OMG confident after good start to new year

24th Feb 2014 16:30

Motion capture and computer vision expert OMG saw its shares rise after it assured it has made a good start to its new year and expects first half revenues to top last year´s, with adjusted profits remaining broadly pegged. At the company's AGM, Anthony Simonds-Gooding, Chairman of OMG, said that on a divisional basis Vicon has delivered a solid start to the year, with its motion capture used in the Hollywood blockbuster movie Gravity. The group's Yotta subsidiary, an expert in software and services for infrastructure asset management, continues to see its Horizons software gain traction, best demonstrated by an important Highways Agency contract secured by Yotta in the first half. The Horizons software will allow the Highways Agency to carry out modelling to understand the current and future condition of the network based on its national pavement condition survey data. This model will then be used to predict where and when maintenance is likely to be needed.Simonds-Gooding said that while persistent heavy rain has limited Yotta's overall surveying activity in the UK, the recent Mayrise acquisition continues to bring real benefits to Yotta and is performing ahead of initial expectations. At the 2d3 Sensing business revenue is developing "well with a strengthened pipeline for the second half," he said. The consumer arm, OMG Life, meanwhile, is beginning to see its Autographer technology gain traction. Autographer uses five on-board sensors and GPS capability to identify the perfect time to take a photo, based on changes in light and colour, motion, direction and temperature. The camera can automatically take up to 2,000 high resolution photos every day through its custom designed wide-angle lens, while an Autographer stop-frame video lets you see a whole day's activity in a few minutes.Simonds-Gooding concludes his AGM statement by noting that the group as a whole continues to be second half weighted in terms of revenue. He added: "Based on our pipeline as we enter the second half, the board remains confident in achieving current market expectations for the full year."In late afternoon trade OMG shares were up 2p or 7.62% to 28.25p, valuing the company at £32m. KP