OMG plc, (Oxford Metrics Group, LSE: OMG), the technology group providing image understanding products for the entertainment, defence, life science and engineering industries, provides the following update on trading for the financial year ended 30 September 2012.
Building upon the solid performance delivered in the first half of the year, the Board is pleased to report that the Group has continued to trade well throughout the second half. As a consequence, the Board expects to report both full year revenue and an adjusted profit before tax result that is ahead of current market expectations. This improved result has largely been driven by a stronger 2d3 performance. At 30 September 2012 the Group’s net cash position stood at £4.3m (30 September 2011: £2.8m).
During the second half the Group’s portfolio of businesses has traded well. Vicon, the Group’s largest division is expected to report an improved year-on-year performance, driven largely by a recovery in its House of Moves studio operations. Yotta has also seen an improvement in its operating performance during the second half. In particular, visibility within the Yotta business has improved due to an increase in the levels of recurring revenue being generated by its Horizons SaaS platform, which has seen its customer base grow from 1 to 16 customers in the past twelve months.
The Board is also pleased to announce that 2d3 signed its first software license deal in excess of $1.0m with an existing US customer. In addition, and as planned, in the second half the Group’s consumer division, OMG Life launched Autographer: the world’s first intelligent, wearable camera. The Group is pleased to report that the initial response to Autographer from key consumer and trade media has been both positive and encouraging.
OMG will report Preliminary Results for the financial year ended 30 September 2012 on Thursday, 6 December 2012.
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