19th Oct 2016 07:53
LONDON (Alliance News) - OMG PLC on Wednesday said revenue in its full financial year will be ahead of market expectations while profit will be in line.
The technology company said revenue in the year that ended September 30 will be more than GBP29 million, up from GBP25.8 million the year before and ahead of market expectations.
Adjusted pretax profit will be in line with market expectations, excluding the write-off of GBP1.5 million in research and development costs relating to the discontinuation of wearable-camera business OMG Life. The company decided to discontinue OMG Life earlier in the year in order to focus on its other businesses.
OMG said Vicon, its motion capture technology business, performed very well in the year, benefiting from the recent strengthening of the dollar against the pound. Yotta, its software for infrastructure business, has continued to benefit from a strengthened recurring revenue stream in the UK and internationally, OMG said.
OMG will release its full-year results on December 6.
Shares in OMG were trading up 0.8% at 47.11 pence on Wednesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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