^{* Profit Before Tax before Group recharges adjusted for share-based payments, amortisation and impairment of intangibles arising on acquisition, additional Contemplas consideration deemed remuneration and exceptional costs
** Including Fixed Term Deposits
# Continuing operations}

Financial Highlights (for continuing operations)

• Headline revenue of £28.8m (FY21: £27.6m), up 4.5%, up 0.5% on a constant currency basis with global supply chain constraints leading to deferment of £3.5m orders unable to ship in FY22
• Adjusted Profit Before Tax* at £2.6m (FY21: £4.0m), reflecting measured investment in five-year plan and the impact of deferred orders
• Debt free with strong net cash position of £67.7m (FY21: £23.0m), strengthened by sale of Yotta
• Board proposes increasing final dividend to 2.50p per share (FY21: 2.00p)

Operational Highlights

Clear need for Vicon’s market-leading offering drives strong demand and revenue growth

• Largest-ever order book as at 30th September 2022 of £24.0m (FY21: £5.9m)
• Strong demand across all our market segments:
  • Buoyant demand in Entertainment accounting for 58.6% of orders in hand, including contract wins with Dark Matters, to deploy Vicon’s Vero solution Shōgun software in France’s first virtual production studio, ByteDance, which purchased a large system to evolve the next viral dance move, and Industrial Light & Magic to create the highly acclaimed Abba Voyage experience
  • Life Sciences revenues grew 16.3% and account for 22.6% of the orders in hand, including Saarland University acquiring a system in a collaboration with NASA, ESA & DLR, the German Aerospace Centre, for large scale studies into the Musculoskeletal (MSK) aging process
  • Location-based Entertainment recovery is well underway reporting year-on-year revenue growth of 220.7% and accounts for 12.0% of orders in hand, including additional contracts with Sandbox VR, MackNext, and Immersive Gamebox
  • Engineering revenues reported 3.2% decrease year-on-year, including a contract win with TU Delft’s Department of Cognitive Robotics who bought a system to extend their work in robotics
• Encouraging traction with new flagship system – Valkyrie, providing momentum into the new year
• Most recent acquisition, Contemplas, now integrated

Successful sale of Yotta to Causeway Technologies for £52.0m

• All cash transaction realises investment made in Yotta at an attractive multiple
• Provides even greater clarity to go-forward growth path building more connected business
• Boosts near-term financial firepower to accelerate M&A as well as ongoing organic investments

Outlook and Guidance

• Vicon enters new financial year with well over half of revenue expectation underpinned by orders in hand
• Demand remains strong and we believe supply chain constraints are gradually easing
• Vicon will continue to invest in augmenting capabilities to sense, analyse and apply our technology
• As a more focussed business, supported by positive fundamentals, we are well placed to capitalise on the Smart Sensing opportunity that lies ahead
• M&A pipeline focussed on acquisitions in known markets of entertainment, Life Sciences, engineering and sports, and on companies which possess hard-to-replicate, deep Intellectual Property in integrated Smart Sensing and attractive financial metrics

Commenting on the results Nick Bolton, Chief Executive said:

“Year one of our five-year plan has marked significant change and progress for Oxford Metrics, as we seek to build a growing, connected enterprise focussed on the expanding market opportunities in smart sensing systems, through organic and inorganic investment.

During the year, we successfully divested Yotta, creating a more focussed group while bringing further clarity to our go-forward strategy; a laser focus on our market-leading Vicon business. At the same time, we have continued to push boundaries to extend our sensing capabilities, bringing to market Valkyrie – our new flagship solution – to capture motion more accurately than ever before.

We enter a new financial year with our largest ever set of orders-in-hand and demand for our systems remains buoyant. While we have seen a deferment of shipments due to wider global supply chain constraints, this situation is gradually improving, and our commercial momentum is regaining pace. The Board is encouraged by the overall strong demand picture for our market-leading products.

As a more focussed business with a strengthened balance sheet and strong fundamentals, the Board looks forward to the new financial year which is set to be a year of opportunity and growth for Oxford Metrics.”

Click here for the full preliminary results.

Contact us.