Oxford Metrics Share Discussion Threads

[masrscb9] 10/6/2010 14:24

Hi G,
I've emailed you - hopefully to a current address.
M.

[garth] 09/6/2010 14:20

Hi M. :0)

Positive announcement - any thoughts on possible impact of Local Authority cuts on Yotta? Do we know how well diversified that division is?

Can you drop me an email from a current address?

Best regards,

G.

[masrscb9] 09/6/2010 12:44

Pleased to see the up-beat Yotta contract wins announcement.

[geovest] 18/5/2010 14:28

The buy signal was in march when it made and held a double bottom at 18p, MACD, RSI & OBV turning up. Some historical resistance around 28p, but if it clears that it should have a clear run up to 47 before the next resistance.

Otherwise you can just take a view that its a bloody good company trading at a cheap price which will over time turn to the 50 - 60p range.

[gyy] 18/5/2010 11:24

30p would be a nice buy signal

[garth] 13/5/2010 13:10

I have to say that I have mostly been out of OMG for pushing 3 years now, feeling that they were on a bit too rich a rating for my liking. I have renewed a position over the last few weeks though and believe that they represent a pretty solid investment in an improving economy.

One thing they have suffered from is some inconsistency in earnings. I'm hoping that with the bolt-on of divisions such as Yotta and the introduction of lower-end camera equipment they may experience some greater smoothing.

I am also aware that the header is woefully out of date - I'll attempt to update it over coming weeks. Have been kind of surprised that folk hadn't upped and moved to a new thread.

If there is anything you'd like to see in the header let me know.

Kind regards,

G.

[garth] 13/5/2010 13:03

Thanks for editing that down GYY. Gengulphus is mostly harmless but the duty was just a little late with his meds yesterday ;0)

I think BB etiquette would have meant that he would have been happier with just the summary:

Financial Highlights:

· Record half year for Group, ahead of original market expectations
o Revenue up 5.9% to GBP14.4m (H109: GBP13.6m)
o At constant currency revenue up 9.2%, as a result of the Group's broad
geographic reach
· Adjusted Profit before Tax (Note 3) of GBP1.4m (H109: GBP1.2m)
· Strengthened cash position of GBP4.1m as at 31 March 2010 (March
2009: GBP2.1m/September 2009: GBP2.8m)
· Operational cash of GBP2.3m generated in first half (H109: Nil)
· Group remains debt free

Operational Key Points:

· Vicon showed return to excellent progress
o Reported revenue growth of 9.2% to GBP10.6m (H109: GBP9.7m)
o At constant currency revenue increased by 12.9%
o Vicon USA resumed growth, with revenue up 21.7% at constant currency
o Operating profit before allocation of Group overheads increased to GBP2.9m
(H109: GBP1.3m)
o Film and games market share maintained, with Vicon used in Disney's Christmas
Carol, Clash of the Titans and most recently the chart topping video game, Heavy
Rain
o Collaboration with Fujikura, the world's premier golf shaft manufacturer
· Yotta saw strong H1
o Signed its largest ever surveying contract with the Welsh Assembly
Government, worth GBP4-5m over the next 4 years
o Yotta UK reduced its operating loss before allocation of Group overheads to
GBP0.2m (H109: Loss GBP0.4m) despite harshest winter in 30 years
· 2d3, provider of defence software and services, progressed well
o Revenue up by 55% to GBP0.7m (H109: GBP0.4m)
o Achieved breakeven, before allocation of Group overheads for the first time
(H109: Loss GBP0.3m)

Commenting on the results Nick Bolton, Group CEO, said:

"This is a record set of results - not just at the headline level but in the
detail too. During this first half, despite the recent challenging economic
environment, the Group signed its largest deal ever, drove 2d3 to breakeven, saw Vicon US return to its position of power and delivered GBP2.3m of operational cash generation. Our diversified business has served us well and we are particularly pleased with the significant improvement seen in Vicon's US market. With renewed stability and confidence returning to some of our markets, we are cautiously optimistic that we will be able to continue to grow strongly."

[gyy] 13/5/2010 12:53

but if you are not online you cannot follow link................ removed

[ukinvestor220] 13/5/2010 09:23

I agree - there is no need to post the whole IMS. Imagine trying to get through that on a mobile device !!

[gengulphus] 12/5/2010 15:12

For goodness sake, just post a link next time rather than giving people massive numbers of screens to scroll through - especially massive numbers of screens of mangled tables!!!

Gengulphus

[gyy] 12/5/2010 14:20

NS Number : 7487L
OMG PLC
12 May 2010

?
Wednesday, 12 May 2010

OMG plc

Interim Results statement for the six months ended 31 March 2010

OMG plc, (LSE: OMG) ("OMG" or the "Group"), the technology group providing image
understanding products for the entertainment, defence, life science and
engineering industries, announces interim results for the six months ended 31
March 2010.

Financial Highlights:

· Record half year for Group, ahead of original market expectations
o Revenue up 5.9% to GBP14.4m (H109: GBP13.6m)
o At constant currency revenue up 9.2%, as a result of the Group's broad
geographic reach
· Adjusted Profit before Tax (Note 3) of GBP1.4m (H109: GBP1.2m)
· Strengthened cash position of GBP4.1m as at 31 March 2010 (March
2009: GBP2.1m/September 2009: GBP2.8m)
· Operational cash of GBP2.3m generated in first half (H109: Nil)
· Group remains debt free

Operational Key Points:

· Vicon showed return to excellent progress
o Reported revenue growth of 9.2% to GBP10.6m (H109: GBP9.7m)
o At constant currency revenue increased by 12.9%
o Vicon USA resumed growth, with revenue up 21.7% at constant currency
o Operating profit before allocation of Group overheads increased to GBP2.9m
(H109: GBP1.3m)
o Film and games market share maintained, with Vicon used in Disney's Christmas
Carol, Clash of the Titans and most recently the chart topping video game, Heavy
Rain
o Collaboration with Fujikura, the world's premier golf shaft manufacturer
· Yotta saw strong H1
o Signed its largest ever surveying contract with the Welsh Assembly
Government, worth GBP4-5m over the next 4 years
o Yotta UK reduced its operating loss before allocation of Group overheads to
GBP0.2m (H109: Loss GBP0.4m) despite harshest winter in 30 years
· 2d3, provider of defence software and services, progressed well
o Revenue up by 55% to GBP0.7m (H109: GBP0.4m)
o Achieved breakeven, before allocation of Group overheads for the first time
(H109: Loss GBP0.3m)

Commenting on the results Nick Bolton, Group CEO, said:

"This is a record set of results - not just at the headline level but in the
detail too. During this first half, despite the recent challenging economic
environment, the Group signed its largest deal ever, drove 2d3 to breakeven, saw
Vicon US return to its position of power and delivered GBP2.3m of operational
cash generation. Our diversified business has served us well and we are
particularly pleased with the significant improvement seen in Vicon's US market.
With renewed stability and confidence returning to some of our markets, we are
cautiously optimistic that we will be able to continue to grow strongly."
For further information please contact:

+--------------------------------------------+----------------------------------------+
| OMG plc | [phone] |
+--------------------------------------------+----------------------------------------+
| Nick Bolton, Group CEO | |
| David Deacon, Group CFO | |
+--------------------------------------------+----------------------------------------+
| | |
+--------------------------------------------+----------------------------------------+
| Financial Dynamics | [phone] |
+--------------------------------------------+----------------------------------------+
| Juliet Clarke / Matt Dixon / Emma Appleton | |
+--------------------------------------------+----------------------------------------+
| | |
+--------------------------------------------+----------------------------------------+
| Evolution Securities (NOMAD to OMG) | [phone] |
+--------------------------------------------+----------------------------------------+
| Jeremy Ellis | |
+--------------------------------------------+----------------------------------------+


About OMG
OMG plc (Oxford Metrics Group. LSE: OMG) is a group of technology companies
producing image understanding products and services for the entertainment,
defence, life science and engineering industries.

Be it for capturing the movements of actors (for the movie industry), sportsmen
(for video games or improving team performance), or children with Cerebral
Palsy, rehab patients and animals (for medical, life science and research
industries); or recording the condition of highways and the assets that surround
them or assessing the value of properties; or even providing image intelligence
and situational awareness from drone aircraft. Through this diversified offering
the Group has earned its strong international reputation for precision from
pixels.

Founded in 1984, the Group is headquartered in Oxford, UK, and has four offices
in the US and two in the UK. It has customers in over 50 countries and is a
quoted company listed on AIM, a market operated by the London Stock Exchange.
The Group trades through three operating subsidiaries: Vicon, the world's
largest motion capture and movement analysis company, 2d3, a manufacturer of
specialised image understanding software for defence applications, and Yotta,
our highways and property surveying business.

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 Orthopaedic Centre and Loughborough
University, engineering industry leaders including: Ford Motor Company, BMW,
Airbus and Toyota, and in the entertainment sector; Sony, Industrial Light and
Magic, The Moving Picture Company (MPC), Sega, Nintendo, UbiSoft, EA and Square
Enix. In surveying clients include:Miami-Dade county, Atkins, and Oxfordshire,
Cumbria, Derbyshire and Pembrokeshire County Councils as well as many others.

For more information about OMG and its subsidiaries, visit www.omgplc.com,
www.vicon.com, www.2d3.com, www.yottadcl.co.uk or www.yottamvs.com.

Chairman and Chief Executive's Statement

Despite continuing global economic challenges, we are pleased to report a record
half for the Group. We have faced the challenges of difficult market conditions
head on and our diversified portfolio has served us well. In the USA, we have
seen the market for Vicon recover to a significant extent, although not yet to a
level to restore revenue to pre-recessionary levels. Conversely, the market for
Yotta USA remained very subdued due principally to economic conditions and
adverse weather. Elsewhere, we are pleased to note that the rest of the world
continued to show growth and the UK remained, on balance, fairly flat.

Despite these challenges, OMG has progressed well as it continued to be vigilant
on costs, focussed on execution and launched new products and services to drive
growth in future years. These record results demonstrate the Group's resilience
and determination during testing times and its focus on future growth.

Financial Summary

For the first half, the Group achieved revenue of GBP14.4m, which represents a
growth of 5.9% compared to the previous year (H109: GBP13.6m). This result is a
record half performance for the Group.

The Group increased pre-tax profit to GBP1.2m (H109: GBP0.9m) with diluted
earnings per Ordinary share for the first half of 1.19p (H109: 0.88p). The
impact of foreign exchange was relatively immaterial in the first half but the
results did benefit from a foreign exchange book gain of GBP0.2m (H109:
GBP1.4m).

Gross margin within Vicon, a key performance indicator for the Group, has held
up well at 69.0% (H109: 71.0%). Overall, Group gross margin was comparable with
the same period last year.

Cash at bank as at 31 March 2010 stood at GBP4.1m compared with GBP2.8m as at 30
September 2009 and the Group remains debt free.

As a technology firm, Research and Development ('R&D') remains an important
focus for the Group. We continue to invest in R&D, but at a slightly lower level
than made in the prior comparative period. At the same time we continue to focus
our investments on those projects where we currently see the highest potential
return over the long term.

Vicon
Renewed optimism and market stability was seen in Vicon, with resumed growth in
the USA and Rest of World ('ROW') sales also continuing to do well. Overall
Vicon achieved revenue of GBP10.6m (H109: GBP9.7m), an increase of 9.2%. The US,
which had been a tough market last year, recovered in this half reporting growth
of 21.7% at constant currency. Whilst ROW achieved growth of 6.1%, including a
welcome resurgence in demand from Japan.

To adapt to the challenging market conditions, OMG has moved into new markets
and introduced innovative new products to sustain business. We are beginning to
see the benefits of this investment in Vicon as some of its growth can be
attributed to the introduction of products such as Vicon Bonita, introduced in
October 2009.

Vicon Bonita is a lower priced compact motion capture camera enabling a new
section of the market to access the highly regarded Vicon qualities and
capabilities for the first time. Engineered from the ground up as an entry level
camera, Bonita enables customers to benefit from the sophisticated Vicon
software at a new price point and opens up OEM opportunities. Furthermore, the
camera's compact size also means it can be used in situations where space is
restricted, such as in-car ergonomics studies and virtual reality cave
applications. The product has sold well in the first half, becoming the fastest
selling camera in Vicon's history.

The success of Bonita, the recognised capabilities of the T-Series cameras and
the introduction of new real-time software, Tracker, meant engineering sales
overtook entertainment sales for the first time. This indicates motion capture
is becoming a well understood and standardised measurement technique in a market
where accuracy is paramount.

In January 2010 Vicon, in collaboration with Fujikura, the world's premier golf
shaft manufacturer, launched 'Enso' at the US PGA show in Orlando. The system
uses Vicon motion capture technology to analyse the customer's golf swing and,
following an assessment, the optimum shaft for the individual is recommended.
The product stole the show and the service will be available in its final form
at Pro Fitting centres across the USA this summer.

Vicon Revue was also launched during the first half. Revue, an automatic
wearable camera, helps patients with Alzheimer's disease to improve their memory
and thus their quality of life. The camera, which includes technology licensed
from Microsoft Research, continues to generate huge interest and began shipping
to customers in April 2010.

In film and games, Vicon maintained its position of strength, being used in a
wide variety of productions, including Disney's Christmas Carol, Clash of the
Titans and the chart topping video game Heavy Rain. Furthermore House of Moves,
our Los Angeles studio business, now offers the world's largest sound stage
motion capture facility with 200 T160 cameras.

Yotta
Yotta UK reported revenue of GBP2.2m (H109: GBP2.4m) and an improved operating
loss of GBP0.2m (H109: Loss GBP0.4m) before allocation of Group overheads. The
UK typically presents the business with challenges but a strong finish to the
end of the half helped mitigate the unusual loss of so many surveying days due
to adverse weather.

In terms of new business during the period, Yotta was awarded the Welsh Assembly
Government surveying contract worth GBP4-5m over the next 4 years. This deal,
the largest in OMG history, will cornerstone 20% of Yotta's current annual
revenues.

Yotta continued to bring technology innovation to the highways market with the
introduction of new data collection software NotaVia. The software enables
surveyors to collect data more efficiently and quickly than before and, through
its flexible customisation, improves the quality of the data collected.
Furthermore, the software enabled Yotta to be the first surveying company to
achieve accreditation for the new Footway Network Survey (FNS), which aims to
collect condition data on parts of the footway network which have historically
been seen as too expensive to survey.

Yotta USA reported revenue of GBP0.9m (H109: GBP1.0m) and an operating loss of
GBP0.5m (H109: Loss GBP0.2m) before allocation of Group overheads. The business
has been severely affected by the slow-down in the US economy and in particular
the fall in residential property values, which in turn has slowed down appraisal
work.

2d3
Our aerial imaging and defence business 2d3, performed well in the first half,
achieving increased revenue of GBP0.7m (H109: GBP0.4m), resulting in the
division's first ever breakeven performance (H109: Loss GBP0.3m) before
allocation of Group overhead. Breakeven represents a major milestone for the
Group, as 2d3 has only been a standalone division for the last 3 years. During
this period valuable IP has been developed for the Group and 2d3 has established
itself as a credible business in the defence market.

2d3 UK had a better first half than expected, whilst the US, despite having an
expanding array of opportunities, saw some deals delayed into the second half.
The excellent UK performance was largely down to our research service work for
the UK Ministry of Defence, where our team of vision experts successfully
delivered eight separate research projects.

In keeping with our increased product development across the Group, 2d3 launched
a new version of its TacitView software in January 2010. TacitView provides
consumers of aerial imagery with an easy to use software application to search,
view, combine and enhance geo-located video and still imagery collected from
imaging platforms ranging from UAVs (Unmanned Aerial Vehicles) to manned
aircraft and vehicles.
In terms of US progress, our partner relationships will be key to growing our
presence in this territory and in the first half we signed teaming agreements
for USAF Distributed Common Ground Systems ('DCGS') Program and US Army's GRIDS
II Program. Furthermore, we also signed our first USA reseller agreement with
American Aerospace Advisors for use on US Forestry and Fire Fighting Programs.

Outlook
Overall economic conditions may have improved slightly but the general outlook
remains uncertain. OMG's markets are obviously not immune to this uncertainty;
however, the Group enjoys the benefits of its diversification operating in
multiple geographic markets in which it sells multiple products and services,
allowing us to adapt and demonstrate resilience during these challenging times.

Looking around the Group, Vicon continues to enjoy a dominant market position in
its established markets and the addition of new products including Bonita, Enso
and Revue to its portfolio strengthens the potential for continued growth in the
future. Although Yotta USA still faces very challenging market conditions in the
USA, Yotta UK is now delivering good quality revenue to the Group and, with a
healthy backlog of contracted surveys, is focused on operational execution.
2d3's market interest remains high and the division continues to pursue
significant sales opportunities.

We have achieved a record first half and thus OMG enters the second half of the
financial year in robust financial health. OMG is well equipped with strong
corporate resources and a great team of people who are energised with new
products and services. It is these attributes, along with a healthy cash
position, strong Balance Sheet and tight cost control, that allow us to look
forward to the second half with cautious optimism.

Anthony Simonds-Gooding, Non-Executive Chairman
Nick Bolton, Group CEO

CONDENSED CONSOLIDATED INCOME STATEMENT

+----------------------------------+------+-------------+-------------+-----------+
| | | Six | Six | Year |
| | | months | months | ended |
| | | ended | ended | 30 |
| | | 31 March | 31 | September |
| | | | March | 2009 |
| | | 2010 | 2009 | |
+----------------------------------+------+-------------+-------------+-----------+
| | | (unaudited) | (unaudited) | (audited) |
+----------------------------------+------+-------------+-------------+-----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------+-------------+-------------+-----------+
| Revenue | 2 | 14,392 | 13,584 | 26,190 |
+----------------------------------+------+-------------+-------------+-----------+
| Cost of sales | | (6,846) | (5,972) | (11,940) |
+----------------------------------+------+-------------+-------------+-----------+
| Gross profit | | 7,546 | 7,612 | 14,250 |
+----------------------------------+------+-------------+-------------+-----------+
| Sales, support and marketing | | (2,069) | (2,369) | (4,278) |
| costs | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Research and development | | (1,152) | (1,784) | (3,351) |
+----------------------------------+------+-------------+-------------+-----------+
| Administrative expenses | | (3,171) | (2,541) | (6,181) |
+----------------------------------+------+-------------+-------------+-----------+
| Other income | | 107 | 3 | 178 |
+----------------------------------+------+-------------+-------------+-----------+
| Operating profit | | 1,261 | 921 | 618 |
+----------------------------------+------+-------------+-------------+-----------+
| Finance income | | 6 | 12 | 14 |
+----------------------------------+------+-------------+-------------+-----------+
| Finance expense | | (22) | (11) | (22) |
+----------------------------------+------+-------------+-------------+-----------+
| Profit before taxation | 2,3 | 1,245 | 922 | 610 |
+----------------------------------+------+-------------+-------------+-----------+
| Taxation | 4 | (399) | (294) | (128) |
+----------------------------------+------+-------------+-------------+-----------+
| Profit for the period | | 846 | 628 | 482 |
| attributable to | | | | |
| the owners of the Company | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Basic earnings per share | 5 | 1.24p | 0.96p | 0.74p |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Diluted earnings per share | 5 | 1.19p | 0.88p | 0.71p |
+----------------------------------+------+-------------+-------------+-----------+


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

+----------------------------------+------+-------------+-------------+-----------+
| | | Six | Six | Year |
| | | months | months | ended |
| | | ended | ended | 30 |
| | | 31 March | 31 | September |
| | | | March | 2009 |
| | | 2010 | 2009 | |
+----------------------------------+------+-------------+-------------+-----------+
| | | (unaudited) | (unaudited) | (audited) |
+----------------------------------+------+-------------+-------------+-----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------+-------------+-------------+-----------+
| Profit for the period | | 846 | 628 | 482 |
+----------------------------------+------+-------------+-------------+-----------+
| Other comprehensive income | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Currency translation differences | | (8) | 326 | 167 |
+----------------------------------+------+-------------+-------------+-----------+
| Deferred tax in respect of share | | 21 | (52) | (53) |
| options | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Total comprehensive income for | | 859 | 902 | 596 |
| the period attributable to the | | | | |
| owners of the Company | | | | |
+----------------------------------+------+-------------+-------------+-----------+

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION


+----------------------------------+------+-------------+-------------+-----------+
| | | 31 March | 31 March | 30 |
| | | 2010 | 2009 | September |
| | | | | 2009 |
+----------------------------------+------+-------------+-------------+-----------+
| | | (unaudited) | (unaudited) | (audited) |
+----------------------------------+------+-------------+-------------+-----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------+-------------+-------------+-----------+
| Non-current assets | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Intangible assets | | 2,003 | 2,036 | 1,824 |
+----------------------------------+------+-------------+-------------+-----------+
| Goodwill | | 5,487 | 5,839 | 5,402 |
+----------------------------------+------+-------------+-------------+-----------+
| Property, plant and equipment | | 2,747 | 3,070 | 2,718 |
+----------------------------------+------+-------------+-------------+-----------+
| Financial asset - investment | | 69 | 69 | 69 |
+----------------------------------+------+-------------+-------------+-----------+
| Deferred tax asset | | 644 | 398 | 566 |
+----------------------------------+------+-------------+-------------+-----------+
| | | 10,950 | 11,412 | 10,579 |
+----------------------------------+------+-------------+-------------+-----------+
| Current assets | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Inventories | | 1,787 | 3,430 | 2,309 |
+----------------------------------+------+-------------+-------------+-----------+
| Trade and other receivables | | 9,291 | 7,723 | 7,627 |
+----------------------------------+------+-------------+-------------+-----------+
| Cash and cash equivalents | | 4,077 | 2,137 | 2,776 |
+----------------------------------+------+-------------+-------------+-----------+
| | | 15,155 | 13,290 | 12,712 |
+----------------------------------+------+-------------+-------------+-----------+
| Current liabilities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Trade and other payables | | (6,020) | (5,192) | (4,451) |
+----------------------------------+------+-------------+-------------+-----------+
| Current tax liabilities | | (539) | (76) | (94) |
+----------------------------------+------+-------------+-------------+-----------+
| | | (6,559) | (5,268) | (4,545) |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Net current assets | | 8,596 | 8,022 | 8,167 |
+----------------------------------+------+-------------+-------------+-----------+
| Total assets less current | | 19,546 | 19,434 | 18,746 |
| liabilities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
| Non-current liabilities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Financial liabilities | | - | (524) | - |
+----------------------------------+------+-------------+-------------+-----------+
| Deferred tax liability | | (363) | (482) | (405) |
+----------------------------------+------+-------------+-------------+-----------+
| | | (363) | (1,006) | (405) |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Net assets | | 19,183 | 18,428 | 18,341 |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Equity attributable to the | | | | |
| owners of the Company | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Share capital | 6 | 171 | 163 | 171 |
+----------------------------------+------+-------------+-------------+-----------+
| Shares to be issued | | - | 1,470 | - |
+----------------------------------+------+-------------+-------------+-----------+
| Share premium account | | 6,773 | 6,620 | 6,773 |
+----------------------------------+------+-------------+-------------+-----------+
| Merger reserve | | 2,928 | 1,464 | 2,928 |
+----------------------------------+------+-------------+-------------+-----------+
| Retained earnings | | 9,154 | 8,387 | 8,304 |
+----------------------------------+------+-------------+-------------+-----------+
| Foreign currency translation | | 157 | 324 | 165 |
| reserve | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Total equity | | 19,183 | 18,428 | 18,341 |
+----------------------------------+------+-------------+-------------+-----------+


CONDENSED CONSOLIDATE STATEMENT OF CASHFLOWS

+----------------------------------+------+-------------+-------------+-----------+
| | | Six | Six | Year |
| | | months | months | ended |
| | | ended | ended | 30 |
| | | 31 March | 31 March | September |
| | | | | 2009 |
| | | 2010 | 2009 | |
+----------------------------------+------+-------------+-------------+-----------+
| | | (unaudited) | (unaudited) | (audited) |
+----------------------------------+------+-------------+-------------+-----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------+-------------+-------------+-----------+
| Cash flows from operating | | | | |
| activities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Operating profit | | 1,261 | 921 | 618 |
+----------------------------------+------+-------------+-------------+-----------+
| Depreciation and amortisation | | 706 | 823 | 1,575 |
+----------------------------------+------+-------------+-------------+-----------+
| Impairment of intangibles | | - | - | 28 |
+----------------------------------+------+-------------+-------------+-----------+
| Loss on disposal of property, | | - | 14 | 11 |
| plant and equipment | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Share based payments | | 85 | 3 | 67 |
+----------------------------------+------+-------------+-------------+-----------+
| Decrease / (increase) in | | 508 | (119) | 840 |
| inventories | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| (Increase) / decrease in | | (1,654) | 3,251 | 2,503 |
| receivables | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Increase / (decrease) in | | 1,382 | (4,863) | (4,137) |
| payables | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| | | 2,288 | 30 | 1,505 |
+----------------------------------+------+-------------+-------------+-----------+
| Interest paid | | (19) | - | - |
+----------------------------------+------+-------------+-------------+-----------+
| Tax paid | | (50) | (330) | (380) |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Net cash from operating | | 2,219 | (300) | 1,125 |
| activities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Cash flows from investing | | | | |
| activities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Purchase of property, plant and | | (619) | (474) | (1,029) |
| equipment | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Purchase of intangible assets | | (348) | (47) | (114) |
+----------------------------------+------+-------------+-------------+-----------+
| Proceeds on disposal of | | 142 | 110 | 309 |
| property, plant and equipment | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Interest received | | 6 | 12 | 14 |
+----------------------------------+------+-------------+-------------+-----------+
| Acquisition of subsidiary | | - | - | (236) |
| undertaking net of cash acquired | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Net cash used in investing | | (819) | (399) | (1,056) |
| activities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Cash flows from financing | | | | |
| activities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Payment of finance lease | | (23) | (100) | (144) |
| liabilities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Interest element of finance | | (3) | (11) | (22) |
| lease repayments | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Equity dividends paid | | (102) | (75) | (75) |
+----------------------------------+------+-------------+-------------+-----------+
| Net cash used in financing | | (128) | (186) | (241) |
| activities | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Net increase / (decrease) in | | 1,272 | (885) | (172) |
| cash and cash equivalents | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Cash and cash equivalents at | | 2,776 | 2,877 | 2,877 |
| beginning of the period | | | | |
+----------------------------------+------+-------------+-------------+-----------+
| Effect of exchange rate changes | | 29 | 145 | 71 |
+----------------------------------+------+-------------+-------------+-----------+
| Cash and cash equivalents at end | | 4,077 | 2,137 | 2,776 |
| of the period | | | | |
+----------------------------------+------+-------------+-------------+-----------+


CONDENSED CONSOLIDATED STATEMENT OF CHANGES TO EQUITY


+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| | Share | Shares | Share | Merger | Retained | Foreign | Total |
| | Capital | | premium | reserve | earnings | currency | |
| | | to be | account | | | translation | |
| | | issued | | | | reserve | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Balance as at 1 | 171 | - | 6,773 | 2,928 | 8,304 | 165 | 18,341 |
| October 2009 | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Total comprehensive | - | - | - | - | 867 | (8) | 859 |
| income for the period | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Transactions with | | | | | | | |
| owners: | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Dividends | - | - | - | - | (102) | - | (102) |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Movement in relation | - | - | - | - | 85 | - | 85 |
| to share based | | | | | | | |
| payments | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Balance as at 31 March | 171 | - | 6,773 | 2,928 | 9,154 | 157 | 19,183 |
| 2010 | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Balance as at 1 | 163 | 1,470 | 6,620 | 1,464 | 7,883 | (2) | 17,598 |
| October 2008 | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Total comprehensive | - | - | - | - | 576 | 326 | 902 |
| income for the period | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Transactions with | | | | | | | |
| owners: | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Dividends | - | - | - | - | (75) | - | (75) |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Movement in relation | - | - | - | - | 3 | - | 3 |
| to share based | | | | | | | |
| payments | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Balance as at 31 March | 163 | 1,470 | 6,620 | 1,464 | 8,387 | 324 | 18,428 |
| 2009 | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Balance as at 1 | 163 | 1,470 | 6,620 | 1,464 | 7,883 | (2) | 17,598 |
| October 2008 | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Total comprehensive | - | - | - | - | 429 | 167 | 596 |
| income for the period | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Transactions with | | | | | | | |
| owners: | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Dividends | - | - | - | - | (75) | - | (75) |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Shares issued | 8 | (1,470) | 153 | 1,464 | | | 155 |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Movement in relation | - | - | - | - | 67 | - | 67 |
| to share based | | | | | | | |
| payments | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| Balance as at 30 | 171 | - | 6,773 | 2,928 | 8,304 | 165 | 18,341 |
| September 2009 | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+---------+----------+-------------+---------+

The accompanying notes are an integral part of this interim financial
information
NOTES TO THE CONDENSED CONSOLIDATED INTERIN STATEMENTS

1. Basis of preparation

OMG Plc (the "Company") is a company domiciled in England. The condensed
consolidated interim financial statements of the Company for the six months
ended 31 March 2010 comprise the Company and its subsidiaries (together referred
to as the "Group").

The IASB has issued the following revised and updated standards that are
applicable to the Group and that resulted in changes in the presentation for
this accounting period; IAS 1 (revised) 'Presentation of financial statements'
and IFRS 8 'Operating Segments'.

IAS 1 (revised) updates the presentation of the key statements of performance
and position of the Group. The revised standard has no impact upon the reported
results of the Group.

IFRS 8 introduces new requirements for segmental reporting, aligning operating
segments to those segments reported internally to senior management. The basis
for the segments under IFRS 8 is set out in note 2 below. The standard does not
change the recognition, measurement or disclosure of transactions in the
consolidated financial statements.

In addition the following IFRIC amendments and IASs have been adopted although
they have no impact on the Group's reporting:
· IFRIC 9 'Reassessment of embedded derivatives'
· IFRIC 15 'Agreements for the construction of Real Estate'
· IFRIC 17 'Distributions of Non-cash Assets to Owners'
· IFRIC 18 'Transfer of Assets from Customers'
· IAS 23 (Amendment) 'Borrowing Costs'
· IAS 27 (Amendment) 'Consolidated and Separate Financial Statements'
· IAS 32 (Amendment) 'Presentation'
· IAS 36 (Amendment) 'Impairment of assets'
· IAS 39 (Amendment) 'Financial Instruments: Recognition and Measurement:
Eligible Hedged Items'
· IFRS 2 (Amendment) 'Share-based payment'
· IFRS 3 'Business Combinations' (revised)
· IFRS 7 (Amendment) 'Financial Instruments: Disclosures'
· Improvements to IFRSs (2008)

Otherwise, the condensed consolidated interim financial statements have been
prepared using accounting policies consistent with those of the annual financial
statements for the year ended 30 September 2009. They are in accordance with
IAS 34.

The interim financial statements have not been audited or reviewed and the
financial information contained in this report does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. The
comparative figures for the year ended 30 September 2009 are not the statutory
accounts but have been extracted from the Group's 2009 financial statements
which have been delivered to the Registrar of Companies. The auditors' report on
those financial statements was unqualified did not contain references to any
matters to which the auditors drew attention without qualifying the report and
did not contain a statement under Section 498(2) or (3) of the Companies Act
2006.


2. Segmental reporting

In accordance with IFRS 8, 'Operating Segments', the group has derived the
information for its operating segments using the information used by the Chief
Operating Decision Maker. The Group has identified the Board of Directors of
OMG plc ("the Board") as the Chief Operating Decision Maker as it is responsible
for the allocation of resources to operating segments and assessing their
performance. Operating segments are consistent with those used in internal
management reporting and the profit measure used by the Board is the profit
before tax as set out below.

The Group considers business segments as determined by reference to the markets
in which they operate, which also follows the legal entity structure of the
Group.

Information is presented in the condensed consolidated interim financial
statements in respect of the Group's three business segments.

Vicon - this is the development, production and sale of computer software and
equipment for the entertainment, engineering and life science markets.

2d3 - this is the development and sale of computer software and equipment for
the defence market

Yotta - the provision of services for the management of infrastructure and
taxation.

+-------------------------+----------+----------+----------+----------+-------------+----------+
| | | | Six months ended 31 March 2010 |
| | | | (unaudited) |
+-------------------------+----------+----------+----------------------------------------------+
| | Vicon | 2d3 | Yotta | Other | Unallocated | Group |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Revenue | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Total segment revenue | 10,603 | 680 | 3,109 | - | - | 14,392 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Segment result | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Operating profit/(loss) | 2,749 | (237) | (988) | (208) | (55) | 1,261 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Finance income | | | | | | 6 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Finance costs | | | | | | (22) |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Profit before tax | | | | | | 1,245 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Tax | | | | | | (399) |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Profit after tax | | | | | | 846 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+

+-------------------------+----------+----------+----------+----------+-------------+----------+
| | | | Six months ended 31 March 2009 |
| | | | (unaudited) |
+-------------------------+----------+----------+----------------------------------------------+
| | Vicon | 2d3 | Yotta | Other | Unallocated | Group |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Revenue | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Total segment revenue | 9,710 | 438 | 3,390 | 46 | - | 13,584 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Segment result | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Operating profit/(loss) | 1,739 | (290) | (372) | (157) | 1 | 921 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Finance income | | | | | | 12 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Finance costs | | | | | | (11) |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Profit before tax | | | | | | 922 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Tax | | | | | | (294) |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Profit after tax | | | | | | 628 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+

+-------------------------+----------+----------+----------+----------+-------------+----------+
| | | | Year ended 30 September 2009 (audited) |
+-------------------------+----------+----------+----------------------------------------------+
| | Vicon | 2d3 | Yotta | Other | Unallocated | Group |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Revenue | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Total segment revenue | 18,355 | 905 | 6,882 | 48 | - | 26,190 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Segment result | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Operating profit/(loss) | 2,314 | (366) | (938) | (311) | (81) | 618 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Finance income | | | | | | 14 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Finance costs | | | | | | (22) |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Profit before tax | | | | | | 610 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Tax | | | | | | (128) |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| Profit after tax | | | | | | 482 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+

Total segment assets were as follows:

+-------------------------+----------+----------+----------+----------+-------------+----------+
| Period ended | Vicon | 2d3 | Yotta | Other | Unallocated | Group |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| | | | | | | |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| 31 March 2010 | 12,299 | 1,698 | 11,810 | - | 298 | 26,105 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| 31 March 2009 | 11,901 | 672 | 10,948 | 49 | 1,132 | 24,702 |
+-------------------------+----------+----------+----------+----------+-------------+----------+
| 30 September 2009 | 10,556 | 953 | 11,279 | 42 | 461 | 23,291 |
+-------------------------+----------+----------+----------+----------+-------------+----------+


3. Reconciliation of adjusted profit before tax

+----------------------------------------+-------------+-------------+-----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | 30 |
| | 31 March | 31 March | September |
| | 2010 | 2009 | 2009 |
+----------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+----------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------------+-------------+-----------+
| Profit before tax | 1,245 | 921 | 610 |
+----------------------------------------+-------------+-------------+-----------+
| Share based payments - equity settled | 85 | 3 | 67 |
+----------------------------------------+-------------+-------------+-----------+
| Amortisation of intangibles arising on | 94 | 107 | 195 |
| acquisition | | | |
+----------------------------------------+-------------+-------------+-----------+
| Non-recurring charges | - | 189 | 239 |
+----------------------------------------+-------------+-------------+-----------+
| Adjusted profit before tax | 1,424 | 1,220 | 1,111 |
+----------------------------------------+-------------+-------------+-----------+

Non-recurring charges comprise of redundancy costs and restructuring costs.

4. Taxation

The Group's consolidated effective tax rate for the six months ended 31 March
2010 was 32.0% (for the six months ended 31 March 2009: 31.9%; for the year
ended 30 September 2009: 21.0%).

In accordance with IAS 34 the tax charge for the hal

[bbonsall] 12/5/2010 11:48

If we strip out the cash of approx 6p per share, that leaves the PE ratio closer to 8, especially since the share price has once again fallen back this morning, after the initial rise. IMHO this is an incredible bargain with no debt, excellent revenue and it pays a dividend! How can it be worth only c£16 million including £4 million cash?

[garth] 12/5/2010 09:53

Good results - but no comment?

1.2p eps up from 0.8p against very challenging economic background.

A repeat in the second half would give 2.4p for a year, an undemanding PE of 11X

And 25% of the market cap in cash - with £2m cash inflow in 6 months....

No debt.

Pretty conservation valuation IMO. looking for us to move to a new 30p-40p trading range.

G.

[garth] 29/4/2010 06:43

But that means they they could well be a 4-bagger over the next 2 years.....

[stegrego] 28/4/2010 22:43

Cheers garth, must open eyes next time i read something!

[garth] 28/4/2010 22:36

Stegrego,

"PE of 4 for FY 2012"

2 years out....

[boraki] 28/4/2010 22:10

Crazy price

[stegrego] 28/4/2010 22:08

This seems to suggest that they are on a pe of 4, which i find hard to believe....

Oxford Metrics Group (OMG) expects a first half profit of 14.4 million pounds in the period to 31st March, after sales of higher margin products recovered more quickly than expected. The firm now expects to report pre-tax profits ahead of market forecasts, although this is dependant on successful deal closures in the second half of the year. Separately, Oxford Metrics announced that it had been chosen as the supplier for a camera system to be tested by the US Army. No financial details were disclosed. Evolution Securities opined that a PE of 4 for FY 2012 was "far too cheap for a highly-regarded engineering company with unique technology". The market agreed, sending the shares 3.75p higher to 23p.

[stegrego] 28/4/2010 13:04

Hoodless B

OMG (OMG, 19.25p, £13.15m) reports in a trading update for the 6 months to 31 March 2010, revenues are expected to be in the region of £14.4m. A shift in the sales mix to higher margin products has driven the PBT performance for the half year to exceed the current FY PBT of £1.1m. This is an outstanding performance and we therefore expect the market to significantly upgrade 2010 and 2011 estimates. Cash at the bank stood at £4.1m. Assuming H1 is stronger than H2, we anticipate 2010 PBT of £1.8m and EPS of 1.8p. The group has also won a new contract to provide Motile Robotics Inc, with a 16 camera T160 Vicon motion capture system with Nexus and Tracker software. We re-iterate our BUY recommendation and increase our target price from 21p to 24p.



I was holding these a few weeks back but sold - should have held.

[stegrego] 28/4/2010 13:00

It could be read like that but i dont think its the case.

They would put this in at the end...

'the Board believes it reasonable to expect a full year PBT performance that is ahead of current market expectations'

And they would use words such as 'materially' or 'significantly'

This is probably on a p/e of 10 to 12.

[bbonsall] 28/4/2010 12:53

Stegrego

Yes, but this morning's announcement said OMG were going to beat the full year profit forecast in the first half. So more than £1.7 million profit in the first 6 months would equate to abot £3.5 million profit in the full year. OMG is seriously undervalued INMHO.

[davidosh] 28/4/2010 12:50

I checked with the financial PR advisors and they say revenue forecasts are for a consensus of 26.3m and pbt of 1.1m with eps at 1.2p so even if that were beaten by 30% for the full year then the p/e rating would still be in double figures. I think the second half is generally weaker or am I wrong in that assumption ?

[stegrego] 28/4/2010 12:46

'GBP1.7 million for the year to end-September'

Thats the full year not half.