OMG revenues hit by delays

19th May 2011 11:11

Investors in OMG may have been shreiking the company's initials in exasperation after the imaging software group said revenues in the half year to 31 May were hit by a project delays.The company, which has been involved in films such as The Chronicles of Narnia and Gulliver's Travel's, posted an adjusted pre-tax loss of £0.3m for the period, against a profit of £1.4m over the same period the previous year. Revenues fell to £13.3m from £14.4m."Demand for Vicon's (one of OMG's companies) differentiated products in the half remained strong, although unfortunately certain deals that were expected to close are now expected to do so in the second half," the company said.The delays resulted in sharp falls in revenues in the US and rest of the world divisions."Global economic conditions have not yet stabilised, but the strength and breadth of our offering across multiple markets means we are well placed to contend with this," said chief executive Nick Bolton. "There is much to do in the second half, but there is much to aim for also and, as such, the Group looks forward to the remainder of the year with a cautious optimism."---RG