Audited Preliminary Results

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.

 

 

	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.

 

·	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.
·	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).
·	Smart Manufacturing revenue up 341% to £12.8m (FY24: £2.9m), including 38% organic growth and contributions from two acquisitions.
·	Operating cash generation before tax up to £6.7m (FY24: £0.3m), following continued focus on inventory optimisation and stronger working capital management.
·	Reduction in PBT mainly reflecting lower net finance income following increased shareholder returns and investment.
·	£12.5m returned to shareholders through buybacks and dividends, reflecting confidence in the Group's cash generation and balance sheet strength.

 

 

·	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.
·	Launch of Markerless Motion Capture, complementing the core marker-based systems, positioning the Group for next-generation growth and expanding ARR opportunities.
·	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.
·	New divisional heads appointed (one post-period) as part of the Group's broader programme to enhance operational focus and commercial delivery.

 

 

·	Q1 trading to date in line with the Board's expectations.
·	Refocusing Motion Capture resources on geographies with clearer momentum supported by a targeted product delivery roadmap.
·	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.
·	Strong balance sheet supports strategic organic investment and selective small bolt on M&A.
·	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.

 

 

"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."

 

 

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.

 

 

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.

 

 

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.

 

 

A copy of the Results Presentation and FY25 Annual Report will be available on our website shortly.

 

 

Oxford Metrics	+44 (0)1865 261 860
Imogen O'Connor, CEO
Zoe Fox, CFO
Panmure Liberum (NOMAD & Broker)	+44 (0)20 3100 2000
James Sinclair-Ford / Rupert Dearden / Gaya Bhatt
Alma Strategic Communications	+44 (0)20 3405 0205
Hilary Buchanan / Rebecca Sanders-Hewett / David Ison / Kinvara Verdon	oxfordmetrics@almastrategic.com

 

 

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.

 

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.

 

 

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

 

·	Successfully allocated resources to growth opportunities in APAC and EMEAI, partially offsetting revenue pressure from ongoing headwinds in US academic and entertainment markets.
·	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.
·	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

 

·	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.
·	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.
·	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

 

·	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.
·	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.
·	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.

 

 

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

 

	FY25 (£m)				FY24 (£m)
	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				2.0
Profit Before Tax				0.1				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

 

	FY25	FY24	Inc/(dec)	Inc/(dec)	FY25	FY24
Group revenue by market	£m	£m	£m	%	Proportion (%)	Proportion (%)
Engineering	5.1	8.1	(3.0)	(38%)	11%	20%
Entertainment	14.7	15.9	(1.2)	(7%)	33%	38%
Life sciences	12.2	14.6	(2.4)	(17%)	27%	35%
Motion Capture	32.0	38.6	(6.6)	(17%)	71%	93%
Smart Manufacturing	12.8	2.9	9.9	341%	29%	7%
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.

	FY25	FY24	Inc/(dec)	Inc/(dec)	FY25	FY24
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%
Asia Pacific	12.0	11.0	1.0	9%	27%	27%
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:

 

·	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.
·	Maintaining high gross margins: Gross margin 64.7% (FY24: 66.5%), reflecting the expected shift in sales mix towards Smart Manufacturing.
·	Adjusted earnings before interest and tax: £2.2m (FY24: £1.7m), up 29%. Benefiting from the increased revenue and cost savings.
·	Operational cash generation before tax: £6.7m (FY24: £0.3m) improved from favourable working capital movement and strong inventory control.
·	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 corporation tax in the UK of 25.0% (2024: 25.0%)	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.