8th Dec 2015 10:43
LONDON (Alliance News) - Image technology company OMG PLC on Tuesday said it swung to an annual profit after a strong performance by its Yotta division and said it will pay a further special dividend on top of its regular payout.
The company said it made a GBP1.4 million pretax profit in the year to the end of September, compared to a GBP55,000 loss a year earlier, mainly due to a decline in sales, support and marketing costs and a boost to its other income streams, which offset higher administrative costs.
Revenue for the year was broadly flat at GBP25.8 million, compared to GBP25.6 million, with a record year for its Yotta business, which provides cameras to local authorities to help them improve their road networks, thanks to strong direct sales in the UK and the international expansion of the business, including signing up two distributors covering the Netherlands and Australia and New Zealand markets.
Vicon, OMG's motion capture division focused on the entertainment industry, performed well and improved margins through tight cost controls. It also launched its new Vicon Vantage camera in the year and its motion capture technology was used in a number of films, including 'Everest' and 'Jupiter Ascending'.
OMG Life, its wearable camera division, was restructured over the course of the year and generated a loss, albeit narrower than the year before. The company is now seeking to capitalise on its strong intellectual property portfolio.
OMG said it will pay a final dividend of 0.65 pence per share, up from 0.50p. It does not pay an interim dividend, but the company said it would pay another special dividend of 3.75 pence per share, or GBP4.4 million in total, taking its total special dividend payouts for the year up to GBP11.0 million.
OMG shares were up 5.0% to 47.25 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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