Here is a summary of the trading update from Oxford Metrics PLC
Oxford Metrics PLC, a smart sensing software company, has released a trading update for the financial year ending September 30, 2024. While the company maintains a healthy pipeline, extended buying cycles and cautious customer behavior have impacted their performance. The Group now expects lower revenues (£40-£42 million) and adjusted PBT below market expectations for the financial year.
On a segmental basis, Vicons Engineering and Life Sciences sectors are slightly behind, and Entertainment has been impacted by the slowdown in the global games industry. However, Markerless technology remains on track for commercial delivery in FY25, with positive feedback and demand securing 10 cornerstone customers.
Despite the revised financial expectations, Oxford Metrics maintains a strong financial position with high gross margins and a robust net cash position of £50 million. The company intends to pursue M&A opportunities within the smart manufacturing space to enhance its recent acquisition of Industrial Vision Systems and drive further growth.
More details will be provided in the Preliminary Results announcement expected on December 3, 2024.