6th Dec 2022 09:48
(Alliance News) - 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 GBP2.7 million, down 25% from GBP3.6 million a year earlier. Revenue was up 4.5% to GBP28.8 million from GBP27.6 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 GBP24.0 million on September 30, multiplying from GBP5.9 million a year earlier due to buoyant market demand.
Cost of sales also increased by 9.3% to GBP9.4 million from GBP8.6 million, alongside a 25% increase in sales, support and marketing costs to GBP6.6 million from GBP5.3 million.
Its net cash position on September 30 trebled to GBP67.7 million from GBP23.0 million, after the sale of Yotta to Causeway Technologies for GBP52.0 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.
By Greg Rosenvinge, Alliance News reporter
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