23 September 2024

Oxford Metrics plc

("Oxford Metrics", or the "Group")

Trading Update

Oxford Metrics (LSE: OMG), the smart sensing software company, servicing life sciences, entertainment, engineering and smart manufacturing markets, today provides the following update on trading for the financial year ending 30 September 2024. 

While the Group continues to have a healthy pipeline, the trend of more extended buying cycles has developed in the second half against a strong prior year comparative. Globally, we are seeing customers across our markets exercising greater caution and purchasing decisions are taking longer to conclude. A number of opportunities in the pipeline have now shifted into the new financial year.

On a segmental basis, in Vicon, Engineering and Life Sciences are expected to be slightly behind the prior year and Entertainment has been impacted by the ongoing slowdown in the global games industry and subsequent content creation contraction.

Markerless remains on track for commercial delivery in FY25. Our team continues to work hard to set the gold standard for our industry's future - markerless technology. Following positive feedback and demand for this next generation technology, we have secured three more blue chip partners to enter the beta programme taking the total to 10 cornerstone customers.

The Group now expects to report revenues in the range of £40-£42million and is expected to result in Adjusted PBT* materially below current market expectations* for the financial year.

The Group continues to have high gross margins and remains in a strong financial position with a robust current net cash position of c. £50 million, enabling the business to continue its active pursuit of a number of M&A opportunities within the smart manufacturing space to enhance our recent acquisition of Industrial Vision Systems ("IVS"). We are excited about the opportunities open to us to drive more applications into the smart manufacturing space to build the Group's position in this important market.

More detail will be provided when Oxford Metrics announces its Preliminary Results for the financial year ended 30 September 2024 which is expected on Tuesday, 3 December 2024.

*Oxford Metrics' compiled market consensus as at 20 September 2024 is as follows: FY24 Revenue £48.6m / FY Adjusted PBT £7.8m.

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About Oxford Metrics

Oxford Metrics develops software that enables the interface between the real world and its virtual twin. Our smart sensing software helps over 10,000 customers in more than 70 countries, including all of the world's top 10 games companies and all of the top 20 universities worldwide. Founded in 1984, we started our journey in healthcare, expanded into entertainment, winning an OSCAR® and an Emmy®, then moved into defence and engineering. We have a track record of creating value by incubating, growing and then augmenting through acquisition, unique technology businesses.

The Group trades through its market-leading division: Vicon. Vicon is a world leader in motion measurement analysis to thousands of customers worldwide, including Guy's Hospital, Industrial Light & Magic, MIT and NASA.

The Group is headquartered in Oxford with offices in California, Colorado, and Auckland. Since 2001, Oxford Metrics (LSE: OMG), has been a quoted company listed on AIM, a market operated by the London Stock Exchange. For more information about Oxford Metrics, visit www.oxfordmetrics.com