18th Jun 2025 09:35
(Alliance News) - Oxford Metrics PLC on Wednesday reported a swing to loss in the first half of 2025, noting increased costs and uncertainty of grant funding for its US customers.
The Oxfordshire, England-based technology company specialises in motion capture technology.
First-half revenue was GBP20.1 million, down 14% from GBP23.5 million a year prior. Oxford Metrics said this was in line with expectations, noting that the previous year's revenue was "particularly strong", and was not expected to continue at that level, given that order volumes had normalised in the second half of 2024.
In the six months to March 31, Oxford Metrics swung to pretax loss of GBP666,000 from a pretax profit of GBP3.7 million a year before.
Basic loss per share was 0.63 pence, versus basic EPS of 2.34 pence the year prior. On a diluted basis, loss per share was 1.00 pence versus EPS of 1.05p the previous year.
Adjusted loss before interest and tax was GBP400,000 compared to earnings of GBP3.0 million in the first half of financial 2024, for an adjusted EBIT margin of negative 2.0% versus positive 12.7%. This excludes exceptional costs and amortisation resulting from acquisitions.
Sales, support and marketing costs were up 21% at GBP5.4m from GBP4.5m on-year. Administration costs increased 11% to GBP6.5m versus GBP5.9m on-year. Restructuring costs were GBP244,000 compared with none the previous year.
Net cash at March 31 decreased to GBP39.9 million from GBP54.8 million on-year.
Oxford Metrics attributed rising expenses in large part to the acquisition of Sempre Group Holdings Ltd, but insisted the takeover "strengthened [its] smart manufacturing division". The company bought Sempre for GBP5.4 million back in October, using existing cash of GBP4.9 million. The balance is funded by a GBP500,000 earnout agreement, dependent on performance.
Since the half-year ended, Oxford Metrics has acquired Amber Optix Ltd, for which it paid GBP800,000 in April.
Second-half trading has begun in line with previous years, when performance has generally been second-half-weighted, Oxford Metrics said. The firm added that it is working on cost reduction and full-year adjusted EBIT is expected to meet guidance.
Nonetheless, market conditions remain uncertain, Oxford Metrics said, particularly in the US, where policy changes are delaying approved funding for the firm's institutional and academic business. The current US tariff policy is not expected to have an impact.
On a positive note, the company highlighted the launch in March of its Vicon Markerless motion capture system, for which it is seeing rising interest in South America, Asia Pacific and Europe. Vicon is in early commercialisation and is predicted to generate "modest" revenue in 2025.
"Vicon is leading the way to set the industry standard, and this is the start to building a quality software and services revenue stream to complement our marker-based business," commented Chief Executive Imogen O'Connor.
Shares in Oxford Metrics were down 7.1% at 53.70 pence on Wednesday morning in London.
By Holly Munks, Alliance News reporter
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