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Preliminary results for the financial year ended 30 September 2011

Preliminary results for the financial year ended 30 September 2011

30 Nov 11

OMG plc (LSE: OMG) (“OMG” or the “Group”), the technology group providing image understanding products for the entertainment, defence, life science and engineering industries, announces preliminary results for the financial year ended 30 September 2011.

 Financial Key Points

  • Group Revenue of £26.4m (FY10: £29.2m)
  • Revenue impacted by £1.0m due to difficulties with the Guardian Project within House of Moves
  • Strong performance within 2d3 and core Vicon systems business
  • Profit Before Tax from continuing operations of £0.7m (FY10: £3.7m)
  • Adjusted* Profit Before Tax from continuing operations of £1.1m (FY10: £3.9m)
  • Loss from discontinued operations of £0.8m (FY10: £2.6m) in respect of Yotta MVS
  • Net Cash balance at 30 September of £2.8m (30 September 2010: £6.2m; 31 March 2011: £2.4m)
  • Reflects £1.3m utilised in the acquisition of Sensing Systems, increased investment in group-wide R&D, and expenditure on House of Moves Guardian Project
  • Proposed dividend maintained at 0.3p (FY10: 0.3p)

Operational Key Points

Vicon

  • Strong level of system sales and improved divisional Profit Before Tax
  • Improvement in Vicon Gross Margin and positive impact from cost controls
  • Vicon technology used on top selling games "Call of Duty: Black Ops" and "Assassin's Creed: Brotherhood" and the successful films "Green Lantern", "Black Swan" and "The Chronicles of Narnia: The Voyage of the Dawn Treader"

Yotta

  • Yotta impacted by Comprehensive Spending Review, particularly in H2
  • Two new products developed within the year
  • Horizons: SaaS-delivered data product launched, generating encouraging customer interest
  • Tempest: new Yotta scanning vehicle, built in-house at significantly reduced cost

2d3

  • 2d3 revenue more than doubled, assisted by acquisition of Sensing Systems in H1
  • Segment achieved first break-even performance, at the adjusted level*

Life

  • Investment in OMG Life, OMG’s new consumer-facing division, has continued to plan
  • Group remains excited about the new segment’s prospects
  • Initial OMG Life product remains on track for launch in current financial year

* Profit Before Tax from continuing operations before group recharges adjusted for share based payments, Amortisation of Intangibles and acquisition costs of £1.1m (FY10: £3.9m) (see notes 3 and 5).

Commenting on the results Nick Bolton, Chief Executive Officer of OMG plc said:

“A significant amount of good work and a number of important, positive developments have taken place this year which are, to a degree, masked by the financial results announced today. Our 2d3 defence segment has broken even for the first time; our Vicon systems segment has improved its profitability; and our newly formed Life offering opens up a new avenue for growth. We continue to believe that OMG’s greatest strength is its diversity. It is the careful, targeted application of our core imaging technology that has delivered good growth in previous years. With the right balance of investment and execution, it will do so again and we remain confident in our ability to meet our expectations for the year ahead.”

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