Oxford Metrics revenue, profit to top market forecasts

25th Oct 2023 07:43

(Sharecast News) - Sensing technology company Oxford Metrics said in a trading update on Wednesday that it was set to report total revenues of £44m for the year, surpassing current market expectations.

It anticipated reporting an adjusted profit before tax of £6.3m, also ahead of market forecasts.

The AIM-traded form said it ended its financial year with a robust cash position of £64.8m and no outstanding debt.

It said its momentum began with its strongest-ever first-half performance, which persisted into the second half on the back of solid contributions from the engineering and life sciences segments,

Specifically, its subsidiary Vicon experienced sustained demand for intelligent sensing technology across various applications.

Both new and existing customers were reportedly embracing the technology, with the launch of the Vicon Valkyrie system late last year also playing a pivotal role in stimulating demand.

"The group as a whole remains in a strong financial position which enables the business to pursue its organic growth and merger and acquisition objectives in the year ahead," the Oxford Metrics board said.

"The group starts a new financial year with a solid order book."

It said it would provide more detail in its preliminary results for the financial year ended 30 September, planned for 5 December.

Reporting by Josh White for Sharecast.com.