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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxford Metrics Plc | LSE:OMG | London | Ordinary Share | GB0030312788 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 0.95% | 106.50 | 105.00 | 108.00 | 106.50 | 105.50 | 105.50 | 58,483 | 15:06:41 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computers & Software-whsl | 44.24M | 5.66M | 0.0430 | 24.77 | 139.97M |
From Apr 2023 to Apr 2024
TIDMOMG
RNS Number : 7191B
Oxford Metrics PLC
06 June 2023
6(th) June 2023
Oxford Metrics plc
("Oxford Metrics", the "Company" or the "Group")
Interim Results for the six months ended 31 March 2023
Strongest ever half year revenue performance
Healthy order book provides confidence for the second half
Investing organically whilst actively pursuing the right acquisitions
Well placed to deliver full year performance above current market expectations
Oxford Metrics plc (LSE: OMG), the smart sensing software company, servicing life sciences, entertainment and engineering markets, announces unaudited interim results for the six months ended 31 March 2023.
Hot Features
Premium
H1 FY23 H1 FY22 %
Revenue GBP21.3m GBP12.6m +70%
-------- -------- ------
Adjusted Profit before Tax* GBP4.1m GBP0.3m +1263%
-------- -------- ------
Adjusted* Basic Earnings
per Share 2.64p 0.41p +544%
-------- -------- ------
Statutory Profit/(Loss) before
Tax GBP3.9m GBP0.6m +543%
-------- -------- ------
Statutory Basic Earnings
per Share 2.49p 0.65p +283%
-------- -------- ------
Dividend paid GBP3.3m GBP2.5m +28%
-------- -------- ------
Net Cash GBP63.6m GBP19.6m +224%
-------- -------- ------
Order book ** GBP22.0m GBP13.1m +68%
-------- -------- ------
* Profit/(loss) Before Tax from continuing operations before Group recharges adjusted for share-based payments, amortisation of intangibles arising on acquisition and exceptional costs
** FY22 comparative restated at $1.23/GBP exchange rate
Commenting on the results Nick Bolton, Chief Executive said:
"I am delighted to announce that Oxford Metrics is reporting its strongest ever half year trading performance, driven by the buoyant demand in all our market segments and supported by a healthy order book of GBP22.0m as we move into the second half.
We are on a mission to create a Group focussed on expanding market opportunities in smart sensing. In year two of delivering our five-year plan, the Group has continued to make progress to scale us towards our goals, with continued organic investment in our current product offering and new products that are well-positioned to deliver growth in the future. We continue to actively pursue M&A to find the right acquisitions, for the right reasons, at the right price.
Given the Group's performance, coupled with an encouraging sales pipeline and forward visibility of second half revenues, the Board believes that Oxford Metrics is well placed to deliver on our promise of FY23 being a year of opportunity and growth."
Financial Highlights
-- Record first half with headline Group revenue of GBP21.3m,
up 69.6% (H1 FY22: GBP12.5m). On a constant currency basis
underlying growth was 62.5%, benefitting from buoyant order
demand at Vicon
-- Group adjusted profit before tax of GBP4.1m (H1 FY22: GBP0.30m)
-- Adjusted earnings per share of 2.64p (H1 FY22: 0.41p)
-- Clear visibility with order book of GBP22.0m (H1 FY22**:
GBP13.1m)
-- Strong balance sheet with net cash position of GBP63.6m
as at 31 March 2023 (H1 FY22: GBP19.6m)
-- Cash generated by operations of GBP0.4m (H1 FY22: GBP3.1m)
with cash deployed for working capital purposes to augment
inventory and underpin second half performance
Operational Highlights
With stepped-up production, Vicon delivers strong revenue
and profit performance
-- Vicon's revenue grew 69.6%, at a headline level, to GBP21.3m
(H1 FY22: GBP12.5m)
-- Buoyant demand continues:
o Order in-take in H1 of GBP19.8m
o Orders-in-hand as at 31 March 2023 of GBP22.0m
-- Vicon secured its largest ever deal for its recently released
Valkyrie system
-- Strong revenue performance across all market segments:
Entertainment revenue up 178.2% to GBP11.0m as demand across
film, TV and video games continued through the half
o Cover, a new state-of-the-art studio in Tokyo, is now
hosting 200 Valkyrie cameras for a wide range of content
production
o Segment benefitted from GBP3.5m of orders deferred from
FY22 and fulfilled in H1
-- Life Sciences revenue grew by 25.5% to GBP5.8m with strong
orders in hand of GBP6.1m
o Victoria University, in Melbourne Australia, added a 40
camera Valkyrie system to an already large Vicon system
capability
o Our tracking capability is aiding Victoria University
to become the first university in the world to be an official
FIFA Research Institute for Football Technology
-- Engineering grew 15.8% to GBP3.1m with continued use of
Vicon systems for the development of robots and robotic
capabilities
-- Location-based Entertainment (LBE) grew 6.7% to GBP1.4m
with partners continuing to roll-out Vicon tracking systems
with future promising opportunities
o Sandbox VR announced the opening of its 37th facility
in Kentucky; and
o Immersive Gamebox expect to be running 46 active facilities
by the end of this year
Outlook
-- Vicon has full visibility of second half revenues. Whilst
being mindful of the production schedule and customer delivery
requirements, we expect to see revenue growth in H2 2023
year-on-year
-- Overall cost base in the second half is expected to rise,
as costs continue to normalise following the pandemic and
we continue with our investment plans to augment our ability
to sense, analyse and apply
-- We continue to actively pursue M&A to find the right acquisitions,
for the right reasons, at the right price
-- Considering the current order book, the expected rise in
the cost base and with supply chain challenges diminished,
the Board believes that Oxford Metrics is well placed to
deliver full year results ahead of current market expectations.
For further information please contact:
Oxford Metrics +44 (0)1865 261860 Nick Bolton, CEO David Deacon, CFO Numis Securities Limited +44 (0)20 7260 1000 Simon Willis / Hugo Rubinstein / Tejas Padalkar FTI Consulting +44 (0)20 3727 1000 Matt Dixon / Emma Hall / Jamille Smith / Jemima Gurney
About Oxford Metrics
Oxford Metrics develops software that enables the interface between the real world and its virtual twin. Our smart sensing software helps over 10,000 customers in more than 70 countries, including all of the world's top 10 games companies and all of the top 20 universities worldwide. Founded in 1984, we started our journey in healthcare, expanded into entertainment, winning an OSCAR(R) and an Emmy(R), then moved into defence and engineering. We have a track record of creating value by incubating, growing and then augmenting through acquisition, unique technology businesses.
The Group trades through its market-leading division: Vicon. Vicon is a world leader in motion measurement analysis to thousands of customers worldwide, including Guy's Hospital, Industrial Light & Magic, MIT and NASA.
The Group is headquartered in Oxford with offices in California, Colorado, and Auckland. Since 2001, Oxford Metrics (LSE: OMG), has been a quoted company listed on AIM, a market operated by the London Stock Exchange. For more information about Oxford Metrics, visit www.oxfordmetrics.com
Chairman and Chief Executive's Statement
The Group reports its strongest ever half year trading performance, continuing to enjoy ongoing buoyant demand, and thus maintaining a healthy order book of GBP22.0m going into the second half.
The business also made progress in the second year of our five-year strategic plan, with both organic investment in new product development which is destined to deliver revenue growth in the future, and as valuations start to normalise, actively engaging with a number of M&A opportunities.
Strong first half trading - both revenue and profit growth
KPI Revenue PBT Adjusted PBT*
H1 FY23 H1 FY22 H1 FY23 H1 FY22 H1 FY23 H1 FY22
--------- --------- -------- -------- -------- --------
Group GBP21.3m GBP12.6m GBP3.9m GBP0.6m GBP4.1m GBP0.3m
--------- --------- -------- -------- -------- --------
The Group reports revenues of GBP21.3m ( H1 FY22: GBP12.6m), up 69.6% at a headline level and up 62.5% on a constant currency basis. H1 FY23 benefitted from the delivery of GBP3.5m of orders largely in the Entertainment segment, which were deferred from FY22 as outlined in our trading update on 27 September 2022. With supply chain challenges of last year diminished, Vicon successfully stepped up volume, delivering most of the opening order book whilst at the same time booking new orders in the first half of GBP19.8m, including Vicon's largest ever deal for our new Valkyrie system. This has served to build the current orderbook to GBP22.0m, which we expect to largely be delivered through the second half.
The Group also reports an improved Adjusted PBT* of GBP4.1m (H1 FY22: GBP0.3m), with the increase largely driven by delivery of the revenue performance whilst absorbing some inflationary cost pressures compared to the same time last year.
All vertical market segments performed well and reported growth through the first half.
Engineering
Engineering reported revenues of GBP3.1m (H1 FY22: GBP2.7m), representing growth of 15.8% and has orders-in-hand of GBP7.2m. A common application in the Engineering segment is the use of Vicon systems in the development of robots and robotic capabilities. Most recently the University of Manitoba acquired a large Valkyrie system for both Unmanned Aerial Vehicle (UAV) and ground robot tracking in an indoor facility. Their studies aim to increase the capacity in research and skills training of UAVs to help the local agricultural industry further embrace these technologies.
Entertainment
Entertainment reported revenues of GBP11.0m (H1 FY22 GBP4.0m) representing growth of 178.2%. Demand from across the film, TV and video game industries continued through the first half resulting in an GBP8.1m order book for the second half. Of particular note was the opening of Cover's new studio in Tokyo. This state-of-the-art facility hosts 200 Valkyrie cameras and is being used for a wide range of content production. More generally, the strength of the Asia Pacific region underpinned the performance with nearly half of revenues originating in Japan together with strong revenues in China and South Korea driven by a strong appetite for the new Valkyrie camera.
Life Sciences
Life Sciences reported revenues of GBP5.8m (H1 FY22: GBP4.6m) representing growth of 25.5% and has strong orders-in-hand of GBP6.1m. Victoria University, based in Melbourne Australia, added a 40 camera Valkyrie system to an already large Vicon system capability. This enhanced tracking capability is part of Victoria University becoming the first university in the world to be an official FIFA Research Institute for Football Technology. The university first collaborated with FIFA in 2016 when it developed an innovative international standard for FIFA's quality program to assess the accuracy of Electronic Performance Tracking Systems (EPTS), now widely in use across the elite game.
Location-based Entertainment (LBE)
LBE reported revenues of GBP1.4m (H1 FY22: GBP1.3m) representing growth of 6.7% and has orders in hand of GBP0.6m. Reported growth reflects the delivery of existing orders to satisfy current rollouts by our customers. For example, Sandbox VR recently announced the opening of its 37th facility in Kentucky and Immersive Gamebox expects to be at 46 active facilities by the end of this year. Based on the future roll-out plans of certain key partners the prospect for meaningful future growth remains promising.
Overall, Vicon reported a gross margin of 69.1% (H1 FY22: 70.7%) in the first half. This marginal decline was anticipated and is attributed to the mix of revenues arising from both the specific geographic spread of revenues and the various margin contributions of each product line. Given the mix within the current order book, we expect gross margin to continue at this level throughout the rest of this year before seeing an improvement in the next financial year.
Given the above revenue and gross margin performance coupled with a rise in the underlying cost base, before Group costs, Vicon reported an Adjusted PBT* of GBP4.9m (H1 FY22: GBP1.8m) and an unadjusted profit before tax of GBP3.3m (H1 FY22: GBP0.6m).
Having paid a final dividend of GBP3.3m in the first half, the Group's cash position closed at GBP63.6m as at 31 March 2023 (H1 FY22: GBP19.6m). Cash generated by operations during the first half was GBP0.4m compared with GBP3.1m in the first half of last year.
In light of the ongoing strength of the orderbook, we have proactively deployed cash to increase inventory to GBP6.4m (H1 FY22: GBP2.8m / End FY22: GBP4.5m). Our decision to increase inventory underpins the second half and provides some protection against any supply chain disruption.
Five-year plan progress
As our strong organic growth illustrates, we continued to make good progress against our five-year plan, which aims to increase revenues 2.5x and deliver 15% adjusted profits. This plan, launched in October 2021, recognised something fundamental was changing across our markets and thus creating new opportunities. This change was driven by the arrival of the Augmented Age - an era where humans partner with machines to achieve what neither can alone. For this augmented partnership to thrive, we need technologies which have the ability to perceive us and our surroundings. Indeed, systems must be able to capture and understand every dimension of our world in real-time - humans, objects, movements, environments.
We term such technologies as smart sensing systems, where cameras and other sensors are deeply coupled with powerful software to enable machines to transparently enhance our lives. This has long been our core area of expertise but now they are finding valuable use in an increasing array of applications. Our plan looks to capitalise on this expanded opportunity in three key ways:
1. Extend sensing capabilities through R&D, M&A and fostering
key supplier partnerships.
2. Enhance the analysis we can undertake to broaden the range
of applications to which our systems can be applied.
3. Apply our Intellectual Property (IP) through embedding in
other firms' solutions by opening up our technology through
R&D, M&A and investing in sales and support.
Investing in the five-year plan
Through the first half we drove all three vectors both organically and inorganically. Organically we continued to invest in our internal R&D team in a targeted way, where we have now added 23 new team members since the start of the five-year plan. This R&D investment has mostly been in extending our sensing capabilities and enhancing the analysis that can be achieved through our systems, including the launch of our Valkyrie system last year which has seen excellent demand. The team is working on both improving existing capabilities and adding new market-expanding functionality. This underlines our commitment to make the most of the great IP upon which the company is built to drive future growth. Indeed, the strong order book built through the first half gives us confidence that this investment is proving a worthwhile endeavour.
We said in December that, as market valuations normalise, we would have the opportunity and increased firepower to make M&A investments that broaden our applicability and extend our sensing and analysis capabilities. With strict criteria, the ideal targets are rich in IP, possessing hard-to-replicate technology, attractive cashflow metrics, good-to-high revenue visibility and able management teams. We aim to acquire such companies at a fair price and improve combined performance through commercial and technology synergies. We offer flexibility as to how deeply these businesses would be integrated - from complete integration with an existing division or being run as a separate business unit.
Identifying targets has progressed well through the first half, moving from a long list of hundreds to a defined target list of around 50 and now we now have on-going active engagements with a number of specific opportunities at various stages of maturity. The valuation mismatch between private markets and public markets continues in some cases but we believe markets are beginning to normalise, which gives us confidence in our ability to execute transactions to assist in achieving our five-year aims.
Outlook
We enter the second half in a strong position with full visibility of second half revenues for our Vicon business, and, mindful of the production schedule and customer delivery requirements, recognised revenues are expected to show growth in H2 2023 year-on-year . The business has an encouraging sales pipeline and so expects to build a good order book into the next financial year. This forward visibility provides us with confidence as well as strengthening our investment case.
Our organic investment announced as part of the five-year strategic plan to augment our ability to sense, analyse and apply will continue into the second half. With headcount associated with these investments now largely in place, the annual run rate cost base compared to the first half is likely to rise by around GBP1.6m.
We continue to deploy internal and external resources into M&A to deliver on the inorganic component of the five-year strategic plan. Whilst we recognise the Group has considerable cash resources, the Board remains resolute that every acquisition we make will be the right one, for the right reasons and at the right price.
Given this impressive first half performance and visibility of the second half, the Board believes Oxford Metrics is well placed to deliver a full year performance ahead of current market expectations in this year of opportunity and growth.
* Profit/(loss) Before Tax from continuing operations before Group recharges adjusted for share-based payments, amortisation of intangibles arising on acquisition and exceptional costs.
CONDENSED CONSOLIDATED INCOME STATEMENT
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
--------------------------------------- ----- ----------- ----------- -------------
Revenue 2 21,285 12,547 28,816
Cost of sales (7,132) (4,099) (9,352)
---------------------------------------------- ----------- ----------- -------------
Gross profit 14,153 8,448 19,464
Sales, support and marketing
costs (3,645) (3,099) (6,608)
Research and development (3,365) (1,676) (3,547) Administrative expenses (3,761) (3,038) (6,814) Operating profit 3,382 635 2,495 Finance income 547 1 305 Finance expense (48) (32) (67) ---------------------------------------------- ----------- ----------- ------------- Profit before taxation 3,881 604 2,733 Taxation (638) 228 665 ---------------------------------------------- ----------- ----------- ------------- Profit from continuing operations 3,243 832 3,398 ---------------------------------------------- ----------- ----------- ------------- (Loss)/profit from discontinued operations, net of tax - (206) 43,519 ---------------------------------------------- ----------- ----------- ------------- Profit for the period attributable to owners of the parent during the period 3,243 626 46,917 ---------------------------------------------- ----------- ----------- ------------- Earnings per share for profit on continuing operations attributable to owners of the parent during the year Basic earnings per share (pence) 6 2.49p 0.65p 2.66p Diluted earnings per share (pence) 6 2.46p 0.65p 2.62p Earnings per share for profit on total operations attributable to owners of the parent during the year Basic earnings per share (pence) 6 2.49p 0.49p 36.70p Diluted earnings per share (pence) 6 2.46p 0.49p 36.11p
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------------- ----------- ----------- -------------
Net profit for the period 3,243 626 46,917
Other comprehensive income
Items that will or may be reclassified
to profit or loss
Exchange differences on retranslation
of overseas subsidiaries (368) 85 953
Total other comprehensive (expense)/income (368) 85 953
-------------------------------------------- ----------- ----------- -------------
Total comprehensive income for
the period attributable to the
owners of the parent 2,875 711 47,870
-------------------------------------------- ----------- ----------- -------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
-------------------------------------- ----- ----------- ----------- ------------
Non-current assets
Goodwill and intangible assets 9,798 8,984 10,081
Property, plant and equipment 1,791 1,548 1,638
Right of use assets 1,856 1,022 1,367
Financial asset - investments 236 236 236
Deferred tax asset 977 898 1,588
--------------------------------------------- ----------- ----------- ------------
14,658 12,688 14,910
Current assets
Inventories 6,415 2,769 4,462
Trade and other receivables 8,121 3,406 7,397
Current tax debtor 63 32 254
Fixed term deposits 52,000 - 55,000
Cash and cash equivalents 11,613 19,614 12,679
--------------------------------------------- ----------- ----------- ------------
78,212 25,821 79,792
Assets classified as held for
sale - 12,001 -
Current liabilities
Trade and other payables (8,653) (8,358) (11,287)
Current tax liability - (154) -
Lease liabilities (407) (356) (440)
(9,060) (8,868) (11,727)
Liabilities directly associated
with assets classified as held
for sale - (6,968) -
Net current assets (69,152) 21,986 68,065
--------------------------------------------- ----------- ----------- ------------
Total assets less current liabilities 83,810 34,674 82,975
--------------------------------------------- ----------- ----------- ------------
Non-current liabilities
Other liabilities (1,320) (762) (965)
Lease liabilities (1,577) (839) (1,064)
Provisions (44) (36) (40)
Deferred tax liability (2,445) (2,186) (2,520)
(5,386) (3,823) (4,589)
-------------------------------------------- ----------- ----------- ------------
Net assets 78,424 30,851 78,386
--------------------------------------------- ----------- ----------- ------------
Capital and reserves attributable
to the owners of the parent
Share capital 7 325 318 324
Shares to be issued 65 65 65
Share premium account 19,355 18,742 19,094
Retained earnings 58,061 11,608 57,917
Foreign currency translation reserve 618 118 986
--------------------------------------------- ----------- ----------- ------------
Total equity shareholders' funds 78,424 30,851 78,386
--------------------------------------------- ----------- ----------- ------------
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------------------- ----------- ----------- -------------
Cash flows from operating activities
Profit for the year 3,243 626 46,917
Income tax (credit)/expense 638 (141) (934)
Finance income (547) (1) (305)
Finance expense 48 49 114
Depreciation and amortisation 1,380 1,432 2,555
Impairment of intangible assets 217 - -
Profit on sale of property, plant and
equipment (8) - -
Profit on disposal of discontinued
operation - - (43,578)
Share based payments 62 122 139
(Increase)/decrease in inventories (1,976) (266) (1,919)
Decrease in receivables (531) 47 (3,664)
Increase in payables (2,326) 1,200 4,187
---------------------------------------------- ----------- ----------- -------------
Cash generated from operating activities 200 3,068 3,512
Tax received/(paid) 179 16 (248)
Net cash from operating activities 379 3,084 3,264
Cash flows from investing activities
Purchase of property, plant and equipment (467) (340) (588)
Purchase of intangible assets (868) (1,688) (3,464)
Disposal of discontinued operation,
net of cash disposed of - - 47,141 Proceeds on disposal of property, plant and equipment 7 30 37 Cash placed on fixed term deposit (37,000) - (65,000) Fixed term deposits maturing 40,000 - 10,000 Interest received 442 1 28 Net cash used in investing activities 2,114 (1,997) (11,846) Cash flows from financing activities Principal paid on lease liabilities (229) (230) (460) Interest paid on lease liabilities (40) (45) (112) Interest paid (8) (4) (-) Issue of ordinary shares 262 225 583 Equity dividends paid (3,246) (2,542) (2,542) ---------------------------------------------- ----------- ----------- ------------- Net cash used in financing activities (3,261) (2,596) (2,531) Net (decrease)/increase in cash and cash equivalents (768) (1,509) (11,113) Cash and cash equivalents at beginning of the period 12,679 22,957 22,957 Exchange gain/(loss) on cash and cash equivalents (298) 96 835 ---------------------------------------------- ----------- ----------- ------------- Cash and cash equivalents at end of the period 11,613 21,544 12,679 ---------------------------------------------- ----------- ----------- ------------- Amount included in cash and cash equivalents 11,613 19,614 12,679 Amount included in assets classified as held for sale - 1,930 - ---------------------------------------------- ----------- ----------- ------------- Total cash and cash equivalents at end of the period 11,613 21,544 12,679 ---------------------------------------------- ----------- ----------- -------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES TO EQUITY
Foreign
Shares Share currency
Share to be premium Retained translation
Capital issued account earnings reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------- -------- --------- ---------- ------------ -------
Balance as at 30 September
2022 324 65 19,094 57,917 986 78,386
Net profit for the period - - - 3,243 - 3,243
Exchange difference on
retranslation of overseas
subsidiaries - - - - (368) (368)
Transactions with owners:
Tax recognised directly
in equity in relation to
employee share option schemes - - - 85 - 85
Dividends - - - (3,246) - (3,246)
Issue of share capital 1 - 261 - - 262
Share based payment charge - - - 62 - 62
Balance as at 31 March
2023 325 65 19,355 58,061 618 78,424
------------------------------- --------- -------- --------- ---------- ------------ -------
Balance as at 30 September
2021 317 65 18,483 13,538 33 32,436
Net profit for the period - - - 626 - 626
Exchange differences on
retranslation of overseas
subsidiaries - - - - 85 85
Transactions with owners:
Tax recognised directly
in equity in relation to
employee share option schemes - - - (100) - (100)
Dividends - - - (2,542) - (2,542)
Issue of share capital 1 - 259 - - 260
Share based payment charge - - - 86 - 86
Balance as at 31 March
2022 318 65 18,742 11,608 118 30,851
------------------------------- --------- -------- --------- ---------- ------------ -------
Balance as at 30 September
2021 317 65 18,483 13,538 33 32,436
Net profit for the period - - - 46,917 - 46,917
Exchange differences on
retranslation of overseas
subsidiaries - - - - 953 953
Transactions with owners:
Tax recognised directly
in equity in relation to
employee share option schemes - - - (99) - (99)
Dividends - - - (2,542) - (2,542)
Issue of share capital 7 - 611 - - 618
Share based payment charge - - - 103 - 103
Balance as at 30 September
2022 324 65 19,094 57,917 986 78,386
------------------------------- --------- -------- --------- ---------- ------------ -------
The accompanying notes are an integral part of this interim financial information.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM STATEMENTS
1. Basis of preparation
Oxford Metrics 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 2023 comprise the Company and its subsidiaries (together referred to as the "Group").
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 2022. They are in accordance with IAS 34. Other new and amended standards and interpretations issued by the IASB that will apply for the first time in the next annual financial statements are not expected to impact the Group as they are either not relevant to the Group's activities or require accounting which is consistent with the Group's current accounting policies.
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 2022 are not the statutory accounts but have been extracted from the Group's 2022 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. Revenue from contracts with customers
All revenue shown within note 2 relates to continuing operations.
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
Revenue GBP'000 GBP'000 GBP'000
------------------------ -------------- ------------- ---------------
Vicon UK 13,765 7,523 17,338
Vicon USA 7,520 5,024 11,478
------------------------ -------------- ------------- ---------------
Vicon Group 21,285 12,547 28,816
------------------------ -------------- ------------- ---------------
Six months ended 31 March 2023 (unaudited)
Vicon UK Vicon USA Total
GBP'000 GBP'000 GBP'000
------------------------ -------------- ------------- ---------------
Timing of the transfer
of goods and services
------------------------ -------------- ------------- ---------------
Point in time 12,883 6,322 19,205
Over time 882 1,198 2,080
------------------------ -------------- ------------- ---------------
13,765 7,520 21,285
------------------------ -------------- ------------- ---------------
Contract Counterparties
------------------------ -------------- ------------- ---------------
Direct to consumers 2,600 7,210 9,810
Third party distributor 11,165 310 11,475
------------------------ -------------- ------------- ---------------
13,765 7,520 21,285
------------------------ -------------- ------------- ---------------
By destination
------------------------ -------------- ------------- ---------------
UK 1,182 - 1,182
Germany 1,143 - 1,143
Italy 424 - 424
Greece 59 - 59
Netherlands 258 - 258
France 621 - 621
Spain 68 - 68
Poland 105 - 105
Rest of Europe 628 - 628
------------------------ -------------- ------------- ---------------
Total Europe 3,306 - 3,306
------------------------ -------------- ------------- ---------------
Canada - 1,518 1,518
USA - 5,889 5,889
Total North America - 7,407 7,407
------------------------ -------------- ------------- ---------------
Australia 345 7 352
Hong Kong 1,212 - 1,212
Japan 3,896 - 3,896
Korea 1,234 - 1,234
China 2,240 - 2,240
Rest of Asia Pacific 298 - 298
Total Asia Pacific 9,225 7 9,232
------------------------ -------------- ------------- ---------------
Other 52 106 158
------------------------ -------------- ------------- ---------------
Oxford Metrics Group 13,765 7,520 21,285
------------------------ -------------- ------------- ---------------
Six months ended 31 March 2022 (unaudited)
Vicon UK Vicon USA Total
GBP'000 GBP'000 GBP'000
------------------------ ---------------- ---------------- ----------
Timing of the transfer
of goods and services
------------------------ ---------------- ---------------- ----------
Point in time 6,556 3,933 10,489
Over time 967 1,091 2,058
------------------------ ---------------- ---------------- ----------
7,523 5,024 12,547
------------------------ ---------------- ---------------- ----------
Contract Counterparties
------------------------ ---------------- ---------------- ----------
Direct to consumers 1,893 4,433 6,326
Third party distributor 5,630 591 6,221
------------------------ ---------------- ---------------- ----------
7,523 5,024 12,547
------------------------ ---------------- ---------------- ----------
By destination
------------------------ ---------------- ---------------- ----------
UK 1,035 - 1,035
Germany 1,346 - 1,346
Italy 169 - 169
Greece 67 - 67
Netherlands 228 - 228
France 278 - 278
Spain 146 - 146
Rest of Europe 423 - 423
Total Europe 2,657 - 2,657
------------------------ ---------------- ---------------- ----------
Canada 11 720 731
USA 13 4,193 4,206
Rest of North America - 104 104
Total North America 24 5,017 5,041
------------------------ ---------------- ---------------- ----------
Australia 429 - 429
Hong Kong 1,948 - 1,948
Japan 637 - 637
Korea 509 - 509
Rest of Asia Pacific 249 - 249
Total Asia Pacific 3,772 - 3,772
------------------------ ---------------- ---------------- ----------
Other 35 7 42
------------------------ ---------------- ---------------- ----------
Oxford Metrics Group 7,523 5,024 12,547
------------------------ ---------------- ---------------- ----------
Year ended 30 September
2022 (audited)
Vicon UK Vicon USA Total
GBP'000 GBP'000 GBP'000
Timing of the transfer
of goods and services
------------------------ ---------- --------------- --------
Point in time 15,494 9,175 24,669
Over time 1,844 2,303 4,147
------------------------ ---------- --------------- --------
Oxford Metrics Group 17,338 11,478 28,816
------------------------ ---------- --------------- --------
Contract Counterparties
------------------------ ---------- --------------- --------
Direct to consumers 4,256 10,529 14,785
Third party distributor 13,082 949 14,031
------------------------ ---------- --------------- --------
Oxford Metrics Group 17,338 11,478 28,816
------------------------ ---------- --------------- --------
By destination
------------------------ ---------- --------------- --------
UK 2,396 - 2,396
Germany 2,156 - 2,156
Italy 304 - 304
Netherlands 441 - 441
France 473 - 473
Poland 332 - 332
Spain 260 - 260
Rest of Europe 1,022 - 1,022
------------------------ ---------- --------------- --------
Total Europe 4,988 - 4,988
------------------------ ---------- --------------- --------
Canada 39 1,008 1,047
USA 24 10,197 10,221
Rest of North America - 177 177
Total North America 63 11,382 11,445
------------------------ ---------- --------------- --------
Australia 797 - 797
Hong Kong 2,539 - 2,539
Japan 2,334 - 2,334
South Korea 1,314 - 1,314
China 2,158 - 2,158
Rest of Asia Pacific 532 - 532
Total Asia Pacific 9,674 - 9,674
------------------------ ---------- --------------- --------
Other 217 96 313
------------------------ ---------- --------------- --------
Total 17,338 11,478 28,816
------------------------ ---------- --------------- --------
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------- ----------- ----------- -------------
Vicon revenue by market
Engineering 3,101 2,678 5,581
Entertainment 11,001 3,955 10,023
Life sciences 5,820 4,637 10.589
Location based entertainment 1,363 1,277 2,623
----------------------------- ----------- -----------
Total 21,285 12,547 28,816
----------------------------- ----------- ----------- -------------
Group revenue by type
Sale of hardware 18,076 9,512 22,700
Sale of software 1,269 1,070 1,970
Rendering of services 1,503 1,269 3,009
SaaS - 96 193
Support 437 600 944
---------------------- ------ ------ ------
Total 21,285 12,547 28,816
---------------------- ------ ------ ------
Group revenue by origin
UK 12,906 6,778 16,010
Europe 859 745 1,312 North America 7,520 5,024 11,478 Asia Pacific - - 16 Total 21,285 12,547 28,816 ------------------------ ------ ------ ------ 3. Segmental Analysis
Segment information is presented in the condensed consolidated interim financial statements in respect of the Group's business segments, which are reported to the Chief Operating Decision Maker (CODM). The Group has identified the Board of Directors of Oxford Metrics plc, ("the Board") as the CODM. The business segment reporting reflects the Group's management and internal reporting structure.
The Group comprises the following business segments:
Vicon Group: This is the development, production and sale of computer software and equipment for the entertainment, engineering and life science markets; and
Yotta Group: This is the provision of software and services for the management of infrastructure assets for Government Agencies, Local Government and major infrastructure contractors. This segment was disposed of in the prior year.
Other unallocated costs represent head office expenses not recharged to subsidiary companies.
Business segments are analysed below:
Segment depreciation and amortisation
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------- ------------ ------------ -------------
Continuing operations
Vicon UK 1,299 944 1,810
Vicon USA 44 89 203
---------------------------- ------------ ------------ -------------
Vicon Group 1,343 1,033 2,013
---------------------------- ------------ ------------ -------------
Unallocated 29 30 59
---------------------------- ------------ ------------ -------------
Total continuing operations 1,372 1,063 2,072
---------------------------- ------------ ------------ -------------
Six months ended 31 March 2023 Six months ended 31 March 2022 Year ended 30 September 2022
(unaudited) (unaudited) (audited)
Adjusted Adjusted Adjusted
profit/(loss) Adjusting profit/(loss) Profit/(loss) profit/(loss) Profit/(loss)
before items Group Profit/(loss) before Adjusting Group before before Adjusting Group before
tax recharges before tax tax items recharges tax tax items recharges tax
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ ------------- ---------- ----------- ------------- ------------- ----------- --------- ------------- ------------- --------- --------- -------------
Continuing
operations
Vicon UK 2,263 (144) 1,102 3,221 299 (134) 418 583 1,590 (434) 1,426 2,582
Vicon USA 2,683 - (2,636) 47 1,490 - (1,443) 47 3,848 - (3,712) 136
------------ ------------- ---------- ----------- ------------- ------------- ----------- --------- ------------- ------------- --------- --------- -------------
Vicon Group 4,946 (144) (1,534) 3,268 1,789 (134) (1,025) 630 5,438 (434) (2,286) 2,718
------------ ------------- ---------- ----------- ------------- ------------- ----------- --------- ------------- ------------- --------- --------- -------------
Unallocated (872) (49) 1,534 613 (1,490) (82) 1,546 (26) (2,840) (86) 2,941 15
------------ ------------- ---------- ----------- ------------- ------------- ----------- --------- ------------- ------------- --------- --------- -------------
Total 4,074 (193) - 3,881 299 (216) 521 604 2,598 (520) 655 2,733
------------ ------------- ---------- ----------- ------------- ------------- ----------- --------- ------------- ------------- --------- --------- -------------
Additions to non-current Carrying amount of segment Carrying amount of segment
Non-current assets assets assets liabilities
Year
Year ended Year ended ended Year ended
Six months Six months 30 Six months Six months 30 Six months Six months 30 Six months Six months 30
ended 31 ended 31 September ended 31 ended 31 September ended 31 ended 31 September ended 31 ended 31 September
March 2023 March 2022 2022 March 2023 March 2022 2022 March 2023 March 2022 2022 March 2023 March 2022 2022
(unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ----------- -----------
Vicon UK 12,623 10,982 12,825 1,828 1,510 3,304 31,154 24,148 30,757 (9,751) (8,698) (11,007)
Vicon USA 1,454 897 1,585 170 25 566 5,933 5,925 6,613 (4,245) (3,360) (4,644)
------------ ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Vicon Group 14,077 11,879 14,410 1,998 1,535 3,870 37,087 30,073 37,370 (13,996) (12,058) (15,651)
------------ ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Unallocated 581 809 500 55 7 8 61,835 11,254 63,384 (450) (633) (665)
Yotta Group - - - - - 661 - 15,235 - - (6,968) -
OMG Life
Group* - - - - - - (6,052) (6,052) (6,052) - - -
------------ ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Oxford
Metrics
Group 14,658 12,688 14,910 2,053 1,542 4,539 92,870 50,510 94,702 (14,446) (19,659) (16,316)
------------ ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ----------- -----------
*The negative balance within segment assets represents a cash overdraft which is part of the Group's cash offset facility.
4. Reconciliation of adjusted profit before tax
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------------ ----------- ----------- -------------
Profit before tax - continuing operations 3,881 604 2,733
Share option charges 62 86 103
Amortisation of intangibles arising
on acquisition 131 130 261
Costs associated with acquisition of
Contemplas - - 156
Reapportion Group overheads - (521) (655) Adjusted profit before tax - continuing operations 4,074 299 2,598 ------------------------------------------ ----------- ----------- ------------- Adjusted earnings per share for profit on continuing operations attributable to owners of the parent during the year Basic earnings per share (pence) 2.64p 0.41p 2.55p Diluted earnings per share (pence) 2.61p 0.41p 2.51p
The adjusted profit before tax for the Vicon business segments is shown in detail below;
Vicon Group
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ----------- ----------- -------------
Profit before tax 3,268 630 2,718
Share option charges 13 4 17
Amortisation of intangibles arising
on acquisition 131 130 261
Costs associated with the acquisition
of Contemplas - - 156
Reapportion Group overheads 1,534 1,025 2,286
Adjusted profit before tax 4,946 1,789 5,438
-------------------------------------- ----------- ----------- -------------
5. Taxation
The Group's consolidated effective tax rate for the six months ended 31 March 2023 was 16.3% (for the six months ended 31 March 2022: 29.5%; for the year ended 30 September 2022: 2.0% credit.
In accordance with IAS 34 the tax charge for the half year is calculated on the basis of the estimated full year tax rate.
6. Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of all dilutive options.
31 March 2023 (unaudited) 31 March 2022 (unaudited) 30 September 2022 (audited)
------------------------------- ------------------------------- ---------------------------------
Weighted Weighted Weighted
average average average
Earnings number Per share Earnings number Per share Earnings number Per share
/(loss) of shares amount /(loss) of shares amount /(loss) of shares amount
GBP'000 '000 (pence) GBP'000 '000 (pence) GBP'000 '000 (pence)
----------------- -------- ---------- --------- -------- ---------- --------- --------- ----------- ---------
Continuing
operations
Basic earnings
per share
Earnings
attributable
to ordinary
shareholders 3,243 129,975 2.49 832 127,165 0.65 3,398 127,840 2.66
Dilutive effect
of employee
share options - 1,876 (0.03) - 1,510 - - 2,081 (0.04)
Diluted earnings
per
share 3,243 131,851 2.46 832 128,675 0.65 3,398 129,921 2.62
----------------- -------- ---------- --------- -------- ---------- --------- --------- ----------- ---------
Discontinued
operations
Basic loss per
share
Earnings
attributable
to ordinary
shareholders - 129,975 - (206) 127,165 (0.16) 43,519 127,840 34.04
Dilutive effect
of employee
share options - 1,876 - - 1,510 - - 2,081 (0.54)
Diluted loss per
share - 131,851 - (206) 128,675 (0.16) 43,519 129,921 33.50
----------------- -------- ---------- --------- -------- ---------- --------- --------- ----------- ---------
Total operations
Basic earnings
per share
Loss attributable
to ordinary
shareholders 3,243 129,975 2.49 626 127,165 0.49 46,917 127,840 36.70
Dilutive effect
of employee
share options - 1,876 (0.03) - 1,510 - - 2,081 (0.59)
Diluted earnings
per
share 3,243 131,851 2.46 626 128,675 0.49 46,917 129,921 36.11
----------------- -------- ---------- --------- -------- ---------- --------- --------- ----------- ---------
7. Share capital
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- ----------- ----------- ------------
Allotted, called up and fully paid
130,239,276 shares of 0.25p (31 March
2022: 127,358,390 shares of 0.25p and
30 September 2022: 129,767,652 shares
of 0.25p) 325 318 324
--------------------------------------- ----------- ----------- ------------
During the six month period ended 31 March 2023 there were 444,000 shares issued relating to share options that were exercised. There were 392,500 shares issued in respect of share options exercised during the six months ended 31 March 2022 (year ended 30 September 2022: 2,801,762).
In addition, during the six month period ended 31 March 2023 27,624 shares (six month period ended 31 March 2022: 19,841 shares) were issued to the non-executive Chairman, Roger Parry, in satisfaction of salary.
8. Dividends
The following dividends were recognised as distributions to equity holders in the period:
31 March 31 March 30 September
2023 2022 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------- ----------- ----------- ------------
Final dividend for 2022 paid in 2023
- 2.50 pence per share 3,246 - -
Final dividend for 2021 paid in 2022
- 2.00 pence per share - 2,542 2,542
3,246 2,542 2,542
------------------------------------- ----------- ----------- ------------
The final dividend for 2022 was paid to shareholders on 23 February 2023 at 2.50 pence per share, a total of GBP3,246,000.
9. Copies of the interim statement
Copies of the interim statement will be available from the Company's registered office at 6 Oxford Pioneer Park, Yarnton, Oxfordshire OX5 1QU, and from the Company's website: www.oxfordmetrics.com .
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END
IR SSWFAIEDSESM
(END) Dow Jones Newswires
June 06, 2023 02:00 ET (06:00 GMT)
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