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Thursday 23 June 2022

Oxford Metrics enters H2 with increased firepower

Oxford MetricsInterim results out this morning from Oxford Metrics, the UK-based software company servicing life sciences, entertainment, and engineering markets, has revenue in H1 growing 11.6%. During what CEO Nick Bolton describes as an “important development period for the Group”, the Oxford based firm posted revenue for the six months to 31stMarch of £12.5m (H121 £11.2m). Adjusted Profit before Tax fell to £0.3m (H121 £1.0m) whilst the firm’s order books expanded significantly to £12.9m (H121 £0.9m).

Towards the end of May, Oxford Metrics announced the sale of its infrastructure asset management division, Yotta, to Causeway Technologies in a £52m cash deal (see Oxford Metrics offloads Yotta for £52m). Yotta provides software to over 200 customers helping manage physical assets including highways, street lighting, and waste management. Yotta serves a market quite distinct from the Entertainment, Life Science and Engineering markets served by Vicon, Oxford Metrics’ larger division that enables the interface between the ‘real world’ and its ‘virtual twin’. For example, Vicon’s motion-capture system, was used by ABBA in the development of its Voyage concert to display the band members as digital avatars. Yotta’s sale should provide Oxford Metrics with “increased financial firepower to make strategic organic and inorganic investments through the lens of Vicon and its core technology”.

Vicon has continued to recover from the pandemic despite supply chain constraints. After a tough FY20 which saw revenue decline by 14% yoy, Oxford Metrics has recovered and with an updated five-year plan looks confident about its future, with FY21 and H122 performances providing a strong base to build, reflected in a healthy order book and buoyant demand. Looking forward the windfall from Yotta should support M&A activity as the Group looks to enhance its capabilities.

Posted by: Marc Hardwick at 09:20

Tags: results   media   software   life+sciences   digitaltwin  

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