Oxford Metrics PLC on Tuesday said profit was down despite revenue being up, while it increased its total financial year dividend to shareholders.

The Oxfordshire, England-based software company said pretax profit in the financial year that ended September 30 was £2.7 million, down 25% from £3.6 million a year earlier. Revenue was up 4.5% to £28.8 million from £27.6 million.

Oxford Metrics said the fall in profit was partly due to the deferral of orders in the new financial year. Its order book was a record £24.0 million on September 30, multiplying from £5.9 million a year earlier due to buoyant market demand.

Cost of sales also increased by 9.3% to £9.4 million from £8.6 million, alongside a 25% increase in sales, support and marketing costs to £6.6 million from £5.3 million.

Its net cash position on September 30 trebled to £67.7 million from £23.0 million, after the sale of Yotta to Causeway Technologies for £52.0 million in May.

This allowed Oxford Metrics to declare an increased total dividend for its financial 2022 of 2.50 pence to shareholders, up 25% from 2.00p a year earlier.

Oxford Metrics said demand remains strong and believes supply chain constraints are gradually easing.

‘We enter a new financial year with our largest ever set of orders-in-hand and demand for our systems remains buoyant. While we have seen a deferment of shipments due to wider global supply chain constraints, this situation is gradually improving, and our commercial momentum is regaining pace,’ said Chief Executive Nick Bolton.

Bolton continued: ‘The successful sale of Yotta brings even greater clarity to our go-forward growth plan and our energy and excitement to capitalise on the smart sensing opportunity that lies ahead. The board looks forward to the new financial year which is set to be a year of opportunity and growth.’

Shares in Oxford Metrics were up 9.4% to 98.98p each in London on Tuesday morning.

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