Oxford Metrics (OMG) Trading update summary

Trading environment and pipeline

• Extended buying cycles and increased customer caution have delayed purchasing decisions, shifting some opportunities into the next financial year.

• Engineering and Life Sciences segments are expected to be slightly behind last year, while Entertainment is impacted by a slowdown in the global games industry.

Financial performance and outlook

• Expected FY24 revenues are now in the range of £40–£42 million, below the market consensus of £48.6 million.

• Adjusted profit before tax is anticipated to be materially below current market expectations of £7.8 million.

• High gross margins and a robust net cash position of approximately £50 million are maintained.

Strategic initiatives and product development

• Markerless technology remains on track for commercial delivery in FY25, with 10 cornerstone customers now in the beta programme.

• Active pursuit of M&A opportunities in smart manufacturing aims to enhance the recent IVS acquisition and expand applications in this sector.