22nd May 2020 08:29
(Alliance News) - Oxford Metrics PLC on Thursday reported a swing to loss in the first half of its financial year, but the transport analytics software firm expressed confidence in its preparedness for the aftermath of the pandemic.
For the six-month period ended March 31, Oxford Metrics posted revenue of GBP15.0 million, down 6.8% from GBP16.1 million a year prior. Pretax loss was GBP100,000, swinging from a profit of GBP1.2 million.
The performance was attributed to a rise in expenses, with administrative expenses amounting to GBP4.3 million, an increase from GBP4.2 million the previous year. More importantly, the company was unable to deliver GBP1.1 million of orders for its Vicon business at the end of March due to global shutdowns. However, the orders have now been fulfilled and the amount will be recognised in the second half.
Annualised recurring revenue was up at GBP6.8 million from GBP5.9 million.
Looking ahead, Oxford Metrics said it believes its resilient business and a strong balance sheet will help it to navigate an challenges the Covid-19 pandemic may present.
"We have clearly differentiated products from our competitors and we address diversified markets across over 70 countries worldwide, thus limiting our exposure to any one market or geography. We have growing contracted recurring revenues, approaching a fifth of group revenues. Given these strong fundamentals, the board is confident the group can navigate the current challenges and will indeed thrive in the future," said Chief Executive Nick Bolton.
As at Wednesday, the Oxford, England-based company had cash of GBP14.2 million.
By Ife Taiwo; [email protected]
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