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Highlights
- Revenue and Margins: FY24 revenue declined to £41.5 million (from £44.2 million in FY23), but gross margin improved to 66.6%.
- Financial Strength: Net cash stood at £50.7 million, supporting investments in smart manufacturing, marketing, and R&D.
- Growth Outlook: FY25 begins positively, with commercialization of markerless technology and £1.3 million in new IVS product orders driving optimism.
Oxford Metrics plc (LSE:OMG), a leader in smart sensing and software solutions across multiple industries, has announced its unaudited preliminary results for the financial year ended 30 September 2024. The company, which serves markets in life sciences, entertainment, engineering, and smart manufacturing, saw a slight decline in revenue but continues to show promising potential for future growth.
Financial Performance
Oxford Metrics reported revenue of £41.5 million for FY24, down from £44.2 million in FY23, largely due to lower-than-expected pipeline conversion in Vicon during September, traditionally a peak month. Despite the overall decline in revenue, gross margin improved to 66.6%, up 1.6 percentage points from the previous year.
Adjusted profit before tax decreased to £3.7 million, compared to £7.5 million in FY23, reflecting delayed purchase decisions in the second half of the year and a tough comparative period. However, the company remains in a strong financial position, with net cash standing at £50.7 million, down from £64.8 million at the end of FY23. This solid balance sheet provides ample flexibility for future investments, including those aimed at expanding the smart manufacturing division, increasing marketing initiatives, and advancing R&D.
Geographic Performance
Geographically, Vicon showed mixed performance. The UK and Europe both saw growth—up 34% and 11%, respectively—while North America and APAC experienced declines of 7% and 35%, respectively, compared to the prior year.
Outlook and Strategy
Looking ahead, Oxford Metrics has started FY25 in line with management expectations. The company is focusing on cost efficiency and reallocating resources to high-impact areas. A key strategic focus is the commercialization of its markerless technology, which is now in the final stages and expected to generate revenue in FY25.
In smart manufacturing, the company has made a strong start, securing £1.3 million for its IVS product and seeing synergies between IVS and Sempre sales. The company has also been active in its M&A programme to build out its smart manufacturing business, with a healthy pipeline of opportunities.
