Audited Preliminary Results
Summary by AI BETAClose X
Oxford Metrics plc
("Oxford Metrics" or the "Group")
Audited Preliminary Results
Return to growth, in-line earnings performance and strategic progress positioning the business for sustainable long-term growth
Oxford Metrics plc (LSE: OMG), the smart sensing and software company servicing life sciences, entertainment, engineering and smart manufacturing markets, announces its audited preliminary results for the financial year ended 30 September 2025.
Financial Highlights
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|
FY25 |
FY24 |
Change |
|
Revenue |
£44.8m |
£41.5m |
+8% |
|
Adjusted EBIT* |
£2.2m |
£1.7m |
+29% |
|
Adjusted Basic EPS** |
1.55p |
3.01p |
-49% |
|
Ordinary dividend per share |
3.25p |
3.25p |
0% |
|
Profit Before Tax |
£0.1m |
£0.5m |
-80% |
|
Basic EPS |
(0.55p) |
0.58p |
n/m |
|
Cash and fixed term deposits |
£37.3m |
£50.7m |
-26% |
* Adjusted EBIT is earnings before interest and tax, adjusted for share-based payment charges, amortisation of acquired intangibles, costs and impairments relating to closure of IMU New Zealand, impairment of development costs and additional costs related to restructuring and acquisitions.
** Adjusted Basic EPS is calculated using profit after tax adjusted for share-based payment charges, amortisation of acquired intangibles, costs and impairments relating to closure of IMU New Zealand, impairment of development costs and additional costs related to restructuring and acquisitions.
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· |
Adjusted EBIT increased in line with market expectations as a result of higher Smart Manufacturing inorganic and organic volumes, continued high margin contribution from Motion Capture and improved cost discipline. |
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· |
In-year Motion Capture order intake up 21% to £34.8m (FY24: £28.8m), demonstrating positive underlying demand. Motion Capture revenue was £32.0m (FY24: £38.6m), reflecting continued US academic and entertainment headwinds and post-COVID normalisation of opening order book to £1.0m (FY24: £11.5m). |
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· |
Smart Manufacturing revenue up 341% to £12.8m (FY24: £2.9m), including 38% organic growth and contributions from two acquisitions. |
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· |
Operating cash generation before tax up to £6.7m (FY24: £0.3m), following continued focus on inventory optimisation and stronger working capital management. |
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· |
Reduction in PBT mainly reflecting lower net finance income following increased shareholder returns and investment. |
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· |
£12.5m returned to shareholders through buybacks and dividends, reflecting confidence in the Group's cash generation and balance sheet strength. |
Strategic Highlights
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· |
Strengthened Smart Manufacturing division with two acquisitions (The Sempre Group and Amber Optix) to turn projects into products faster, improve margin potential and expand the addressable market. |
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· |
Launch of Markerless Motion Capture, complementing the core marker-based systems, positioning the Group for next-generation growth and expanding ARR opportunities. |
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· |
Ongoing product innovation and AI leadership, with a focus on proprietary models and datasets that power next-generation Markerless Motion Capture and automated inspection solutions. |
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· |
New divisional heads appointed (one post-period) as part of the Group's broader programme to enhance operational focus and commercial delivery. |
Current Trading & Outlook
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· |
Q1 trading to date in line with the Board's expectations. |
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· |
Refocusing Motion Capture resources on geographies with clearer momentum supported by a targeted product delivery roadmap. |
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· |
Unifying the Smart Manufacturing businesses under one structure to enhance order-to-revenue conversion, increase efficiency and build a scalable projects-to-products strategy to support margin expansion. |
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· |
Strong balance sheet supports strategic organic investment and selective small bolt on M&A. |
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· |
Refined strategy and three-year framework, reflecting the evolution of the Group and informed by new Board and divisional leadership, to be set out in H1 FY26. |
Imogen O'Connor, CEO of Oxford Metrics
"This was a year of solid execution and strategic progress, with performance in-line with market expectations. We delivered on our commitments, scaling Smart Manufacturing with two targeted acquisitions and achieving strong organic growth in that division, driven by tighter operational focus. Motion Capture revenue was lower, reflecting continued softness in the US and a normalised opening order book. However, planned strategic resource reallocation helped deliver a 21% rise in in-year order intake, partially offsetting the impact and supporting future growth.
"While external conditions remain challenging, we are focused on what we can influence: where we deploy our efforts, how the organisation operates and how we drive innovation, including the launch of Markerless Motion Capture, which together are strengthening our platform for sustainable long-term growth."
Proposed change in accounting reference date
The Group's business activities and revenues are weighted toward the final third of the calendar year. Having noted comments from shareholders, and to aid the Group in the orderly preparation of its financial statements, the Directors recognise that presenting financial statements that have a more balanced first half and second half weighting is in the best interests of the Group.
Accordingly, the Directors are considering that for the Group's next financial year (which would otherwise end on 30 September 2026), its accounting reference date be extended by three months to 31 December 2026. The Company is seeking the requisite approvals and further announcements will be made in due course with the aim that the Company's accounting reference date from next year will be 31 December.
Analyst Briefing
Management will host an in-person-only briefing and Q&A for analysts in London today at 9.30am UK time. To register to attend, please contact oxfordmetrics@almastrategic.com.
Investor Presentation
Management will host a virtual investor presentation and Q&A via the Investor Meet Company platform on 10 December 2025 at 4.00pm. Investors can sign up for free and follow Oxford Metrics here.
Annual Report
A copy of the Results Presentation and FY25 Annual Report will be available on our website shortly.
Contacts
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Oxford Metrics |
+44 (0)1865 261 860 |
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Imogen O'Connor, CEO |
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Zoe Fox, CFO |
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Panmure Liberum (NOMAD & Broker) |
+44 (0)20 3100 2000 |
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James Sinclair-Ford / Rupert Dearden / Gaya Bhatt |
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Alma Strategic Communications |
+44 (0)20 3405 0205 |
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Hilary Buchanan / Rebecca Sanders-Hewett / David Ison / Kinvara Verdon |
About Oxford Metrics
Oxford Metrics (LSE:OMG) is a smart sensing and software Group that serves thousands of customers in more than 70 countries. Founded in 1984, we started our journey in life sciences, expanded into entertainment, winning an OSCAR® and an Emmy®, moved into engineering and more recently, smart manufacturing. We have a strong track record of creating value by incubating, growing and then augmenting through acquisition, unique technology businesses.
The Group trades through two divisions. In Motion Capture, its market-leading company Vicon Motion Systems provides motion measurement analysis to thousands of customers worldwide in healthcare, entertainment and engineering markets. In Smart Manufacturing, we deliver high-precision machine vision, metrology and automated quality control for blue-chip manufacturers in medical devices, pharmaceuticals and performance engineering, as well as across aerospace, automotive and precision engineering.
The Group is headquartered in Oxford with offices in the United Kingdom, Ireland, United States and Germany.
For more information about Oxford Metrics, visit www.oxfordmetrics.com.
Chair statement
I am pleased to present my first report as Chair of Oxford Metrics plc, having joined the Board after the period end in November 2025.
I would like to thank my predecessor, Roger Parry, for his nine years of service as Chair. His leadership helped create the platform from which the Group can now move forward, and I wish him well in his future endeavours.
An attractive opportunity
Three things drew me to Oxford Metrics: its global reputation for precision and reliability, its long-standing leadership in motion measurement and the clear opportunity to build on that heritage as technology and customer needs evolve.
Having worked extensively with technology businesses that have transitioned to a more IP-led model over the years, I have seen first-hand how combining best-in-class products with software, data and services can create greater scale, stronger customer relationships and more resilient revenue. Oxford Metrics has the ingredients to follow a similar path, and I am excited by the potential this creates.
Execution and strengthening the foundations for growth
FY25 was a year of solid progress. The team delivered results in line with expectations while laying important foundations for future growth. Across both divisions we have seen improvements in focus, operational discipline and delivery. With new Managing Directors appointed in each division, one post-period, and refreshed leadership at Board level, the Group is well positioned to build on this progress in the years ahead.
Next-generation, AI-enabled Motion Capture through Markerless
In Motion Capture, the introduction of Markerless technology represents an important strategic step forward.
Markerless is complementary to our marker-based systems - reducing set-up complexity and opening up new, higher-volume use cases in both established and emerging markets, while our marker-based solutions remain the benchmark for applications that demand the highest levels of precision. Over the medium term, we see Markerless acting as a catalyst for a higher proportion of software, cloud-enabled services and recurring revenue across the Group.
Markerless reflects the Group's long-standing investment in AI-enabled motion understanding, supported by one of the richest motion-data archives in the industry. Rather than focusing on the underlying technology, the strategic importance lies in the new classes of problems we can now solve for customers.
Across Smart Manufacturing, we apply AI capability to automate inspection and quality assurance, improving accuracy, throughput and customer value while positioning the division for more scalable solutions.
Together, proprietary data, proven models and high-precision sensing position Oxford Metrics to participate meaningfully in the growing market for AI-augmented motion and measurement solutions.
Growing momentum in Smart Manufacturing
In Smart Manufacturing, recent acquisitions have strengthened operational focus, and a clearer go-to-market approach is driving encouraging momentum. The division now brings together advanced imaging, automation and data-driven inspection capabilities to help manufacturers improve accuracy, reduce waste and accelerate throughput. Over the past year the Group has shifted emphasis toward repeatable, scalable solutions that customers can deploy across multiple lines or facilities, strengthening the quality and predictability of revenue.
Bringing the Smart Manufacturing businesses together under a single structure in the year ahead will support further efficiency and enable faster order-to-revenue conversion. With a healthy pipeline and growing demand for high-precision, AI-enabled quality control, Smart Manufacturing is well placed to contribute more meaningfully to the Group's future growth.
Deploying capital through disciplined M&A
Selective M&A will continue to play an important role in how we create value, supplementing organic growth. Our focus is on small bolt-on opportunities that enhance our core technologies, deepen our capabilities in Smart Manufacturing or add IP-rich software and data assets in Motion Capture.
Entering FY26 with clarity and focus
While Motion Capture continues to experience softer conditions in parts of the US academic and entertainment markets, activity across APAC and EMEAI has been encouraging. Smart Manufacturing, meanwhile, benefits from a wide spread of industrial end markets and sustained interest in automation and quality assurance. This diversification, together with a strong balance sheet and a respected technology portfolio, provides resilience as we move into the new financial year.
Oxford Metrics has the right foundations, the right capabilities and the right opportunities in front of it. My focus as Chair is to ensure we convert these advantages into sustained, consistent performance. I look forward to working closely with Imogen and the wider team as we guide the Group through its next phase of growth. I thank our shareholders for their continued support and look forward to engaging with many of you in the months ahead.
CEO Report
FY25 was a year of disciplined execution and strategic progress. We delivered results in line with expectations, advanced our innovation agenda and strengthened the operational platform across both divisions.
While US academic and entertainment headwinds continue to persist, with encouraging signs elsewhere, new divisional leadership in place, a broader and more diversified product portfolio and continued investment in technology, we enter FY26 in a stronger position.
I would like to thank colleagues new and old across the Group for their hard work and dedication through the year and to acknowledge Roger Parry, who stepped down as Chair after more than nine years of service. His guidance helped shape the business we are today and I am grateful for his contribution.
At the half year we signalled that we were working on refining the Group strategy to reflect the evolution of the business - the launch of Markerless, the build out of Smart Manufacturing and the appointment of dedicated divisional MDs. That work is now well advanced and has a clear direction of travel, focused on scaling our core technologies, increasing the proportion of recurring revenue and maintaining disciplined capital allocation including selective bolt-on M&A. Following the appointment of our new Chair in November, the Board believes it is right that he is fully involved in finalising the plan. We therefore intend to set out the strategy in H1 FY26, including priorities and the three-year framework we will use to measure progress, and expect to present it at an investor event, the details of which will be announced in due course.
Business Overview
Oxford Metrics is a smart sensing and software company that enables organisations to capture, analyse and act on motion and measurement data, helping them improve performance, efficiency and decision-making. Through its two divisions, Motion Capture and Smart Manufacturing, the Group serves customers across life sciences, entertainment, engineering and smart manufacturing.
In Motion Capture, the Group's trading brand, Vicon (71% of Group revenue), is a global leader in motion measurement and analysis, providing integrated hardware and software systems that transform complex motion data into actionable insights. Applications range from biomechanics research and clinical gait analysis to visual effects, product design and testing and robotic tracking.
In Smart Manufacturing (29% of Group revenue), the Group's machine vision and measurement technologies deliver high-precision quality control and automation for blue-chip manufacturers in automotive, aerospace, medical and electronics sectors.
Oxford Metrics operates a blended model combining high-value system sales with proprietary hardware and software, service contracts and recurring revenue streams. This balance provides both scalability and resilience across business cycles.
The Group is well positioned in markets that are increasingly influenced by automation, AI and the need for validated high-accuracy data across regulated, safety-critical, patient-focused, research and creative performance industries. The Group has more than 40 years of motion data and has used AI in its software for over a decade. The Group is now using this archive to train proprietary AI models that enhance motion capture and analysis capabilities.
FY25 Headlines
1. Motion Capture resilience and innovation underpinning growth prospects
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· |
Successfully allocated resources to growth opportunities in APAC and EMEAI, partially offsetting revenue pressure from ongoing headwinds in US academic and entertainment markets. |
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Positioned the Group for continued leadership in next-generation AI-enabled Motion Capture and growing ARR with the launch of Markerless technology, initially into the entertainment market. Pipeline and sales traction expected to continue to build through FY26 alongside product innovation. |
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Launched a new motion capture camera at a more accessible price point, broadening the addressable market in academic and commercial use cases. |
2. Strong performance and growing momentum in Smart Manufacturing
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· |
Step change in scale and capability through the acquisitions of The Sempre Group (Sempre) (October 2024) and Amber Optix (April 2025), expanding our product portfolio, technical IP and commercial reach in measurement and vision solutions. |
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· |
Revenue grew 341% to £12.8m (FY24: £2.9m), including 38% organic growth, driven by stronger project delivery, focused sales activity and traction across target sectors including automotive, aerospace, medical and pharmaceutical. |
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· |
Well positioned for further margin and volume gains as Sempre and IVS merge in FY26 to turn more projects into repeatable products, improve efficiency and enhance cross-selling, creating a scalable engine for long-term growth. |
3. Disciplined execution and strengthened operational foundations
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· |
Continued focus on operational effectiveness and cost efficiencies following a targeted restructure alongside resource allocation to high-impact growth areas, supporting a 29% increase in adjusted EBIT. |
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· |
Improved working capital and inventory discipline delivered stronger operational cash generation before tax of £6.7m (FY24: £0.3m), reflecting improved forecasting and supply-chain control. |
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Appointed divisional MDs in Smart Manufacturing and, post-period, Motion Capture to strengthen operational visibility, enhance accountability and accelerate the project-to-product strategy. |
Divisional Review
Motion Capture
Motion Capture delivered a solid performance despite ongoing headwinds in the US academic and entertainment markets, reporting revenue of £32.0m (FY24: £38.6m). The division entered FY25 with normalised opening order book (£1.0m vs £11.5m in FY24) as buying patterns returned to pre-COVID norms and standard lead times. Despite this lower starting point, underlying demand remained firm, with in-year order intake up 21% and strong performances in APAC and EMEAI.
Vicon's market-leading position continues to support deep customer relationships and repeat business, with many customers having been with the business for more than a decade. This strong referral base helps to drive new business. Vicon continues to be well-positioned in a motion capture market which is seeing increased adoption across new markets and emerging geographies, supported by technological innovations which are making motion capture more accessible and versatile.
During the year, Vicon launched two significant products that strengthen its technology leadership and expand its addressable market. In March, the company introduced its first Markerless solution, initially targeting the pre-visualisation segment of the entertainment industry. The platform opens a new software-based, recurring revenue opportunity and is expected to gain commercial traction through FY26, after a busy H2 FY25 conducting multiple in-person global demonstration events. In July, Vicon launched the Valkyrie 6 camera, offering its premium technology at a more accessible price point and broadening reach to academic and commercial customers.
Vicon systems continue to support a wide range of high-impact applications - from astronaut training and climate simulation to elite sports science and hurricane modelling. Leading entertainment customers, including Tencent, MiHoYo and NetEase, expanded their motion capture capabilities with additional Valkyrie stages, while NAVER added a new facility for VTubing content. Location-based entertainment partner Sandbox VR installed 30 more sites globally during the year, further extending Vicon's reach into EMEAI. New sales in LATAM and EMEAI, alongside growing activity in APAC, illustrate the broadening global adoption of motion capture technology.
Post-period, Ronan Smith was appointed Managing Director of the Motion Capture division, bringing a strong track record of scaling technology businesses across both SaaS and hardware markets.
Looking ahead to FY26, Vicon has a busy product release programme, including enhanced Markerless capabilities and a new life sciences platform that will extend Markerless technology into this core customer segment, marking Vicon's measured rollout of its innovative technology beyond entertainment and into priority markets where it is a recognised leader. Investment is being directed toward expanding sales prospecting and developing emerging territories to ensure the division is positioned for sustained growth.
Smart Manufacturing
Our Smart Manufacturing division delivered a step change in scale and capability during the year, following the acquisitions of Sempre in October 2024 and Amber Optix in April 2025. Sempre has broadened our commercial reach and product portfolio across measurement and vision solutions, while Amber Optix has been integrated into IVS, adding valuable intellectual property and strengthening our offering in medical device inspection.
In March, Dr Simon Gunter joined as Managing Director of Smart Manufacturing, bringing greater operational focus and strengthening best practice across project delivery, engineering and sales.
Revenue increased 341% to £12.8 million (FY24: £2.9 million), including 38% organic growth, driven by targeted sales activities, improved execution and delivery discipline. The division secured projects across our focus sectors of automotive, aerospace, medical and pharmaceutical, with an increasing pipeline in semiconductors. Approximately 35% of revenue came from repeat customers, reflecting strong retention alongside growth from new accounts.
Looking ahead to FY26, the integration of Sempre and IVS will bring the division under a single structure focused on turning more projects into repeatable products, operational efficiency and cross-selling. Investment in senior hires and systems will support faster order-to-revenue conversion, higher margins and the scaling of recurring contract service revenues, creating a stronger engine for sustainable growth.
Current Trading & Outlook
The Group has made a solid start to FY26, trading in line with expectations.
This year's focus is continued disciplined execution - strengthening sales pipelines, improving operational efficiency and continuing to gain from the benefits of previous investment across both divisions.
In Motion Capture, we are concentrating resources on the highest-return opportunities and accelerating expansion in earlier-stage markets in EMEAI and APAC. Innovative product development remains a key focus.
In Smart Manufacturing, the priority is integration and scalability. Bringing Sempre and IVS under one operating structure will streamline delivery, improve margin performance and create a stronger foundation for future growth.
Our balance sheet supports organic investment and selective small bolt on M&A. We will remain disciplined, targeting earnings-enhancing opportunities that augment our technology, geography or market reach.
With our new Chair on board, we are working to finalise the strategy we trailed at the half-year, centred on scaling our core technologies, expanding recurring revenue and creating sustainable long-term value. We expect to finalise and present the updated plan, including our priorities and three-year framework in H1 FY26.
Financial and segmental review
Overview
The Group delivered a robust financial performance in line with market expectations, achieving the highest revenue in its history. This growth was driven by both inorganic and organic expansion within the Smart Manufacturing division, as well as an improvement in order intake in the Motion Capture division, despite revenue in that division reporting below FY24 levels.
In addition, the Group recorded a significant improvement in working capital, reflecting disciplined management actions aimed at strengthening operating cash flows. As a result, operating cash inflows before tax improved to £6.7m (FY24: £0.3m).
Group performance
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FY25 (£m) |
FY24 (£m) |
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Motion capture |
Smart Manufacturing |
PLC unallocated |
Total Group |
Motion capture |
Smart Manufacturing |
PLC unallocated |
Total Group |
|
Revenue |
32.0 |
12.8 |
- |
44.8 |
38.6 |
2.9 |
- |
41.5 |
|
Adjusted EBIT |
2.3 |
1.6 |
(1.7) |
2.2 |
1.5 |
0.0 |
0.3 |
1.7 |
|
EBIT |
0.9 |
1.0 |
(2.3) |
(0.4) |
(1.0) |
(0.3) |
(0.3) |
(1.5) |
|
Finance income and expense |
|
|
|
0.5 |
|
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|
2.0 |
|
Profit Before Tax |
|
|
|
0.1 |
|
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|
0.5 |
Revenues for the Group increased by 8% to £44.8m (FY24: £41.5m), in line with expectations, resulting in an increase in adjusted EBIT of 29% to £2.2m (FY24: £1.7m). See Note 7 for full reconciliation to profit before tax.
Revenues in Smart Manufacturing included organic growth of 38%. The growth was driven by contract wins, robust operational delivery and inorganic growth from two acquisitions.
Lower revenues in Motion Capture reflected the normalisation of the opening order-book and the expected ongoing headwinds from US entertainment and academic markets. FY24 benefited from an unusually high opening order-book of £11.5m following the disruption of COVID and subsequent supply chain issues. This reduced to £1.0m at the start of FY25. Order intake in the Motion Capture division during FY25 was up 21% to £34.8m (FY24: £28.8m), demonstrating positive underlying demand.
The adjusted EBIT improvement was driven by additional revenue volumes and continued cost discipline. We reported in the FY24 results that we had achieved annualised cost savings of approximately £1.2m, the benefits of which we saw during FY25.
Cash generated from operating activities before tax improved to £6.7m (FY24: £0.3m), reflecting continuous improvement in working capital and the optimisation and right-sizing of the Motion Capture inventory.
The year-on-year FX effects were minimal: on the average FY25 USD to GBP exchange rate of 1.30 vs average FY24 USD to GBP exchange rate of 1.27 the revenues decreased by less than 1% for the Group.
As reported in our FY24 results, the decision was taken to wind down IMeasureU (IMU), our New Zealand operation. A small number of legacy contract costs remain, so IMU has been reclassified into continuing operations in the prior period. See note 31 to the Financial Statements for more details. All closure-related costs are excluded from adjusted EBIT.
Revenue by markets
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|
FY25 |
FY24 |
Inc/(dec) |
Inc/(dec) |
FY25 |
FY24 |
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Group revenue by market |
£m |
£m |
£m |
% |
Proportion (%) |
Proportion (%) |
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Engineering |
5.1 |
8.1 |
(3.0) |
(38%) |
11% |
20% |
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Entertainment |
14.7 |
15.9 |
(1.2) |
(7%) |
33% |
38% |
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Life sciences |
12.2 |
14.6 |
(2.4) |
(17%) |
27% |
35% |
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Motion Capture |
32.0 |
38.6 |
(6.6) |
(17%) |
71% |
93% |
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Smart Manufacturing |
12.8 |
2.9 |
9.9 |
341% |
29% |
7% |
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Total |
44.8 |
41.5 |
3.3 |
8% |
100% |
100% |
Lower revenue in Motion Capture reflected ongoing US entertainment and academic headwinds, impacting both our engineering and life sciences markets, although sales activity increased with larger order intake versus FY24 and improved sales in emerging markets and territories.
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FY25 |
FY24 |
Inc/(dec) |
Inc/(dec) |
FY25 |
FY24 |
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Group revenue by geographical area |
£m |
£m |
£m |
% |
Proportion (%) |
Proportion (%) |
|
UK |
11.2 |
6.1 |
5.1 |
84% |
25% |
15% |
|
Europe |
8.3 |
6.4 |
1.9 |
29% |
18% |
15% |
|
North America |
12.5 |
17.5 |
(5.0) |
(29%) |
28% |
42% |
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Asia Pacific |
12.0 |
11.0 |
1.0 |
9% |
27% |
27% |
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Other |
0.8 |
0.5 |
0.3 |
60% |
2% |
1% |
|
Oxford Metrics Group |
44.8 |
41.5 |
3.3 |
8% |
100% |
100% |
All geographical areas strengthened, excluding the United States.
The significant UK increase included the contribution of the two Smart Manufacturing businesses acquired during the year. FY24 growth benefited from the acquisition of IVS and our largest UK Vicon order in history. UK Motion Capture revenue declined by 51% (FY24: +36%) and US Motion Capture declined 33%, with other areas increasing by 7%.
Gross margin decreased to 64.7% (FY24: 66.5%), reflecting the stronger mix of revenue through the Smart Manufacturing division, which is, as expected, typically lower margin than the Motion Capture business, which continues to provide strong margins.
Gross profit for the Group was £29.0m (FY24: £27.6m), an increase of £1.4m.
Financial and operating results
FY25 Key Performance Indicators
The Group's performance is measured against certain key financial performance indicators to monitor growth and performance against strategic and financial plans. These are presented below:
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Group revenue growth: Revenue £44.8m (FY24: £41.5m), up 8% on prior year from increased organic and inorganic sales in smart manufacturing offsetting the lower Motion Capture revenue impacted by the US academic funding headwinds. |
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Maintaining high gross margins: Gross margin 64.7% (FY24: 66.5%), reflecting the expected shift in sales mix towards Smart Manufacturing. |
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Adjusted earnings before interest and tax: £2.2m (FY24: £1.7m), up 29%. Benefiting from the increased revenue and cost savings. |
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Operational cash generation before tax: £6.7m (FY24: £0.3m) improved from favourable working capital movement and strong inventory control. |
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Adjusted basic earnings per share growth: EPS: 1.55p (FY24: 3.01p), reflecting lower interest income on lower cash balances at lower interest rates. |
Adjusted items and alternative performance measures (APMs)
The Group uses APMs to assess its underlying financial performance. Certain items ("adjusted items") are excluded from these measures where management considers they do not reflect the trading performance of the period or where their removal improves comparability. Presenting adjusted items separately provides greater clarity over financial trends and assists with year-on-year analysis. The term "adjusted" is not defined in IFRS and may therefore differ from measures used by other companies.
Adjusted items in the year:
· Restructuring and reorganisation costs: £0.3m (FY24: nil);
· Share option charge: £0.3m (FY24: £0.2m);
· Cost associated with acquisitions: £0.2m (FY24: £0.3m);
· Amortisation of intangibles arising on acquisitions: £0.8m (FY24: £0.5m);
· Costs associated with IMU closure: £0.2m (FY24: £0.9m); and
· Impairment of development costs: £750k (FY24: nil).
|
|
FY25 |
FY24 |
|||||
|
|
Statutory |
Adjustments |
Adjusted |
Statutory |
Adjustments |
Adjusted |
|
|
Revenues |
44.8 |
- |
44.8 |
41.5 |
- |
41.5 |
|
|
Gross Profit |
29.0 |
- |
29.0 |
27.6 |
- |
27.6 |
|
|
GM (%) |
64.8% |
- |
64.8% |
66.5% |
|
66.5% |
|
|
Operating Costs |
(29.4) |
2.6 |
(26.8) |
(29.1) |
3.2 |
(25.9) |
|
|
Operating Profit |
(0.4) |
2.6 |
2.2 |
(1.5) |
3.2 |
1.7 |
|
|
Finance income and expense |
0.5 |
- |
0.5 |
2.0 |
|
2.0 |
|
|
Profit before Tax |
0.1 |
2.6 |
2.7 |
0.5 |
3.2 |
3.7 |
|
|
Earnings before Interest and Tax |
(0.4) |
2.6 |
2.2 |
(1.5) |
3.2 |
1.7 |
|
Operating Costs
Operating costs were £29.4m (FY24: £29.1m). After the adjustments detailed above, operating costs were £26.8m (FY24: £25.9m), £0.9m higher year-on-year. The increase is driven from the impact of the newly acquired business Sempre, which has been offset from savings across most areas reflecting the impact of cost efficiencies implemented during the year and restructuring.
Research and Development expenditure recognised in the Income Statement was £5.2m (FY24: £5.3m), including £0.7m of development costs impaired and stated net of capitalised development costs. Capitalised R&D increased to £3.3m (FY24: £3.1m), reflecting the progression of projects from research into the development phase. Continued investment in innovation remains essential to maintaining the Group's competitive position.
The Group maintained a disciplined approach to cost management, enhancing operational efficiency and reallocating resources toward higher-impact areas This included reviewing adviser and professional fee structures and targeted investment in IT systems to further improve efficiency and position the Group for expansion.
Adjusted EBIT was £2.2m (FY24: £1.7m). This is calculated by adding back £2.6m (FY24: £3.2m), including amortisation and impairment of acquired intangibles, the share option charge and non-recurring items to statutory operating profit. A full reconciliation is available in note 7 to the Financial Statements.
Balance sheet highlights
The Group has a robust and strong balance sheet with cash and fixed term deposits of £37.3m (FY24: £50.7m).
Net assets were £66.4m (FY24: £79.1m), summarised as below:
Goodwill and intangibles
The balance increased to £23.7m (FY24: £18.7m), reflecting the acquisitions of Sempre and Amber Optix (£4.8m combined) and a £3.3m increase in capitalised development costs (FY24: £3.1m), less £1.6m of amortisation of development costs (FY24: £1.6m), £0.7m of impairment of development costs and £0.8m of amortisation of acquired intangibles (FY24: £0.5m). During FY24 there was an impairment of £1.1m of goodwill relating to IMU New Zealand.
Impairment of capitalised development costs
The impairment of £0.7m was due to technical obsolescence in the Motion Capture Markerless project, reflecting the nature of machine learning technology development which was superseded when the product was released during FY25.
Property, plant and equipment (PPE)
PPE decreased to £3.0m (FY24: £3.3m). Additions were £0.4m (FY24: £1.6m), with the prior year including fit-outs and IT and demonstration equipment. Depreciation was £1.2m (FY24: £1.0m).
Right-of-use assets (IFRS16)
The value of right-of-use assets decreased to £3.3m (FY24: £3.5m). Additions in the year related to motor vehicle leases and leasehold assets acquired with Sempre.
Post year-end, the Group is reviewing under-utilised office space, and certain facilities could be exited., Currently we are still in occupation of the facilities, and discussions are ongoing with the landlord. If the decision is made to exit this may lead to an impairment of ROU assets in FY26, values are yet to be quantified.
Inventories
Inventories reduced to £5.9m (FY24: £7.7m), driven by the successful implementation of an inventory reduction and optimisation programme in the Motion Capture division. This was partially offset by £0.5m of net inventory increase from the newly acquired Sempre. A £0.2m provision was released and £0.1m of inventory written off following a review across Vicon and Sempre. Inventory and broader working capital optimisation remain key areas of focus for the Group.
Trade and other receivables
Trade and other receivables increased to £12.9m (FY24: £8.9m), reflecting stronger Q4 trading and additional debtors from Sempre.
Current liabilities
Trade and other payables increased to £11.3m (FY24: £7.3m), driven by higher trade payables (£3.7m vs £1.4m), increased accruals (£2.9m vs £2.5m) and a rise in support contract liabilities and deferred income (£3.7m vs £2.9m) due in part to the addition of Sempre and the higher Q4 revenue.
Cash
The Group ended the year with net cash of £37.3m (FY24: £50.7m), including £22.0m in fixed-term deposits (FY24: £30.0m).
Operating cash inflow increased significantly to £6.7m (FY24: cash outflow £0.4m), benefitting from a £4.9m improvement in working capital, realised through the continued focus on inventory optimisation and operational discipline.
Cash outflows included development giving rise to the addition of intangibles of £3.3m (FY24: £3.1m), acquisitions of £4.2m net of cash acquired (FY24: £6.2m), dividends of £4.2m (FY24: £3.6m) and share buybacks of £8.3m (FY24: £nil)
Surplus cash not required for the day to day working capital needs of the business is held in a variety of 3-12 month deposits with NatWest and Lloyds Bank. Interest received in cash for the year was £1.7m (FY24: £2.4m) The variance between interest received and finance income reported in the income statement reflects accrued interest, arising from the timing difference between the recognition of interest earned and the actual receipt of cash payments.
Tax
The Group tax charge was £0.8m (FY24: credit of £0.1m). Current tax payable £0.1m (FY24: £0.1m) is limited due to the R&D tax credits the company benefits from, the tax expense relates to deferred tax. The Group continues to benefit from research and development tax credits, which, in FY25, are classified as other income and deferred income. The Group's net deferred tax liability increased to £3.1m (FY24: £1.9m).
Capital allocation and management
The Group maintains a disciplined approach to capital allocation, balancing R&D and growth investment, M&A, dividends and share buybacks with the Board reviewing priorities regularly, taking into consideration performance, economic changes and the needs of the business.
Share buyback programme
During the year the Group announced a £10.0m on-market share buyback programme. By year end, £8.3m had been deployed, with 15.9m shares purchased at an average price of £0.52 per share. As at the date of this report, the outflow is approximately £8.6m.
M&A
Enabled by its strong cash balance, Oxford Metrics continues to adopt a disciplined approach to M&A, targeting small bolt-ons, earnings-enhancing deals that add accelerative IP, technology or market reach in Smart Manufacturing and IP-enhancing opportunities in Motion Capture.
Two acquisitions were made during the year:
· 100% of the share capital of The Sempre Group for £3.4m net of cash acquired (including deferred and contingent consideration) on 10 October 2024; and
· 100% of the share capital of Amber Optix for £0.3m net of cash acquired (including deferred consideration) on 4 April 2025 (cash acquired was £1.2m).
Both acquisitions have contributed to Group profitability and provided a step change in scale and capability, expanding our product portfolio, technical IP and commercial reach in measurement and vision solutions.
We continue to only pursue small, bolt-on opportunities that align with our strict criteria and mantra: to find the right acquisitions, at the right price, for the right reasons.
Dividends
Dividends were paid out at 3.25p, reflecting an increase on the previous year (FY24: 2.75p). The Cash impact was £4.2m (FY24: £3.6m). The directors are recommending approval at the Company's Annual General Meeting on 25 February 2026 of a final dividend of 3.25 pence per share. This dividend is currently not covered by the year's profits, but due to the increase in operational cash generation and the Group's high cash balance, the directors for this year are recommending payment.
Financial Outlook
The Group is well positioned as it looks ahead into FY26 and beyond, supported by a robust balance sheet, underpinned by a strong cash & fixed term deposit position of £37.3m that provides the business with the resource for ongoing investment and M&A activities to support growth.
The Group has begun FY26 in line with expectations. The focus remains on growth with the merger of the Smart Manufacturing businesses into one trading company and structure, the continuation of a group wide cost efficiency drive and advancement of the Motion Capture product roadmap.
consolidated INCOME statement
for the year ended 30 september 2025
|
|
|
|
Restated (see note 11) |
|
|
Note |
2025 £'000 |
2024 £'000 |
|
Revenue |
3 |
44,774 |
41,459 |
|
Cost of sales |
|
(15,776) |
(13,868) |
|
|
|
|
|
|
Gross profit |
|
28,998 |
27,591 |
|
Sales, support and marketing costs |
|
(10,394) |
(8,795) |
|
Research and development costs |
|
(5,230) |
(5,321) |
|
Administrative expenses |
|
(13,781) |
(14,991) |
|
Other income |
|
16 |
- |
|
|
|
|
|
|
Operating loss |
|
(391) |
(1,516) |
|
Finance income |
|
1,268 |
2,334 |
|
Finance expense |
|
(792) |
(276) |
|
|
|
|
|
|
Profit before taxation |
|
85 |
542 |
|
Taxation |
7 |
(766) |
216 |
|
|
|
|
|
|
(Loss)/profit attributable to owners of the parent during the year |
|
(681) |
758 |
|
|
|
|
|
|
Earnings per share for profit on total operations attributable to owners of the parent during the year |
|
|
|
|
Basic (loss)/earnings per ordinary share (pence) |
8 |
(0.55)p |
0.58p |
|
Diluted (loss)/earnings per ordinary share (pence) |
8 |
(0.55)p |
0.56p |
|
|
|
|
|
COnsolidated statement of comprehensive income FOR THE YEAR ENDED 30 sEPTEMBER 2025
|
|
|
Group |
Group |
|
|
|
2025 |
2024 |
|
|
|
£'000 |
£'000 |
|
Net loss for the year |
|
(681) |
758 |
|
Other comprehensive income/(expense) |
|
|
|
|
Items that will or may be reclassified to profit or loss |
|
|
|
|
Exchange differences on retranslation of overseas subsidiaries |
|
62 |
(406) |
|
Tax credit on translation differences |
|
- |
81 |
|
Total other comprehensive income/(expense) |
|
62 |
(325) |
|
Total comprehensive (expense)/income for the year attributable to owners of the parent |
|
(619) |
433 |
consolidated statement of financial position AS AT 30 september 2025
|
COMPANY NUMBER 03998880 |
Group 2025 £'000 |
Group 2024 £'000 |
|
Non-current assets |
|
|
|
Goodwill and intangible assets |
23,681 |
18,714 |
|
Property, plant and equipment |
3,007 |
3,257 |
|
Right of use assets |
3,255 |
3,534 |
|
Financial asset - investments |
236 |
236 |
|
Deferred tax asset |
- |
- |
|
|
30,179 |
25,741 |
|
Current assets |
|
|
|
Inventories |
5,890 |
7,737 |
|
Trade and other receivables |
12,863 |
8,932 |
|
Current tax receivable |
663 |
425 |
|
Fixed term deposits |
22,000 |
30,000 |
|
Cash and cash equivalents |
15,303 |
20,723 |
|
|
56,719 |
67,817 |
|
|
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
(11,420) |
(7,344) |
|
Current tax payable |
(54) |
(124) |
|
Deferred consideration payable |
(836) |
(436) |
|
Lease liabilities |
(1,363) |
(1,174) |
|
|
(13,673) |
(9,078) |
|
|
|
|
|
Net current assets |
43,046 |
58,739 |
|
Total assets less current liabilities |
73,225 |
84,480 |
|
|
|
|
|
Non-current liabilities |
|
|
|
Other liabilities |
(1,495) |
(848) |
|
Lease liabilities |
(2,170) |
(2,601) |
|
Provisions |
(74) |
(59) |
|
Deferred tax liability |
(3,117) |
(1,879) |
|
|
(6,856) |
(5,387) |
|
|
|
|
|
Net assets |
66,369 |
79,093 |
|
|
|
|
|
Capital and reserves attributable to owners of the parent |
|
|
|
Share capital |
289 |
329 |
|
Shares to be issued |
65 |
65 |
|
Share premium account |
19,494 |
19,494 |
|
Merger reserve |
870 |
870 |
|
Retained earnings |
45,079 |
57,865 |
|
Capital redemption reserve |
40 |
- |
|
Foreign currency translation reserve |
532 |
470 |
|
Total equity shareholders' funds |
66,369 |
79,093 |
consolidated STATEMENT of CASHFLOWS
For the YEAR ended 30 september 2025
|
|
|
2025 |
2024 |
|
|
|
£'000 |
£'000 |
|
Cash flows from operating activities |
|
|
|
|
Total (loss)/profit for the year |
|
(681) |
758 |
|
|
|
|
|
|
Income tax expense/(credit) |
|
766 |
(216) |
|
Finance income |
|
(1,268) |
(2,334) |
|
Finance expense |
|
792 |
276 |
|
Depreciation and amortisation |
|
4,722 |
4,072 |
|
Impairment of intangible assets |
|
750 |
1,273 |
|
Loss on sale of property, plant and equipment |
|
22 |
- |
|
Share-based payments |
|
348 |
211 |
|
Decrease/(increase) in inventories |
|
2,522 |
(285) |
|
(Increase)/decrease in receivables |
|
(3,494) |
1,108 |
|
Increase/(decrease) in payables |
|
2,186 |
(4,540) |
|
Cash generated from operating activities |
|
6,665 |
323 |
|
|
|
|
|
|
Tax paid |
|
(3) |
(755) |
|
|
|
|
|
|
Net cash generated from/(used in) operating activities |
|
6,662 |
(432) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of property, plant and equipment |
|
(457) |
(1,611) |
|
Purchase of intangible assets |
|
(3,260) |
(3,086) |
|
Acquisition of subsidiary undertaking, net of cash acquired |
|
(4,172) |
(6,231) |
|
Proceeds on disposal of property, plant and equipment |
|
6 |
12 |
|
Cash placed on fixed term deposits |
|
(47,000) |
(57,968) |
|
Fixed term deposits maturing |
|
55,000 |
69,968 |
|
Interest received |
|
1,723 |
2,388 |
|
|
|
|
|
|
Net cash generated from investing activities |
|
1,840 |
3,472 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Principal paid on lease liabilities |
|
(1,130) |
(825) |
|
Interest paid |
|
(16) |
(3) |
|
Interest paid on lease liabilities |
|
(271) |
(291) |
|
Issue of ordinary shares |
|
- |
10 |
|
Own shares repurchased for cancellation |
|
(8,257) |
- |
|
Equity dividends paid |
|
(4,193) |
(3,615) |
|
|
|
|
|
|
Net cash used in financing activities |
|
(13,867) |
(4,724) |
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
(5,365) |
(1,684) |
|
|
|
|
|
|
Cash and cash equivalents at beginning of the period |
|
20,723 |
22,791 |
|
|
|
|
|
|
Exchange loss on cash and cash equivalents |
|
(55) |
(384) |
|
|
|
|
|
|
|
|
|
|
|
|
|
15,303 |
20,723 |
CONSOLIDATED AND COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
|
Group |
Share capital |
Shares to be issued |
Share premium account |
Merger Reserve |
Retained earnings |
Capital redemption Reserve |
Foreign currency translation reserve |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Balance as at 30 September 2023 |
326 |
65 |
19,487 |
- |
60,451 |
- |
876 |
81,205 |
|
|
|
|
|
|
|
|
|
|
|
Net profit for the year |
- |
- |
- |
- |
758 |
- |
- |
758 |
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on retranslation of overseas subsidiaries |
- |
- |
- |
- |
- |
- |
(406) |
(406) |
|
|
|
|
|
|
|
|
|
|
|
Tax credit on translation differences |
- |
- |
- |
- |
81 |
- |
- |
81 |
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax recognised directly in equity in relation to employee share option schemes |
- |
- |
- |
- |
(21) |
- |
- |
(21) |
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
(3,615) |
- |
- |
(3,615) |
|
|
|
|
|
|
|
|
|
|
|
Issue of share capital |
3 |
- |
7 |
870 |
- |
- |
- |
880 |
|
|
|
|
|
|
|
|
|
|
|
Share based payment charge |
- |
- |
- |
- |
211 |
- |
- |
211 |
|
|
|
|
|
|
|
|
|
|
|
Balance as at 30 September 2024 |
329 |
65 |
19,494 |
870 |
57,865 |
- |
470 |
79,093 |
|
|
|
|
|
|
|
|
|
|
|
Net profit for the year |
- |
- |
- |
- |
(681) |
- |
- |
(681) |
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on retranslation of overseas subsidiaries |
- |
- |
- |
- |
- |
- |
62 |
62 |
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax recognised directly in equity in relation to employee share option schemes |
- |
- |
- |
- |
(3) |
- |
- |
(3) |
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
(4,193) |
- |
- |
(4,193) |
|
|
|
|
|
|
|
|
|
|
|
Purchase of own shares for cancellation |
(40) |
- |
- |
- |
(8,257) |
40 |
- |
(8,257) |
|
|
|
|
|
|
|
|
|
|
|
Share based payment charge |
- |
- |
- |
- |
348 |
- |
- |
348 |
|
|
|
|
|
|
|
|
|
|
|
Balance as at 30 September 2025 |
289 |
65 |
19,494 |
870 |
45,079 |
40 |
532 |
66,369 |
|
|
|
|
|
|
|
|
|
|
|
1. Basis of preparation of the financial information
The financial information in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of IFRSs, this announcement does not itself contain sufficient information to comply with IFRSs.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Group's accounting policies which affect the reported amount of assets and liabilities at the statement of financial position date and the reported amounts of revenues and expenses during the reported period. Although the estimates are based on management's best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates.
The financial information for the year ended 30 September 2025 as set out in this preliminary announcement does not constitute the statutory accounts of the Group for the relevant year within the meaning of section 435 of the Companies Act 2006. The financial statements for the year ended 30 September 2025 will be delivered to the Registrar of Companies following the Company's annual general meeting. The Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows for the year ended 30 September 2024 and the Consolidated Statement of Financial Position as at 30 September 2024 have been derived from the full Group accounts published in the Annual Report and Financial Statements 2024. These have been delivered to the Registrar of Companies and on which the report of the independent auditors was unqualified and did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006.
2. Basis of consolidation The consolidated financial information incorporates the results of the Company and all of its subsidiary undertakings drawn up to 30 September 2025.
3. Revenue from contracts with customers
|
|
||
|
|
2025 |
2024 |
|
|
Revenue |
£'000 |
£'000 |
|
|
|
|
|
|
|
Motion Capture |
31,986 |
38,590 |
|
|
Smart manufacturing |
12,788 |
2,869 |
|
|
|
44,774 |
41,459 |
|
|
|
2025 Motion Capture £'000 |
2025 Smart Manufacturing £'000 |
2025 Total Group £'000 |
|
||||||
|
Timing of the transfer of goods and services |
|
|
|
|
||||||
|
Point in time |
28,089 |
10,301 |
38,390 |
|
||||||
|
Over time |
3,897 |
2,487 |
6,384 |
|
||||||
|
Total |
31,986 |
12,788 |
44,774 |
|
||||||
|
|
|
|
|
|
||||||
|
Contract Counterparties |
|
|
|
|
||||||
|
Direct to consumers |
16,172 |
12,788 |
28,960 |
|
||||||
|
Third party distributor |
15,814 |
- |
15,814 |
|
||||||
|
Total |
31,986 |
12,788 |
44,774 |
|
||||||
|
|
|
|
|
|
||||||
|
By destination |
|
|
|
|
||||||
|
UK |
2,132 |
9,068 |
11,200 |
|
||||||
|
Europe |
5,869 |
2,400 |
8,269 |
|
||||||
|
USA |
9,879 |
405 |
10,284 |
|
||||||
|
Rest of North America |
1,621 |
610 |
2,231 |
|
||||||
|
Asia Pacific |
12,015 |
- |
12,015 |
|
||||||
|
Other |
470 |
305 |
775 |
|
||||||
|
|
31,986 |
12,788 |
44,774 |
|
||||||
|
|
|
|
|
|
|
|||||
|
By origin
|
|
|
|
|
||||||
|
UK |
17,723 |
12,082 |
29,805 |
|
||||||
|
Europe |
1,821 |
706 |
2,527 |
|
||||||
|
North America |
12,442 |
- |
12,442 |
|
||||||
|
|
31,986 |
12,788 |
44,774 |
|
||||||
|
By market
|
|
|
|
|
||||||
|
Engineering |
5,062 |
- |
5,062 |
|
||||||
|
Entertainment |
14,727 |
- |
14,727 |
|
||||||
|
Life Sciences |
12,197 |
- |
12,197 |
|
||||||
|
Smart Manufacturing |
- |
12,788 |
12,788 |
|
||||||
|
|
31,986 |
12,788 |
44,774 |
|
||||||
|
By type
|
|
|
|
|
||||||
|
Sale of hardware |
26,115 |
10,202 |
36,317 |
|
||||||
|
Sale of software |
1,975 |
252 |
2,227 |
|
||||||
|
Services and support |
3,896 |
2,334 |
6,230 |
|
||||||
|
|
31,986 |
12,788 |
44,774 |
|
||||||
|
|
2024 Motion Capture £'000 |
2024 Smart Manufacturing £'000 |
2024 Total Group £'000 |
|
||||||
|
Timing of the transfer of goods and services |
|
|
|
|
||||||
|
Point in time |
33,765 |
393 |
34,158 |
|
||||||
|
Over time |
4,825 |
2,476 |
7,301 |
|
||||||
|
Total |
38,590 |
2,869 |
41,459 |
|
||||||
|
|
|
|
|
|
||||||
|
Contract Counterparties |
|
|
|
|
||||||
|
Direct to consumers |
24,222 |
2,869 |
27,091 |
|
||||||
|
Third party distributor |
14,368 |
- |
14,368 |
|
||||||
|
Total |
38,590 |
2,869 |
41,459 |
|
||||||
|
|
|
|
|
|
||||||
|
By destination |
|
|
|
|
||||||
|
UK |
4,326 |
1,761 |
6,087 |
|
||||||
|
Europe |
5,938 |
475 |
6,413 |
|
||||||
|
USA |
15,516 |
6 |
15,522 |
|
||||||
|
Rest of North America |
1,533 |
480 |
2,013 |
|
||||||
|
Asia Pacific |
10,968 |
11 |
10,979 |
|
||||||
|
Other |
309 |
136 |
445 |
|
||||||
|
|
38,590 |
2,869 |
41,459 |
|
||||||
|
|
|
|
|
|
|
|||||
|
By origin
|
|
|
|
|
||||||
|
UK |
19,690 |
2,869 |
22,559 |
|
||||||
|
Europe |
1,560 |
- |
1,560 |
|
||||||
|
North America |
17,340 |
- |
17,340 |
|
||||||
|
|
38,590 |
2,869 |
41,459 |
|
||||||
|
By market
|
|
|
|
|
||||||
|
Engineering |
8,100 |
- |
8,100 |
|
||||||
|
Entertainment |
15,851 |
- |
15,851 |
|
||||||
|
Life Sciences |
14,639 |
- |
14,639 |
|
||||||
|
Smart Manufacturing |
- |
2,869 |
2,869 |
|
||||||
|
|
38,590 |
2,869 |
41,459 |
|
||||||
|
By type
|
|
|
|
|
||||||
|
Sale of hardware |
30,626 |
2,734 |
33,360 |
|
||||||
|
Sale of software |
1,741 |
12 |
1,753 |
|
||||||
|
Services and support |
6,223 |
123 |
6,346 |
|
||||||
|
|
38,590 |
2,869 |
41,459 |
|
||||||
Contract balances
|
|
2025 |
|
|
|
Contract assets |
Contract liabilities |
|
|
£'000 |
£'000 |
|
|
|
|
|
At 1 October 2024 |
144 |
(3,773) |
|
|
|
|
|
On acquisition |
26 |
(665) |
|
|
|
|
|
Transfers from contract assets to trade receivables during the period |
(138) |
- |
|
|
|
|
|
Amounts included in contract liabilities recognised as revenue during the period |
- |
3,189 |
|
|
|
|
|
Excess of revenue recognised over invoices raised during the period |
551 |
- |
|
|
|
|
|
Invoices raised in advance of performance and not recognised as revenue during the period |
- |
(3,523) |
|
|
|
|
|
Foreign exchange differences |
- |
6 |
|
|
|
|
|
At 30 September 2025 |
583 |
(4,766) |
|
|
2024 |
|
|
|
Contract assets |
Contract liabilities |
|
|
£'000 |
£'000 |
|
At 1 October 2023 |
- |
(4,528) |
|
|
|
|
|
On acquisition |
18 |
(438) |
|
|
|
|
|
Transfers from contract assets to trade receivables during the period |
(18) |
- |
|
|
|
|
|
Amounts included in contract liabilities recognised as revenue during the period |
- |
4,145 |
|
|
|
|
|
Excess of revenue recognised over invoices raised during the period |
144 |
|
|
Invoices raised in advance of performance and not recognised as revenue during the period |
- |
(3,199) |
|
|
|
|
|
Foreign exchange differences |
- |
247 |
|
|
|
|
|
At 30 September 2024 |
144 |
(3,773) |
Contract assets and contract liabilities are included within trade and other assets and trade and other payables and other liabilities respectively on the face of the statement of financial position. They arise primarily from the Group's support contracts which are delivered over time and where the cumulative payments received from customers at each balance sheet date do not necessarily equal the amount of revenue recognised on the contract.
Remaining performance obligations
The majority of the Group's contracts are for the delivery of goods and services within the next 12 months. However, some software and support contracts are for a period greater than 12 months and the amount of revenue that will be recognised in future periods on these contracts is as follows:
|
At 30 September 2025
|
2026 |
2027 |
2028 |
2029 |
2030 |
2031 and beyond |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Support contracts |
2,885 |
670 |
282 |
106 |
40 |
7 |
|
Smart Manufacturing contracts |
776 |
- |
- |
- |
- |
- |
|
|
3,661 |
670 |
282 |
106 |
40 |
7 |
|
At 30 September 2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
2030 and beyond |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Support contracts |
2,732 |
480 |
225 |
99 |
23 |
21 |
|
Smart Manufacturing contracts |
193 |
- |
- |
- |
- |
- |
|
|
2,925 |
480 |
225 |
99 |
23 |
21 |
4. Segmental analysis
Segment information is presented in the 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.
During the year the Group comprised the following business segments:
· Motion Capture: This is the development, production and sale of computer software and equipment for the engineering, entertainment and life science markets.
· Smart Manufacturing: This is the development, production and sale of vision inspection systems.
Other unallocated costs represent head office expenses not recharged to subsidiary companies and interest received on surplus cash balances.
Inter segment transfers are priced along the same lines as sales to external customers, with an appropriate discount being applied to encourage use of Group resources. This policy was applied consistently throughout the current and prior year. There were no significant inter segment transfers during the current or prior year.
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories and trade and other receivables. Unallocated assets comprise deferred taxation, investments and cash and cash equivalents.
No individual customer accounts for more than 10% of revenue.
Adjusted earnings before interest and tax are detailed in note 7.
|
2025 |
Motion Capture |
Smart Manufacturing |
Unallocated |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
Total revenue |
37,382 |
13,041 |
- |
50,423 |
|
Inter segment revenue |
(5,396) |
(253) |
- |
(5,649) |
|
Revenue from external customers |
31,986 |
12,788 |
- |
44,774 |
|
|
|
|
|
|
|
Depreciation |
1,021 |
141 |
20 |
1,182 |
|
Amortisation and impairment |
3,287 |
1,003 |
- |
4,290 |
|
|
|
|
|
|
|
Profit/(loss) before tax |
204 |
942 |
(1,061) |
85 |
|
|
|
|
|
|
|
Finance income |
(5) |
(10) |
(1,253) |
(1,268) |
|
Finance expense |
663 |
64 |
65 |
792 |
|
Earnings/(loss) before interest and tax |
862 |
996 |
(2,249) |
(391) |
|
2024 Restated (see note 31) |
Motion Capture |
Smart Manufacturing |
Unallocated |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
Total revenue |
47,448 |
2,869 |
- |
50,317 |
|
Inter segment revenue |
(8,858) |
- |
- |
(8,858) |
|
Revenue from external customers |
38,590 |
2,869 |
- |
41,459 |
|
|
|
|
|
|
|
Depreciation |
902 |
32 |
21 |
955 |
|
Amortisation |
2,685 |
432 |
- |
3,117 |
|
|
|
|
|
|
|
(Loss)/profit before tax |
(1,182) |
(314) |
2,038 |
542 |
|
|
|
|
|
|
|
Finance income |
(42) |
(15) |
(2,277) |
(2,334) |
|
Finance expense |
249 |
27 |
- |
276 |
|
Loss before interest and tax |
(975) |
(302) |
(239) |
(1,516) |
|
|
|
|
|
|
|
|
Non-current assets |
Additions to non-current assets |
Carrying amount of segment assets |
Carrying amount of segment liabilities |
||||
|
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
Motion Capture |
15,781 |
16,440 |
3,652 |
4,684 |
34,418 |
35,767 |
(13,012) |
(11,292) |
|
|
|
|
|
|
|
|
|
|
|
Smart manufacturing |
14,153 |
9,038 |
5,779 |
8,858 |
22,740 |
10,593 |
(6,155) |
(1,872) |
|
|
|
|
|
|
|
|
|
|
|
Unallocated |
245 |
263 |
2 |
7 |
29,740 |
47,198 |
(1,362) |
(1,301) |
|
|
|
|
|
|
|
|
|
|
|
Oxford Metrics Group |
30,179 |
25,741 |
9,433 |
13,549 |
86,898 |
93,558 |
(20,529) |
(14,465) |
5. (Loss)profit for the year
The (loss)/profit for the year is stated after charging / (crediting):
|
|
2025 |
2024 |
|
|
£'000 |
£'000 |
|
Amortisation of right of use assets |
1,191 |
1,021 |
|
Depreciation of property, plant and equipment - owned |
1,182 |
955 |
|
Amortisation of intellectual property |
414 |
394 |
|
Amortisation of customer relationships |
337 |
124 |
|
Amortisation of brand |
51 |
17 |
|
Amortisation of development costs |
1,547 |
1,561 |
|
Impairment of development costs |
750 |
- |
|
Impairment of intellectual property |
- |
197 |
|
Impairment of goodwill |
- |
1,076 |
|
Share option charges |
348 |
211 |
|
Foreign exchange loss |
215 |
601 |
6. Reconciliation of adjusted EBIT
The adjusted EBIT is considered by the Board to more accurately reflect the underlying operating performance of the business on a go-forward basis and complements the statutory measure as reported in the Consolidated Income Statement.
The reconciliation of operating profit to adjusted EBIT provided below includes the following items:
· restructuring and acquisition costs that are non-recurring in nature.
· non-cash items which arise from the accounting treatment of share-based payments, amortisation, impairment of acquired intangibles and impairment of development costs.
· costs associated with the closure of our IMU business which are non-recurring and are not related to ongoing activities.
· research and development tax credit which has arisen in 2025 due to a change in the rules resulting in the Group claiming under the new merged scheme.
As adjusted results exclude significant costs (such as restructuring costs and amortisation of intangibles), they should not be regarded as a complete picture of the Group's financial performance, which is presented in its total results. The exclusion of adjusting items may result in adjusted earnings being materially higher or lower than total earnings. When significant impairments, restructuring charges and legal costs are excluded, adjusted earnings will be higher than total earnings. The calculation of adjusted earnings per share uses the adjusted profit after tax to provide a measure which reflects the underlying operating performance of the business.
|
Oxford Metrics Group |
2025 |
2024 |
|||
|
|
£'000 |
£'000 |
|||
|
Operating (loss)/profit |
(391) |
(1,516) |
|||
|
Share option charges |
348 |
211 |
|||
|
Amortisation of intangibles arising on acquisition |
798 |
524 |
|||
|
Impairment of goodwill and intellectual property |
- |
1,273 |
|||
|
Impairment of development costs |
750 |
- |
|||
|
Acquisition costs |
212 |
295 |
|||
|
Research and development tax credit |
(16) |
- |
|||
|
Costs associated with the closure of IMU |
208 |
895 |
|||
|
Restructuring costs |
305 |
- |
|||
|
Adjusted earnings before interest and tax |
2,214 |
1,682 |
|||
|
|
|
|
|||
|
Finance income |
1,268 |
2,334 |
|||
|
Finance expense |
(792) |
(276) |
|||
|
Taxation |
(766) |
216 |
|||
|
Adjusted profit after tax |
1,924 |
3,956 |
|||
|
|
|
|
|||
|
Adjusted earnings per share for profit attributable to owners of the parent during the year |
|
|
|
|
|
|
Basic earnings per share (pence) |
|
|
1.55p |
3.01p |
|
|
Diluted earnings per share (pence) |
|
|
1.51p |
2.98p |
|
|
|
|
|
|
|
|
|
Motion Capture |
2025 |
2024 |
|||
|
|
£'000 |
£'000 |
|||
|
Operating profit/(loss) |
862 |
(975) |
|||
|
Share option charges |
- |
18 |
|||
|
Amortisation of intangibles arising on acquisition |
190 |
189 |
|||
|
Impairment of goodwill and intellectual property |
- |
1,273 |
|||
|
Impairment of development costs |
750 |
- |
|||
|
Restructuring costs |
305 |
- |
|||
|
Research and development tax credit |
(16) |
- |
|||
|
Costs associated with the closure of IMU |
208 |
895 |
|||
|
Adjusted earnings before interest and tax |
2,299 |
1,472 |
|||
|
|
|
|
|||
|
Smart Manufacturing |
2025 |
2024 |
|
|
£'000 |
£'000 |
|
Operating profit/(loss) |
996 |
(302) |
|
Amortisation of intangibles arising on acquisition |
608 |
262 |
|
Adjusted earnings before interest and tax |
1,604 |
(40) |
|
|
|
|
In the current financial year there has been a change in the way head office expenses are allocated to subsidiaries in the Group to only charge the costs and shared services associated with the individual divisions.
This has resulted in an increase in unallocated expenses remaining in Oxford Metrics plc.
7. Taxation
The tax is based on the profit for the year and represents:
|
|
2025 |
2024 |
|
|
£'000 |
£'000 |
|
United Kingdom corporation tax at 25.0% (2024: 25.0%) |
7 |
1 |
|
Overseas taxation |
102 |
288 |
|
Adjustments in respect of prior year |
(14) |
(140) |
|
Current taxation |
95 |
149 |
|
Deferred taxation (note 20) |
671 |
(365) |
|
Total taxation (credit)/expense |
766 |
(216) |
At 30 September 2025, the Group had an undiscounted deferred tax asset of £1,455,000 (2024: £2,266,000). The asset comprises principally short term timing differences, future tax relief available on the exercise of outstanding employee share options in Oxford Metrics plc and unrelieved trading losses carried forward for which recoverability is reasonably certain.
Deferred tax assets and liabilities have been measured at an effective rate of 25% in both the UK and USA (2024: 25%) and are detailed in note 20.
The tax assessed for the year is higher than the standard rate of corporation tax in the UK of 25.0% (2024: lower than the standard rate of 25%).
The differences are explained as follows:
|
|
2025 |
2024 |
|
|
£'000 |
£'000 |
|
Profit on ordinary activities before tax |
1,327 |
542 |
|
Expected tax expense based on the rate of |
332 |
136 |
|
Effect of: |
|
|
|
Expenses not deductible for tax purposes |
260 |
436 |
|
Movement in unrecognised deferred tax asset |
271 |
281 |
|
Adjustments to tax charge in respect of prior year current tax |
(14) |
(140) |
|
Adjustments to tax charge in respect of prior year deferred tax |
(110) |
(84) |
|
Higher rates on overseas taxation |
(23) |
(70) |
|
Research and development enhanced deduction |
- |
(775) |
|
Effect of tax rate change |
50 |
- |
|
Total tax expense/(credit) |
766 |
(216) |
8. Earnings/(loss) per share
|
|
2025 |
2024 |
||||
|
|
Earnings |
Weighted average number of shares |
Per share amount |
Earnings |
Weighted average number of shares |
Per share amount |
|
|
£'000 |
'000 |
pence |
£'000 |
'000 |
pence |
|
Basic (loss)/earnings per share |
|
|
|
|
|
|
|
Earnings attributable to ordinary shareholders |
(681) |
124,364 |
(0.55) |
758 |
131,338 |
0.58 |
|
Dilutive effect of employee share options |
- |
2,837 |
- |
- |
1,504 |
(0.02) |
|
Diluted (loss)/earnings per share |
(681) |
127,201 |
(0.55) |
758 |
132,842 |
0.56 |
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares (share options). For share options a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscriptions rights and outstanding share based payment charges attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise price of the share options.
9. Dividends
|
|
2025 |
2024 |
|
Equity - ordinary |
£'000 |
£'000 |
|
Final 2023 paid in 2024 (2.75 pence per share) |
- |
3,615 |
|
Final 2024 paid in 2025 (3.25 pence per share) |
4,193 |
- |
|
|
4,193 |
3,615 |
The directors are proposing a final dividend in respect of the financial year ended 30 September 2025 of 3.25 pence per share (2024: 3.25 pence per share) which will absorb an estimated £3,756,000 of shareholders' funds. This dividend will be paid on 27 March 2026 to shareholders who are on the register of members at close of business on 13 February 2026 subject to approval at the AGM. These dividends have not been accrued in these financial statements.
10. Prior period restatement
At the start of FY24, the decision was taken to begin winding down operations at IMeasureU (New Zealand) Limited. On 31 March 2024, we classified the business as 'held for sale' while we negotiated its disposal. The sale did not complete. By 30 September 2024, we had stopped negotiations and decided to abandon the business. IMeasureU (New Zealand) Limited still has outstanding contractual obligations under revenue service contracts that must be fulfilled, and there are ongoing costs from contracts entered into before we made that decision
We have restated the prior year comparative because IMeasureU (New Zealand) Limited was incorrectly presented as a discontinued operation. As it did not meet the criteria for a discontinued operation, we now present it within continuing operations. We set out the impact of the restatement below. There is no impact on profit for the year, net assets or other primary statements.
|
|
|
As previously reported |
|
As restated |
|
Consolidated statement of comprehensive income |
|
2024 £'000 |
Effect £'000 |
2024 £'000 |
|
Gross profit |
|
27,591 |
- |
27,591 |
|
Sales, support and marketing costs |
|
(8,795) |
- |
(8,795) |
|
Research and development costs |
|
(5,152) |
(169) |
(5,321) |
|
Administrative expenses |
|
(12,920) |
(2,071) |
(14,991) |
|
Operating profit |
|
724 |
(2,240) |
(1,516) |
|
Finance income |
|
2,334 |
- |
2,334 |
|
Finance expense |
|
(276) |
- |
(276) |
|
Profit before taxation |
|
2,782 |
(2,240) |
542 |
|
Taxation |
|
149 |
67 |
216 |
|
Profit from continuing operations |
|
2,931 |
|
758 |
|
Loss from discontinued operations net of tax |
|
(2,173) |
2,173 |
- |
|
Profit attributable to owners of the parent during the year |
|
758 |
- |
758 |
|
|
|
|
|
|
|
Total comprehensive income for the period attributable to owners of the parent |
|
433 |
- |
433 |
|
|
|
|
|
|
|
Adjusted earnings per share from continuing operations |
|
As previously reported |
Effect |
As restated |
|
Basic earnings per share |
|
2.96p |
0.05p |
3.01p |
|
Diluted earnings per share |
|
2.93p |
0.05p |
2.98p |
11. Copies of announcement
Copies of this announcement will be available from the Company's registered office at 6 Oxford Industrial Park, Yarnton, Oxfordshire, OX5 1QU and from the Company's website: www.oxfordmetrics.com.
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