Last checked at 19 Oct 2016 07:00
19 October 2016
OMG plc
("OMG", "Oxford Metrics", or the "Group")
Trading Update
Oxford Metrics (OMG plc LSE: OMG), the technology group providing products and services for the life sciences, entertainment, engineering and government markets, provides the following update on trading for the financial year ended 30 September 2016.
The Group enjoyed a successful close to the financial year and expects to report revenues in excess of £29.0m (FY15: £25.8m), ahead of market expectations, and Adjusted PBT in line with market expectations, having excluded the write-off of £1.5m capitalised R&D treated as an exceptional cost relating to the decision to discontinue OMG Life described below.
Our Vicon business, with its recently refreshed products, has performed very well this year in all geographies. Furthermore, Vicon has also benefitted from the recent increase in the strength of the US dollar vs. GBP, with an average of 50% of Vicon revenues generated by Vicon's US operation.
Yotta has continued to benefit from a strengthened recurring software revenue stream in the UK and in international markets. Notable wins secured in the UK at Plymouth, Gateshead and London Borough of Havering, in the Netherlands at SAAone and with the recently announced extended relationship with Amey Plc to deploy Horizons at customer sites in UK, Australia, New Zealand and Spain.
Following extensive analysis during the financial year, the Board concluded it should discontinue OMG Life in order to focus the Group's resources on Vicon and Yotta. OMG Life had been focused on deriving value from the Company's portfolio of Intellectual Property (IP) through the deployment of third-party consumer products.
At the Group's Interim Results in May, the Board stated its intention to spin out certain IP, relating to Machine Learning-based imagery classification. This process has now completed, with the IP transferred to a new, independently funded vehicle, called Pimloc, in exchange for a 25% stake in the new company.
The cash balance for the year closed at £8.2m (FY15: £11.7m) after the payment of special and final dividends totalling £5.3m during FY16. The Group expects to announce Preliminary Results for the financial year ended 30 September 2016 on Tuesday, 6 December 2016.
ENDS
For further information, please contact:
OMG plc | +44 (0) 1865 261800 |
Nick Bolton, CEO |
|
David Deacon, CFO |
|
|
|
FTI Consulting | +44 (0) 20 3727 1000 |
Matt Dixon / Emma Appleton / Harry Staight |
|
|
|
N+1 Singer (NOMAD to OMG) | +44 (0) 20 7496 3000 |
Shaun Dobson / Jen Boorer |
|
Notes to Editors
About Oxford Metrics
Oxford Metrics (OMG plc. LSE: OMG) produces technology and software for the life sciences, entertainment, engineering and government infrastructure markets. It does this through two subsidiaries, Vicon and Yotta.
The Group's technology is used globally to capture the movements of actors (for the movie industry), sportsmen and women (for video games or improving team performance), and children with cerebral palsy, rehab patients and animals (for medical, life science and research industries). The technology is also used for the management of highways and other forms of distributed infrastructure assets, such as lighting systems and other street furniture.
Founded in 1984, the Group is headquartered in Oxford, UK, and has two offices in the US and four in the UK. It has customers in over 65 countries and is a quoted company listed on AIM, a market operated by the London Stock Exchange.
The Group's global clients spanning the worlds of science, medicine, sport, engineering, gaming, film and broadcast include: major hospitals and research facilities such as Guy's Hospital, Nuffield Orthopedic Centre, Headley Court and Loughborough University, engineering industry leaders including: Ford Motor Company, BMW, Toyota and European Space Agency and in the entertainment sector; The Imaginarium, Sony, Industrial Light and Magic, Sega, Nintendo, UbiSoft, EA and Square Enix. In infrastructure asset management, clients include Highways England, Amey, Fulton Hogan, Northumberland, Norfolk, Lancashire, Hampshire, Cheshire East and West, Kent as well as many others.