Oxford Metrics PLC Completion of Disposal of Yotta Surveying (0605P)

TIDMOMG

RNS Number : 0605P

Oxford Metrics PLC

24 May 2018

24 May 2018

Oxford Metrics plc

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

Completion of Disposal of Yotta Surveying

Oxford Metrics plc (LSE: OMG) the international software company servicing government, life sciences, entertainment and engineering markets, is pleased to announce the sale of Yotta Surveying Limited to Ginger Group, a major construction and civil engineering company. The sale completes the disposal process first announced by the Company in June 2017 and is in line with the Group's strategy.

Yotta Surveying Limited provides highways surveying services to Government Agencies, Local Government and major infrastructure contractors. The sale is to Ginger Group for a cash consideration of GBP1.0m and the business will, with immediate effect, trade as Ginger Lehmann Ltd in the UK. The business will continue to operate from its existing premises and all current Yotta Surveying Limited staff will remain with the business.

The Net Assets of Yotta Surveying at the date of disposal total GBP0.4m which includes GBP0.3m in cash and an inter-company liability with Oxford Metrics of GBP0.6m that will be settled by Ginger Group as part of the transaction. The disposal therefore will yield a net cash inflow to the Group of GBP1.3m. A loss on disposal of GBP0.2m (before costs) will be recognised.

Following the disposal, Oxford Metrics continues to retain ownership of the software and services business, Yotta Limited, and its Alloy, Horizons, Mayrise and March software products.

Commenting on the disposal Nick Bolton, Chief Executive Officer of Oxford Metrics, said:

"I am pleased to have completed this process, with an outcome that works well for everyone. We know that in Ginger Group, the surveying business has a strong, committed new owner and that our surveying team joins a bigger organisation capable of nurturing and growing these assets. For Oxford Metrics shareholders, we take one further step along our five-year plan and move forward as an increasingly dependable, recurring revenue based business."

 
 For further information please contact: 
 
 Oxford Metrics plc                         [phone] 
 Nick Bolton, CEO / David Deacon, CFO 
 
 FTI Consulting                             [phone] 
 Matt Dixon / Emma Hall / Harry Staight 
 
 N+1 Singer (NOMAD to Oxford Metrics)       [phone] 
 Shaun Dobson / Jen Boorer 
 

About Oxford Metrics

Oxford Metrics develops and markets analytics software for motion measurement and infrastructure asset management to clients in over 70 countries worldwide. Our list of clients across the globe is as diverse as the markets we operate in; we help highways authorities manage and maintain their road networks, hospitals and clinicians decide therapeutic strategies and Hollywood studios create stunning visual effects. And the diversity of applications is growing all the time.

The Group trades through two subsidiaries: Vicon and Yotta. Vicon is the world's leader in high precision motion measurement analysis to thousands of customers worldwide, including Guy's Hospital, EA Sports, MIT and NASA and our software is used in an ever expanding range of applications. Yotta provides cloud-based infrastructure asset management software to central and local government agencies and other infrastructure owners. Yotta has a large number of high profile clients including Highways England and Amey in the UK and VicRoads in Australia amongst others.

Founded in 1984 our Group is headquartered in Oxford with offices in Leamington Spa, Gloucester, California, Colorado, Singapore and Auckland. Since 2001, Oxford Metrics (LSE: OMG), has been a quoted company listed on AIM, a market operated by the London Stock Exchange.

For more information about Oxford Metrics, visit www.oxfordmetrics.com

ENDS

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May 24, 2018 02:00 ET (06:00 GMT)