Oxford Metrics Share Chat (OMG)

As usual the devil will be in the detail but, in the circumstances, the H1 results don't sound too bad. Unfortunately both macro events beyond their control (conflict in the Middle East) and US specific issues (the demise of science under the Trump administration) are creating tailwinds. Despite the successful launch of Artemis, the Trump administration has recently announced a 25%+ reduction in NASA's science budge! Don't know whether that will have any direct impact on OMG but it is a sign of how the wind is currently blowing in the US (I wouldn't be surprised if they started re-introducing Creationism to the academic curriculum the way things are currently going). As regards the Middle East and the outcome of Trump's latest "peace" exercise, who knows!

Trump is again talking about slashing science budgets for 2027 (although of course Congress have the final say). Here’s some feedback in relation to NASA…….

NASA faces a 23% cut to its total budget and a 47% drop in funding for its science division. More than 40 projects would be terminated. “It’s an extinction-level event for science,” says Casey Dreier, chief of space policy at the Planetary Society, a non-profit organization in Pasadena, California, that advocates for space exploration. “It would undermine and prevent NASA from being the world leader in space exploration.”

Perhaps not directly OMG related but how can that possibly align with the Artemis project the US are busy happy-clapping and potentially (on a small scale), colonising the Moon and mining resources there in future??

Then again does anyone really understand the mind and motives of Trump.

Judges Scientific (JDG) has just issued its preliminary results for the year ended 31 December 2025 today. Like Vicon, JDG's US business is heavily reliant on US research funding and the news coming out of JDG today would not appear to bode well for Vicon's prospects in the US over the last six months. Despite US research funding having been restored by Congress, there still seems to be uncertainty about when federal funds will start to flow again and JDG has, at least, seen a fall in its US orders as a result.

Whether, and to what extent, Vicon is affected by the same trade winds in th US, Trump certainly doesn't appear to be making life any easier for Imogen and her executive team.

Looks like a lot of interest coming this way today.

I wouldn't disagree and, unfortunately, I'm inclined to think the situation may be set to get worse. Even if Trump can now extract himself from the mess he's created, it's probably going to have a knock on effect on the worldwide economy for the next 12-18 months, making an already difficult trading environment even harder. So, even if OMG has made progress on the trading front at the "interims", it's probaby going to have to caveat its near term prospects because of the Dunce in the Whitehouse. In my experience, the market never reacts well to caveats even when they are both obvious and realistic. OMG will not be alone in being caught in that storm. In the short term, now would be a very good time for OMG to announce some new, sizeable contracts, if it has any in the offing.

Retreat of the SP here recently has been disappointing to see but hardly surprising given what’s going on in the would currently and it’s clearly not the only stock to take a battering.

However, a thumping Divi landed today in my account offering compensation for investment here.

Reminder that Vicon are at the 2026 Game Developers Conference in San Francisco w/c 9th March. Hopefully some output on YouTube at some point (and of course future sales generated).

I'd broadly agree with your first paragraph analysis.

Looks like it will be around 10% down by the end of this last trading week, with most of that decline post the midweek AGM Statement. For me, an AGM Statement doesn’t often give much away but my interpretation was that the Company is doing very well in some areas but is behind the curve in others. Markerless read to me like more time is required to turn it into a product that relevant customers cannot do without but I could be wrong.

What we do know for sure is that a very decent Divi will be paid at the end of March. If there is any further weakness in the SP, I’ll add again.

AGM Statement anticipated on Weds 25th.

In the meantime, some of you here might find the following link interesting. Small companies currently under the OMG wing but an astute move by the Company to enter these markets imo, despite the criticism posted here.

https://www.openpr.com/news/4400488/in-depth-examination-of-segments-industry-trends-and-key

The point I was previously making about the Divi, was that there IS a Divi and it is also very decent and therefore one of the good reasons to invest / top-up / average down here when the SP was c.40p, as opposed to a share investment with NO Divi.

This very easy to understand point got lost in a smokescreen and twisted into nonsense that the point raised meant a lack of understanding that an SP will usually retreat when ex-divi.

Absolutely not unusual for the ex divi selling to push the price a little below the value of the divi, esp in a small cap. So i don't think any disagreement here really ironnut (except for those who could start an argument with themselves and are probably old enough to know better!).

Whether the CEO and the strategy for OMG are correct or not is certainly moot, and i think people who invested at ~100p have a right to question why the SP has drifted. I for one remain sanguine at 53p though.

Well let's maybe see if we can park my earlier question but address the key one which is where the share goes from here. Much like Trotsky, I also do not know though can I perhaps suggest that we might be seeing some sort of chart-based overreaction as the ex-div price kicks in and all the indicators start flashing red. If there is a certain bearishness around the stock today the only resistance will be ready buyers which sets them an interesting dilemma - why buy today at 54.4p something that might cost 50p next week. It's that sort of logic that makes me bearish on the SP until it finds support.

Not to say that the share isn't still quite cheap. Still around 50% of MCap is cash and the buyback is continuing to reduce the share count. We'll see what news the AGM brings.

Chelsea, you have no need to drag other people into your nasty machinations.

Ironknut can say what he likes and doesn't need to justify his comments, least of all to you or Coeurdelion and especially when you are being so discourteous to him when you say " ... a structured and coherent response to that question ... but, not expecting one ...".

What exactly has Ironknut done to incur such ire? He's clearly unhappy that the share price has fallen by more than the dividend today.

If, as you claim, you were replying to Couerdelion question's, which was directed to Ironknut, then who else can you be disparaging other than Ironknut!

Wriggle out of that one Worm.

Be man, not a mouse, for once and admit you were simply baiting me (as usual) and then tried to duck out of it with some lame excuse.

Oh, sorry, I forgot you've filtered me. Deaf ears ;-)

Liar, liar pants on fire!

An interesting recent article……….

https://www.rokoko.com/insights/will-generative-ai-replace-motion-capture-in-2026

AGM will be held on 25/02 and so it follows that any AGM Statement will very likely be within a 7am RNS on that day.

Just a couple of weeks to wait for that.

DaveV - 41.5p WAS exceptionally good value. The advice offered here to me, you and anyone else that bought in at that level recently, was that it was foolish and stupid. Scroll back just a few posts and those exact words used are there in black and white.

(Expect another monster post here shortly, banging on again about other shares (like he thinks no one else has a diversified portfolio with other shares doing nicely), how terrible Imogen is on repeat etc etc., all by intention a vast cloud of smoke to cover up that he called THIS SHARE totally wrong).

Having bought in at 41.5p at what i though was exceptionally good value, I'm happy to hold for the time being, but thanks for the (unsolicited) advice! Good luck to you.

Daveincent,

Until (perhaps) it's not (unfortunately). The fact that the share price has risen does not make it a foregone conclusion that it will continue to rise following the AGM statement and the H1 results in due course (they served to disappoint last year).

Have a look at the share chart for the last 12-18 months. We've seen very similar rises before previous RNS releases. I'd accept that this rise does look more pronounced than previous rises but that may be down to a general improvement in UK market sentiment over the last 3-6 months. I don't know about your personal portfolio but, apart from the investment trust sector which appears to be suffering it own specific problems at the moment, my predominantly UK based portolio has generally been showing a significant improvement over the the last 3-6 months.

I'm not knocking OMG's recent share price rise, just pointing out that the rise may not be down to raised expectations alone; the re-allocation of funds into the UK market in the last 6-12 months has seen, I would hazard, a very large number of UK companies simply "rising on the tide" if nothing else i.e. some of the rise will be down to raised expectations and some of it will be down to the funds shift. I leave it down to you decide how much of OMG's share price rise you think is down to the former or the latter (some of the share price rise will be inevitably be down the latter, like every othe UK company, but I couldn't give you a percentage).

As Courdelion suggests, momentum is with the share price at the moment and, if your in, I don't see any reason to sell just yet. However, I would give some consideration to selling before the AGM statement and/or the subsequent H1 results (or before if the share price rise looks to losing steam) if you are only in this for a short-term profit.

The AGM statement and/or H1 results might surprise to the upside, in which event you might think yourself foolish for selling or slicing beforehand but it's never wrong to bank a good profit rather than rely on the vagaries of press releases that you can't control or discern beforehand (unless you have insider knowledge).

GLA.

I would imagine that some of the more recent buying prices the divi in (ex on 12th) but clear the longer term trend is upwards.

Another step up today perhaps. Let's see if it holds.

I was contemplating taking out a small tranche at 58p but convinced myself that I would be better waiting for the SP to run out of steam. There's no sign of that happening.

It's just a pity for Imogen that simply "mobilising the English language" (to borrow a phrase from the Darkest Hour) doesn't in fact pay the bills; if it did we'd all be £billionaires by now ;-)

Get over yourself.

You seem to think that investing in OMG is the be all and end all. As I've said there have been better investments than OMG over the same period.

I'd accept that FTC hasn't faired so well over the last few weeks as OMG but that's because new investors seem to have totally ignored broker's forecasts that have been knocking around for the best part of 6-12 months+ and the significant investment that's been made in new capacity to meet future demand.

As regards a "fool and his money being easily parted", this wouldn't be the first time that OMG's share price has looked set to rebound to £1+ only for actual results to catch up with reality and knock it back down. That's exactly what happended back in Apr/May last year and, to a lesser extent, on other previous occasions too. I've seen nothing from this executive team thus far to make me think that FY26 will (definitely) be different from FY25 or FY24 but I do live in hope that they will finally get their act together.

QED, although OMG might have looked undervalued based on an initital view of its net assets back in October, those net assets have been steadily erroding each year under Imogen's tenure and, without a major improvement in its trading results, those net assets look set to deplete even further as its investment income invariably decreases in line with theongoing reduction in surplus cash.

So, if I was a betting man (which I'm not), I'd have to think long and very hard about selling any new investment in OMG ahead of its AGM statement and/or H1 trading update because I'm not sure that I'd be fool enough to put any reliance on Imogen and her executive team actually delivering based on their track record to date.

In the long-term I still think that OMG can recover, with or without Imogen, but in the short-term I don't think I'd be gloating about the recent share price performance ahead of the AGM statement and/or H1 results becasue at least I would be sanguine enough to realise that it might yet prove to be just another fasle dawn (PI expectations getting ahead of economic reality) and that the recent share price increase might evaporate even more quickly than it arose.

I fully accept that it's not a foregone conclusion (Imogen may yet surprise me) but the smart money might start thinking about banking some profits ahead of the AGM and/or H1 results just in case Imogen manages, in her own inimitable way, to "snatch defeat from the jaws of victory" once again.

If you remember, part of problem last year was that due to some obfuscation in the AGM statement, Imogen's speciality, there were raised expectations of a significant improvement in H1 EBITDA which were subsequently dashed when the H1 results were released and the share pricecrashed accordingly; they'd chosen to only quote the cash balance at the AGM date rather than quoting the cash balance at the end of H1 and at the AGM date, as per the norm.

Cutting through the deliberate smog of ginormous posts to hide the outcome, we got there in the end.

Started just a few weeks ago with “a fool and his money are easily parted” and that averaging down here was a “stupid strategy”. Followed yesterday by “ I'd agree that investing in OMG in the mid-40s has proven a sound decision”. All quotes and so a candid admission that what was said weeks ago was hog and very poor investment advice.

Btw, that wasn’t just me Trumpsky was calling a fool and stupid. It was EVERYONE here who believed the share had been oversold and had the confidence to back the Company at circa 40p.

I still think that OMG will remain a niche player (revenues relative to the potential market size) in the smart manufacturing sector and that it's SM business is unlikely to ever be the market leading supplier in the sector (albeit that there may be opportunities to be the market leading supplier in certain small scale, specialist areas) whereas Vicon is one of, if not the, market leader(s) in its sector. That said, the addressable market for Vicon is likely to be a lot smaller than the smart manufacturing sector.

IMO the jury is still out on whether the investment into smart manufacturing is going to pay off. We've certainly onboarded, via acquistion, a lot of generally recurring revenues but, as yet, it's been too early to try and determine the operating margin we might expect from the new division going forward and what impact, if any, OMG is having on division's management. Part of the rationale for creating a combined business is to drive cost efficiencies and generate new revenue opportunities.

Ignoring all of the hypebole in the FY25 results there were inklings that the SM division might deliver a decent operating margin but, as regards new revenue opportunities, it's probably too early to say. Yes, there were three new contract wins announced in FY25 but, given the time it often takes to negotiate these deals, I rather suspect that they might already have been in the offing at acquisition. It would be good to see existing contracts retained and new contracts added in FY26 or early FY27 as evidence on that front.

I'm looking forward to seeing the upcoming H1 results; that will be the first true LFL comparison for the SM division to be able to try and assess what OMG have brought to the table. It also goes without saying that we need to see some real progress in both revenues and profits in the Vicon division now that they're shot of the loss-making NZ subsidiary.

Chelsea, Try reading what I said. Averaging doesn't change the situation one iota; you're still sitting on a loss on your original investment. "Camouflaging" the loss on your original investment with the gain on your new investment doesn't change that situation.

I may still be sitting on a loss on my original investment in OMG but, in the intervening period, I've made money on, for example, FTC that I would have had to sell to make a further investment in OMG. The decision I made was purely based on what I thought would generate the best overall return for my portfolio rather than the return on one single share in my portfolio. Barring dividend reinvestment, I generally try to look at each investment I make in isolation when evaluating performance.

At the end of the day, the only difference in our strategies is that I believed that I could make more money holding onto my investment in FTC rather than selling and reinvesting the proceeds in OMG. In the long run, I think FTC will prove the better long term investment but that's just my opinion and I freely accept that I may be proven wrong in the fullness of time; that's investing.

The point in dispute is whether "averaging down" is a good strategy in all circumstances. My view is that any investment in OMG, or any other share for that matter, should be based on whether or not it represents good value at that point in time; the rationale for any new investment decision is that it needs to be able to stand on "its own two legs" and should not be biased by any previous investment decisions. We're all susceptible to chasing our losers; often, but not always, in the mistaken belief that they'll come good eventually. I'd agree that investing in OMG in the mid-40s has proven a sounddecision, as long as the primary motive wasn't simply to "average down" i.e. that the decision was based on an assessment of OMG's true value rather than simply trying to recover what you'd already lost.

I reiterate, I take a portfolio view rather than individual investment view and am willing to accept, at any given point in time, that some, maybe even all (in the event of a market crash), of the investments in my portfolio will be in the red. I don't need to see my OMG investment in the green to know that the loss has reduced over the last few months. Hopefully that will continue but I await the upcoming AGM statement with bated breath (not forgetting that last year's AGM statement proved somewhat adrfit from the subsequent H1 trading update).

I'm not saying that OMG is a bad investment but its trading performance over the last two years leaves a lot to be desired and I remain to be convinced that the current executive team are the people to turn it around (having helped to put it into the current financial situation to start with). However, I am open to them proving me wrong and that's why I've been saying that FY26 is a critical year for both OMG and the executive team.

Here we go again! I've mentioned both FTC and SSIT several times in the last few months and anybody with any grey matter between the ears would be able to quite easily verify their performances against OMG. Some people are just tone deaf.

I'd accept that ONWD's performance has been lame but that's more of a long term punt than a short-term gainer. PEB has done okay but not as well as OMG. However, PEB's trading well and I firmly believe that there will be a bounce in its share price come results.

I've also repeatedly said that I haven't had much spare cash to invest anywhere recently (not even in SSIT). What spare cash I have had has been reinvested in dividend paying shares yielding 7%+, which better suits my long-term plans. So, whether or not to invest more into OMG hasn't been an issue for me to weigh up. Yes, OMG is currently paying a nice dividend too but, all other things be equal, some of the recent capital growth will likely be pared back when it goes ex-div.

Could I have sold some other shares to buy into OMG? Certainly a lot of my portfolio hasn't faired as well as OMG over the last 3-months but I've always been a holistic investor (looking at overall portfolio performance rather than always trying chase the next Polly Peck) and accepted that there will always be some swings and roundabouts.

In the absence of any facts, rather than blind expectation, I'm left to look at Imogen's performance over the last 24 months and can't say that I'm encouraged. However, I still continue to hold my original investment in the hope that she (or her successor) will eventually turn OMG around. FY26 is critical and we need to see good LfL growth in H1. If Imogen can deliver that in actual £s, rather than hyperbole, then I may yet be converted.

PS. I've made more money from my long-term holding in FTC over the last 3 months than I would have made if I'd sold and put my money into OMG instead; so put that in your pipe and smoke it Chelsea! Not bragging; simply stating a fact for the dunce at the back!

PPS. Personally, I still think that space is going to be the hot sector in 2026, in part fuelled by the prospect of SpaceX's expected IPO later this year, but it's just my hunch and certainly not a recommendation. Each to their own and, as always, caveat emptor.

PPPS. If anybody's interested, my outlier would be that the renewable energy sector might start to recover some of its shine this year. It certainly looks all doom and gloom but there are some indications in the US that the wheels may be starting to fall off Trump's "Drill Baby Drill" policy; a case of falling prices meeting rising costs. Meanwhile, in the UK, the governement's current proposals to reduce renewable subsidies seem to lack commercial sense and ceratinly doesn't look like a vote winner. According to the government's own figures, they'd expect the average family to be £3 a year better off by 2030!

Will probably have egg on my face this time next year ;-)

Can’t see Trumpsky’s message as he’s in the Green Filter Bin and not even sure it’s in reply to my post. However if it was, my best guess would be a total denial that he’s missed out here and that there are better investments elsewhere (even though you’ll note he hasn’t sold up here and directed his cash towards the absolute goldmines he’s calling out to others as better than adding here 😂).

OMG's share price is holding up well but, I'm sorry, I can't just ignore Chelsea's chump comment which is clearly directed at me (again) despite him having blocked my posts. If you'd invested the same amount of money in SSIT, a share I've mentioned several times recently, when this share hit 40p, you'd now be sitting on a c73% gain as opposed to a c38% gain on OMG. I'm not personally invested in SSIT but I'm invested in FTC and that's up c46% over the same time frame. Truth of the matter is that I haven't had any spare cash to invest but if I'd sold FTC and bought OMG, as an example, I'd now be out of pocket.

The reality is a lot of shares have performed well in the last 3 months and I'd hazard that OMG is towards the top of the 2nd quatile for share performance, if not the 1st quartile, and I'm very happy to be clawing back some of my previous losses but, at the end of the day, short-term performance is fairly irrelevant; a company's share price is only as good as it's next trading update, a lesson most LTI investors in OMG know only too well. Over the last 12 months the share price has trended upwards on several occasions, only for the upwards momentum to be scotched by the trading reality. I'm genuinely hoping that this time is different but I'm not holding my breath; Imogen has disappointed too often over the last 24 months and I'm not going to count by chickens before they are in the bag, unlike some.

It goes without saying that the recent good share performance at FTC and SSIT could equally do a U-turn, no shares are immune, but simply because OMG has gone up c38% since mid-October does not automatically make OMG the best investment for additional cash. So can somebody please tell Chelsea to stop harping on. He's got his strategy and I've got mine but averaging down does not reduce the loss on your original investment; you should only average down if you think that the market has got it wrong and see an opportunity for arbitrage. Unfortunately the market has got in right more often than it's got it wrong on OMG over the last 24 months but perhaps "tommorrow is another day" and OMG has at last turned the corner. Roll-on the next results (a few new contracts announcements wouldn't go amiss either).

Crystal clear now, that whether investing for the first time here, topping up and/or reducing average, anyone that saw the value and had the foresight & confidence in the Company to buy in at around 40p has done extremely well.

Another great week here.

It’s all there in the 9th December Results (NB: Audited Results).

So either you believe what the Company are telling you about future prospects, or you don’t - same as any other equity . Markerless is one possible catalyst and the potential market size of that is easily researched. New / expanded geographies is another. You can either rely on what the Company are telling you, or responses from a bulletin board where there will be a variety of motives including from those who cannot see through the red mist of being significantly underwater (although these individuals are pretty easy to spot).

As for the point on Zytronics, they are one customer of many and whilst they shouldn’t perhaps now be referenced, I don’t see that as anything more than admin tidy up and it is not material in the bigger picture.

The underlying business of OMG is interesting and I really want to believe it is going in the right direction but I can't work out if the acquisitions are working. The CEO says they target acquisitions which are "earnings enhancing" but the results don't seem to tally with this as the margins in acquired Smart Manufacturing businesses are lower than the margins in the existing business. The CFO only says of the recent acquisitions that they "have contributed to group profitability" but that is not the same as being "earnings enhancing". So I guess my concern is the Return on Capital in the acquired businesses is just too low.

Anecdotally I do find it concerning that OMG's description of the IVS business in each RNS still lists a key customer as Zytronics, which is basically a company which is bust and will not be giving them any business...Surely they should update this?

Anyone got any thoughts as to whether this business is going in the right direction and what catalysts there are for a rerate of the shares? (reasoned insights please, not blatant ramping nor just management bashing).

Bullish weekly outside(high greater than previous high & low less than previous low) price bar w/c 8/12/25, enables future sp forecast of 57.1, calculated as outside bar range X 2, added to outside bar high. The current sp is approaching the bearish weekly supply block of w/c 9/6/25, range 57.4-59.8, which is expected to provide resistance to further rally. The current sp is already within the range of the bearish fair value gap between 51.4-57.4, where resistance would be expected at the midway value of 54.4. The sp requires to close above last week's Japanese doji(open & close equal) high of 52.8, to enable confidence in the current rally. DYOR.

Meant to add.

March 9th-13th

Game Developers Conference 2026 in San Francisco.

VICON confirmed in attendance. Motion Capture demos etc.

SP rising. Lots going on.

And off we go again...

She was promoted from within and, if my memory serves me correctly, she was previously a well respected engineer within the company who was attributed by Nick Bolton, at the time of his handover, with having made a major contribution to the company's previous successes.

Her technical capabilities aren't, IMHO, in question but a good engineer doesn't a good CEO necessarily make. It needs a different skill set. My first impression was that she was quite gruff and not necessarily a good people person (not a prerequisite for a good engineer).

It's okay if you don't suffer fools lightly but, as a CEO, you really don't want to convey that, either through speech or mannerisms, to either the staff you have to work with or the customers you need to deal with.

Just my personal observation; I could be very wide of the mark. For all I know, she might be all sweetness and light off camera but on camera she doesn't strike me as the sort of person you'd ever want to contradict, which isn't exactly condusive to team working.

The OMG ex dividend date is the 12th of February, 2026 and the dividend yield is an impressive 6.8%. This could be a reason why the sp has risen. Do we have any History on Imogen? She seems to have been hoisted into this position by well off patrons and not corporate merit

RichP. Seems I have a similar level of confidence in the company and leadership to you, evidenced by my investments to average down. Well done btw for previous success here and using that to buy property. Every chance imo you will be adding an extension.

I have added to my holding in OMG today.

If you are all interested Imogen was promoted to Vicon Managing Director in 2012, a position that she held very successfully until 2022 when she was promoted to CEO, her current position. So she has a decade of experience at the most profitable part of the business. She will be very aware of what needs to be done to restore Vicon's economic performance.

For somebody you say you've filtered, you seem to be very well appraised of what I'm posting.

Can't resist the stupid digs as usual. Total waste of space.

Couerdelion, I've posted reasoned analsyes of the figures over the last two years and have called for Imogen to either up her game or be gone (especially after the recent round of grotesque LTIP awards).

Chelsea, on the other hand, doesn't like any criticism of Imogen, resorts to stupid name calling (because he doesn't actually like to dicsuss facts) and pooh poohs anybody who doesn't agree with him that "averaging down" is the way to go (why should I invest yet more money in a company who's recovery still remains uncertain in the short-term). When I suggest that it's more important to look at the overall return on your money and investing new money where you can get the best overall result, he ignores my response and accuses me of not answering his question(s).

I believe, and I think you'd concur, that FY26 is going to be critical but, unlike you, I'm not going to second guess the FY26 results because, in my experience, Imogen has an inate ability to repeatedly disappoint. Over the last few years, OMG has issued several RNS with misleading information e.g. trading updates with net cash figures at the date of the update rather than the end of the period covered by the trading update (which have lead to misunderstandings about the trading performance, certainly on my part, during the period in question and erroneous assumptions being made; this is important if you are looking to get ahead of the herd and spot potential upturns/downturns). I've given up on Imogen actually telling us anything straight. Even in the last FY25 results she couldn't resist over egging the KPIs in the smart manufacturing business. There were undoubtedly some positives, I can't deny that, but the headline were, IMHO, deliberately misleading (little, or no, attempt was made to caveat the KPI figures as they should have been).

Couerdelion, completely agree. That’s why I previously confirmed on here I’d filtered him. All I see is a green “filtered” message so I’ve no idea what he posted and not in the slightest bit interested either! Suspect I’m not the only one.

Another rise further in the 50s today.

Might I suggest that the two of you don't engage with each other. It's probably not good for either of you and I don't think I am alone in thinking that it is not constructive for this message board which is what most of us are here for.

By all means discuss the merits and demerits of the company but best keep it polite and professional. We'll all be happier and maybe a few other investors will engage in the discussion.

What a pity and there was me thinking that you'd be riding off into the sunset to spend all your gains but I guess you need to hang around to start actually earning some gain on your newly invested money, not just parring off the losses on your original investment. Can't have it both ways.

All those who ignored the noise and bought in sub 45p are currently being proven entirely correct in their decision making.

Although 57p is my break even point on this share, having averaged down, if it reaches that level I’m unlikely to bail out immediately if my confidence levels in the prospects of the company remain high.

Personally can't wait for 57p to see you disappear off into the sunset. I'll even congratulate you. Anything to see the back of someone who can't even understand basic maths and refuses to accept that others see things differently to him (rightly or wrongly). We own this company and that does not mean that we have to meekly accept the drivel this management team have fed us the last two years. You say nobody likes to lose money but then defend to the hilt the management team that got us into this mess. You are totally deluded. TTTFN. See you at 57p at some point in the future, maybe.

Egotistical, entirely self-absorbed and completely cuckoo.

Filtered (although I might unfilter at 57p to ask if he has broken even on this share yet).

Chelsea, When are you actually going to learn to read rather than simply calling people by childish names?! I've actually answered your question repeatedly but you seem incapable of grasping the essential, but very simple, difference between money already invested (sunk cost) and new investment. It's actually possible to have different investment criteria for the two. For the former I'm trying to recoup all or part of my losses whilst for the latter I'm trying to assess where I can get the best overall return. The timeframe for the former may be many years (I'm a patient investor, but that doesn't mean that I have to accept inept management and hope for the best) whereas the timeframe for the latter may only take a matter of weeks, months or a few years.

Now, if you think that the OMG share price is going to double over the next 12 months pray tell. Personally, I'll be glad to see the back of you when the share price eventually reaches 57p when you'll serenely sale off into that blissful sunset convincing yourself (and nobody else who can actually do the maths) that you've "recouped your original investment", whilst all the time ignoring the simple fact that you've made "llareggub" on your new investment for however long it's been invested in OMG! Meanwhile, I'll have recouped part of my original investment whilst, hopefully, earning a better return on my new investment money elsewhere.

I've mentioned a few shares recently (FTC, ONWD, PEB, SSIT) not by way of recommendation but simply because I thought there might be a couple of grown up investors on this bb who might like to check them out and make up their own minds as to whether they might be worthy of consideration for investment. Nothing more. Nothing less. Personally, I've been invested in both FTC and PEB for 5+ years (as I say, I can be a patient investor) and my original reasons for investing were quite different from most current new investors reasons. I'm not currently invested in either ONWD or SSIT but they interest me, as they might anybody else who has an interest in long-term investing. By all means pooh-pooh them if you wish; normal financial metrics might not support their current share prices but newer/younger investors tend to be more driven by asperation rather than finanical metrics these days and sometimes no good comes from trying to swim against the current. Having said that, I fully accept that the wheel may turn; that's investing for you.

One final point. Rightly or wrongly the space sector appears to be a very "hot sector" at the moment (the potential SpaceX IPO is only fuelling the buzz) and I don't believe it does any harm, whilst we await OMG's hopeful share price recovery in due course, to draw other investors attention to a couple shares (FTC and SSIT) that are currently riding that "wave" if they'd be interested. Caveat emptor etc.

Rinse & repeat from Trumpsky.

“ Posters here will have noticed I’m sure how Trumpsky continues at fierce pace to publicly trash the company and Imogen in particular.

At the same time he offers this advice to others “ You could have invested in many shares offering better prospects than OMG in the last 6-12 months and used the profits on those shares to offset your original losses on OMG”

When asked the direct question of why he doesn’t take his own advice and ask him “if you see so many better investments out there then why don’t you sell up here and move your cash? - he doesn’t answer”

And guess what he still doesn’t answer. Why? Because he doesn’t have an answer that will make any logical sense to a balanced individual and tries to bury the question asked of him under a different thread.

Rich Pixie is bang on. Time waster.

That may well be (personally I'm no longer sure) but revenues have fallen from c£44m to c£32m (c24%) in the last two years! That's the cold hard fact.

FY23 was effectively Nick Bolton's last year in charge; he stepped down at the end of FY23 and Imogen took charge on 01 October 2023.

It's been downhill ever since and, personally, I think the decline at Vicon's revenues warrants a bit more explanation from Imogen than we've been getting to date. The 5-year plan was to increase sales to over £70m and Imogen has failed to do that by a wide margin and yet the Board thinks that her performance to date warrants her being given LTIPs without any performance-related targets (she's probably pleased with that). You couldn't make it up if you tried.

I'm not pessimistic about OMG per se. I think that OMG could still be a great company (again) under new leadership. I have seen nothing to date that suggests that Imogen is capable of turning this ship around but, if she does, I will be first to say so (albeit I will still question how we managed to get to this juncture in the first place).

IMHO the jury is still out on whether cobbling together a few smart manufacturing acquisitions will be a success. The standalone businesses appear to have been growing at c5-10% before they were acquired and, given the normal gestation period for new contracts to come to fruition, it's quite possible/probable that much of the groundwork required to secure the new contracts announced in March 2025 was done before we acquired IVS. More new contracts and LFL growth comfortably in excess of 10% in FY26 (as suggested by Zoe in the recent Investor Presentation) would go some way to proving the concept.

Chelsea, Imogen is not the company; please try to learn to distinguish. I appreciate that you are Imogen's number one cheerleader (you get out your pom-poms at every opportunity) but the financial results under her tenure over the last two years have been nothing short of disasterous. Yet you still see fit to try and defend her at every possible turn? That's "twisted"! To add insult to injury the Board has seen fit to give her, and her sidekick, a load of new LTIPs with NO performance-related targets; it's a farce! We own this company and this Board needs to be held accountable for their actions, or their lack of them.

I've seen absolutely nothing over the last two years to warrant me risking investing even more money in OMG; I'm simply trying to recoup as much of my original investment as I can. As I've said repeatedly, averaging down does not recoup the money I've lost on my original investment. Why is that so hard for you to understand?

On balance, I currently think I can better returns on any new money invested elsewhere. I'd accept that if I'd invested on 13 October when the share price hit 38.5p then the return, on my new investment, to the end of the year wouldn't be looking too shabby but any new money invested wouldn't have changed the return on my old investment one iota and on 13 October I was more afraid that the share price might still have even further to fall!

I'm "bad mouthing" Imogen because she fully deserves it. Grow up!

As regards the company's future prospects, I'm yet to be convinced that it'll be anything other more than a small player in the smart manufacturing sector (it's dwarfed by the likes of Siemens and Honeywell) and it remains to be seen whether they can grow SM revenues and adjusted EBIT at a faster rate than they've been losing them at Vicon over the last two years (they may have replaced the lost revenues at Vicon by acquistion but that has come at a cash cost). Last year's SM results were interesting but it was difficult to discern the wood for the trees (the quoted KPI percentages were, for the most part, meaningless because we didn't have full year comparatives for Sempre).

However, I actually await the FY26 results with great interest (as I've said before). I want to see real, long-term traction and confirmation that OMG is actually starting to make a difference to the SM businesses they acquired i.e. growing revenues by more than pre-acqusition levels and delivering the economies of scale that one might expect when you start consolidating businesses in the same sector, not just cobbling together a loose assortment of SM businesses to add extra overhead and run as they were before. It's probably too much to expect all of this in FY26 but we should at least be starting to see the real direction of travel.

It also goes without saying that I expect to see significant improvement in the motion capture business. We can't have a repeat of the last two years.

Posters here will have noticed I’m sure how Trumpsky continues at fierce pace to publicly trash the company and Imogen in particular.

At the same time he offers this advice to others “ You could have invested in many shares offering better prospects than OMG in the last 6-12 months and used the profits on those shares to offset your original losses on OMG”

When asked the direct question of why he doesn’t take his own advice and ask him “if you see so many better investments out there then why don’t you sell up here and move your cash?” he doesn’t answer.

None of us like losing money but this is one bitter and twisted individual on a personal crusade to bad mouth the company at every opportunity and anyone here who continues to believe in its future prospects.

Happy New Year!

I’m only sitting on a loss on this share whilst the SP remains below 57p. That is a fact even you can’t deny.

If you see so many better investments out there then why don’t you sell up here and move your cash?

Chelsea, I've been looking at SSIT for at least 6 months and have owned FTC since mid-September 2020 (currently verging on a 20 bagger with more to come I believe). Any dummy can choose to stick their head in the sand but the fact is that in the last 6-12 months OMG has not looked like a better investment than either of those two shares and I haven't invested in either of them (I probably would have invested in SSIT if I wasn't primarily investing for dividend income these days).

Paying Peter to pay Paul is a stupid strategy. You could have invested in many shares offering better prospects than OMG in the last 6-12 months and used the profits on those shares to offest your original losses on OMG. You can call me whatever names you choose, but averaging down doesn't change the fact that you are still sitting on a loss on your original investment and "hiding it" doesn't change that self-evident truth.

As I've said multiple times, I decide each and every new investment on its merits alone; I don't simply average down because I've got no better strategy for trying to recoup my previous losses. OMG has looked like a bad investment for the last 6-12 months (apart from a few low points when it might have looked oversold) because this management team doesn't seem to have any strategy for turning around the, once highly profitable, motion capture business and, for the most part, has chosen to stay shtum about what ails the motion capture business whilst bragging about the performance of the recently acquired smart manufacturing businesses (most of whose "astounding" LfL results can be simply explained by the timing of the acquisitions and the onboarding of historic, repeat business with no prior year OMG comparatives).

Well yes, hindsight is 20/20 so any dummy can compare this share to one of a thousand or more other investments that have risen. I’m surprised you didn’t make the comparison with a 10 bagger 😂.

One more time. Let’s see if my averaging down strategy allows me to reach and exceed my break even point in the short term, while you continue to sit on a loss for potentially many months, or even years later.

Chelsea11, your investment philosophy and mine diverge. IMHO if I had another, say, £10k to invest I wouldn't be looking to average down to simply try and recoup my previous losses but looking at where I could get the best return on my £10k. OMG does have promise but, at the moment, I don't see Imogen and her team delivering on that potential and, as such, I think I can better returns elsewhere.

Motion capture is a mess and there aren't any signs of a turnaround yet. The last RNS was ambiguous; the order book does appear to have improved but we don't know whether it's a material improvement and we are none the wiser about the BoD's expectations for the current financial year. Saying that current trading meets the BoD's expectations doesn't really tell us anything.

As regards, smart manufacturing we are building a presence but I still think that annual LfL growth is likely to be fairly prosaic (5-10% per annum), at least in the medium term. I think the KPIs in the last RNS were milked for all they were worth and flattered to deceive (onboarding the new businesses made some of the figures look a lot better than they actually were because of the relatively low prior year comparatives). Don't get me wrong. I'm certainly not knocking the three new contracts that IVS won in the period; I just need/want to see more new contracts. Rinse and repeat often.

During the recent Investor Q&A, in response to a question raised, they did allude to the possibility of some cross-selling between motion capture and smart manufacturing, i.e. introducing real-time motion capture to the smart manufacturing process, but I think it's more of medium/long term prospect, if that. I certainly didn't get the impression that it was one of their key focuses at present (a nice idea but perhaps a project for another day).

Like you, I'm very focused on seeing some positive momentum across both motion capture and smart manufacturing over the next 6-12 months. However, my gut tells me that, although they might have started to turn the corner in H2 FY25, not to expect fireworks in FY26. I've looked at the figures and they do appear to be a lot better in H2 FY25 than they were in H2 FY24 and H1 FY25 but the change of KPIs from adjusted PBT to adjusted EBIT and the rundown of the loss-making New Zealand business make direct comparatives difficult and open to possible misinterpretation e.g. a lot of the improvement in H2 FY25 within motion capture business may simply be because they've stopped racking up costs in New Zealand. E.g. by my reckoning motion capture sales in H2 FY25 were only c2% up on H2 FY24 but there seems to have been a c£3.2m swing in adjusted EBIT from loss to profit! Likewise, the PLC figures still look a bit odd too.

PS. If I had a spare £10k at the moment, which I don't, I might take a look at Seraphim Space IT (SSIT). I don't currently hold SSIT but It does look well set to ride the current postive momentum in the space sector.

Trotter, I have little interest in the shares that will vest in one, two and three years time.

What I AM interested in, is hearing positive news within the next 6-12 months (or sooner) that will send the SP North of 60p, as at that point I will no longer be underwater, due to reducing my average and that strategy will be proven to eclipse the alternative strategy of sitting on your hands. Something that I have made crystal clear already.

I could make some sarcastic comments about the performance targets they might have achieved to receive these LTIPs but, for once, I'm just lost for words. I'm sure that'll amuse Chelsea no end but let's see him him justify these awards.

Have can they call them "performance-related share option awards" if there are no performance conditions?

I suspect the answer here is that it is the award itself which is performance-related. The exercise of the options probably still has some conditions such as remaining in employment etc.

It's probably a good thing, from their perspective, that they aren't linked to any performamce objectives, given their track record over the last 2-3 years ;-)

Time for action methinks. At the next opportunity I'll be voting against their re-appointments (and the rest of the BoD come to that) and their remuneration rewards. Might not achieve anything but it will, at least, signal that there are some of us shareholders who are deeply dissatisfied with their performannce and do not appreciate them snuffling at the trough whilst we have witnessed a share value decline of over 50% under their leadership.

Disgraceful but par for the course for Imogen and her sidekick, I'm afraid.

We agree then.

You’re sticking at whatever average you’re at because you’re unhappy (I suspect a minimum of 90p), whereas I’ve topped up and am now down at 57p.

Two different investment strategies and time will tell which has been the correct path to take. 6 - 12 months should do it.

I'm not picking om Imogen because she's female. I also own Aviva and happen to think that Amanda Blanc is one of, if not, the best UK CEOs.

I pick on Imogen because she serially fails to deliver and goes out of her way to hide how bad the performance has been since she started her tenure. I accept that the economic backdrop might not be the best for MC but Imogen refuses to address the problem and explain to shareholders why the performance is so woefully short of plan.

I refuse to invest any further funds because I've seen absolutely zero evidence of any improvement over the last 3 years (simply acquiring new revenue is not success in my books). This year's SM figures are a case in point. Imogen and her team have gone to town on the figures with big fanfair but, when you actually dissect them, there's nothing particularly spectacular about the figures, other than the £1.6m of new IVS contracts. These contracts were undoubtedly good business but they now need to be rinsing and repeating; they can't sit on their laurels.

The significant growth in SM revenues year on year is simply an accounting "mirage". The Sempre figures weren't included in the FY24 comparatives and account for a large part of the "sensational" 341% FY25 revenue growth. It would have been a lot more helpful to express the percentages on an adjusted basis, as if Sempre had been included the previous year, to assess how the business had actually performed since being acquired by OMG.

Likewise, the 38% organic growth, is simply the effect of the three new IVS contracts on relatively low FY24 comparatives. The growth is real but is an outlier (a similar size contract win in FY26 would only result in organic growth of less than 10%). I'm not poo-pooing the contract wins but I think the percentages are open to misinterpretation (lies, damned lies and statistics) and should not have been over emphasised as they have been by Imogen and her team who were desperate for any good news and vindication of their new strategy. The CFO indicated in the Q&A that origanic growth was likley to be a more prosaic 10% in FY26 (but with scope to improve). The SM revenues are currently at a level where £1m+ new contracts will skew the percentages quite significantly but the reality is that we need to see consistent organic SM growth of 25%+ from here on in if SM is going to start compensating for the failure of the MC strategy.

I don't trust Imogen to tell the story straight anymore (she's been ducking and weaving for the last three years) and want to see the figures in black and white before I consider investing further. I expect progress in H1 FY26. They've indicated that MC order intake has increased. I noww expect to see that materilaise in increased revenues but I'm not holding by breath with this mob ;-)

Trotter - you continue to express your dissatisfaction with the company through lengthy posts here, aiming that directly at female leadership and have no intention currently to average down from wherever you are, which you won’t disclose.

I have belief in the future prospects of the company, am not bad mouthing them every time they release updates, have averaged down and transparency disclosed my position.

As I’ve said previously, time will tell which strategy is proven correct.

Surely even you can’t argue that is how it is.

I think the issue regarding whether or not IMeasureU (New Zealand) Limited is a discontinued operation is just a question of financial reporting semantics.

They couldn't sell the business so are obliged to honour its existing contractual obligations but the business is, in all other senses of the word, discontinued.

It impacts some of the disclosures but doesn't affect the bottom line.

I think the least said about the current 5-year strategy the better as far as Imogen is concerned; they've missed their targets by a country mile. She'll just try to quietly sweep it under the carpet and hope nobody notices (it would be par for the course).

Just listened to the investor Q&A. Very disappointed with you Chelsea. You didn't ask Imogen why the collapse of MC business pre-dated Trump's election and why the business is continuing to shrink year-on-year despite having cut margins to increase sales (part of the 5-year plan).

Interestingly they currently expect organic growth in the SM business of (at least) 10% in FY26 (more or less back to pre-aquisition growth rates) and their explanation of the large increase in FY25 was lamentable (just how the math works or something to that effect). No mention of the fact that IVS was the only business onboarded in FY24 and that the new £1.6m IVS contracts in FY25 were always going to skew relatively low comparatives. What they need to do now is to build on those contracts and win more. Rinse and repeat is the name of the game.

A lot of waffle about capital allocation when in fact it should be quite quite simple. They have £37.5m of net cash at the end of FY25, down c£30m in the last three yeras, and continue to eye potential bolt-on SM acquisitions. If they're not going to pay a special dividend (even I would say that it's too late for that), they should stop any further share buy backs and concentrate on running the businesses, rather than financial engineering.

Definitely want to see positive growth in the MC business in H1 FY26, given the increased order intake, and continued positive growth into H2 FY26 and Q5 FY26 (they are propoing to extend the financial period end from 30 September to 31 December going forward).

A few red flags for me after the results and presentation.

1. The smart monitoring acquisitions seem to have added admin expenses but no profit. It’s a warning sign that they’re already restructuring.

2. The continued decline in Vicon revenues is worrying. Plenty of excuses each year but show me the money.

3. Markerless was launched in March and they should have a better idea of how well it has gone down than they’re letting on.

4. They’re preparing to launch a new 3 year strategy 6 months before the end of a 5 year strategy. I assume the latter will be swept under the carpet rendering it worthless and undermining the integrity of the new one.

Personally I don’t think the CEO is up to the job and would be better suited to a technical role. I also have doubts about the quality of the FD after discontinuing a business in last year’s accounts that wasn’t discontinued. I’ll take another look after the new strategy launch.

Can you please the order book is £1m or should it be £10m?

"In-year Motion Capture order intake up 21% to £34.8m (FY24: £28.8m), demonstrating positive underlying demand. Motion Capture revenue was £32.0m (FY24: £38.6m), reflecting continued US academic and entertainment headwinds and post-COVID normalisation of opening order book to £1.0m (FY24: £11.5m)."

Bullish weekly outside(high greater than previous high and low less than previous low) price bar w/c 13/10/25, enables future forecast sp of 60.4. Calculation, outside bar range X 2, added to outside bar high. The preceding congestion contained a large number of peaks and troughs, suggesting supply & demand tightening and a rapid sp rise, when the congestion was broken above yesterday. Volatility based Bollinger bands are separating on both daily and weekly charts, confirming a rapid sp movement is expected. DYOR.

Results today were in-line with market expectations. Actually, given the tough market conditions, sales at £44.8m (+7.9%) were good; and although EBIT margins are still low, mgmt is investing for the future and to improve commercial prospects. But I really want to focus on cashflow and valuation. OMG ended fiscal 2024 with £50.7m cash, after acquisitions (-£4.2m), Dividends (-£4.2m) and share buy-backs (-£8.2m), it still has £37.3m cash , so OMG has generated £3.2m from operations (versus £2.2m adjusted EBIT) in fiscal 2025. Mkt Cap @ 42.5p is £48.8m, less cash gives an EV of £11.5m i.e. it is trading on EV/sales 0.25x, EV/EBITDA of 2.7x and EV/EBIT of 5.1x. IMHO this is extremely low for a high tech company. Time to follow the Chairman who has just invested £47.5k in the shares.

That's quite a healthy vote of confidence in the business.