growth and profitability

• Vicon’s growth restored in FY21 reporting an increase in revenues of 21.1% to £27.6m (FY20: £22.8m), gross margin of 72.6% (FY20: 73.6%) reflecting a slightly higher prevalence of larger deals during the year.
• Revenue growth underpinned by strong Entertainment segment driven, up 76.5%.
• The Contemplas acquisition, completed in August 2021, has brought benefits to Vicon including adding a video-based movement analysis to our offering and contributed revenues of £0.2m in the last month of the financial year and a small profit.

 Yotta continued growth and a full year of profitability

• Another major milestone achieved: Full year of Adjusted profits delivered following transition to SaaS model
• Digital transformation in public sector continues to improve quality of earnings with our highest level of ARR, up 8.8% to £7.4m at year-end adding £1.3m (FY20: £1.0m) to the ARR base during the year.
• Continuing to invest in our products: Alloy added finance and accounting, Street Manager and enhanced reporting functionality while Horizons has benefitted from collaboration with new partner Vaisala.

 Outlook and Guidance

• Both divisions have experienced a strong start to the new fiscal year with key demand metrics pointing to a positive outlook.
• Vicon’s current revenue pipeline for the first half is at least 20% ahead of this time last year and the business currently holds an unprecedented level of orders in hand of £5.9m.
• As in many industries, Vicon continues to experience some short-term supply chain challenges arising from the well-publicised global semiconductor shortage.
• Investment in the year ahead to augment our capabilities to sense, analyse and apply our technology, increased by £2.3m on an annualised basis.
• Yotta has a strong ARR sales pipeline for the full year, consistent with adding at least another £1.2m gross additions to ARR during the financial year.
• The Group starts the year in a strong financial position to invest in its future and continues to evaluate acquisition opportunities that will accelerate our strategy.
• The Board look forward to an exciting year ahead that will be the first step in our new five-year plan delivering further shareholder value.

Commenting on the results Nick Bolton, Chief Executive said:

“Oxford Metrics is pleased to report a return to form with a strong full year performance and recovery following last year’s pandemic impacted trading, with all the Group’s key financial metrics having improved.

The pandemic demonstrated the Group’s resilience but has also accelerated market drivers in both Vicon and Yotta. Vicon’s growth has been restored driven by the buoyant video games sector and the demand for Virtual Production. Yotta continues to benefit from the ongoing need to digitally transform assets, reporting its highest level of ARR.

During the second half of the year, we gradually saw Location-based Entertainment partners restart their facilities and, in some cases, their rollouts.

As we move into the next financial year both divisions have experienced a strong start with key demand metrics pointing to a positive outlook. Vicon’s current revenue pipeline for the first half is at least 20% ahead of this time last year and has an unprecedented level of orders in hand but, like many industries, continues to experience some short-term supply chain challenges. Yotta has a strong ARR sale pipeline for the full year with ARR growth anticipated. The Board is looking forward to an exciting year and the first step in our new five-year plan.”

Full Preliminary Results 2020/21.

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