Losses widen at tech firm OMG

4th Jun 2014 07:57

- Half-year losses widen- Eyes more heavily weighted second-half- Confident of meeting full-year targetsAIM-listed technology firm OMG said half-year losses widened but, as it enters its busier second half, it remains confident of meeting current expectations for the year.The motion capture specialist for the entertainment, defence, life science and engineering industries, said adjusted loss before tax widened to £1.5m for the six months ended March 31st compared to a loss of £0.2m a year earlier. Revenue increased 9.9% for the period to £14.3m."We enter the second half with a solid pipeline of prospects driven by continued sales of existing products and services across all subsidiaries. We remain confident in the group's strategy and, as such, are confident in meeting current expectations for the full year," the group said.It added overall trading is in line with achieving market expectations for the full-year. Chief Executive Officer Nick Bolton said: "The group has made clear operational and strategic progress in the first half but, as is typical for us, we expect revenues and profitability to be weighted to the second half."Whilst one of the key strengths to OMG is our diversity, it's becoming increasingly apparent that there is also significant latent value in OMG's intellectual property which is not yet being captured. "With this in mind, we are looking at new ways to realise this value in order to continue delivering sustained, balanced and profitable growth over the longer term."CJ