At its AGM, Oxford Metrics (LON: OMG) said its current order book and near-term pipeline opportunities fully underpin the 2022-23 forecast revenues of £36.9m, up from £28.8m last year. Sales are expected to be second half weighted.
There is strong demand for the Vicon motion capture technology. The timing of orders could affect the full year outcome, but there is also plenty of upside from potential additional business. Supply chain problems are easing, which means that this should not hamper progress this year.
Pre-tax profit is forecast to rise from £2.6m to £5.9m. Net cash is forecast to be £66.7m at the end of September 2023. That is due to last year’s sale of Yotta to Causeway Technologies for £52m.
The share price rose 5.77% to 110p, valuing AIM-quoted Oxford Metrics at £135.4m. The prospective multiple is 27, but the cash pile is only expected to earn a few hundred thousand pounds. Given the strong performance from Vicon, the underlying business appears undervalued.
