Earnings release
Page 1
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION2014/596/EU, WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT)REGULATIONS (SI 2019/310) (UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION(AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 9 October 2026 Oxford Metrics plc (“Oxford Metrics” or the “Group”) Trading Update and Strategic Update Oxford Metrics plc (LSE: OMG), the smart sensing and measurement technology group serving life sciences,entertainment, engineering and manufacturing markets, issues the following unaudited trading update for the 12months ended 30 September 2026. As announced on 16 December 2025, Oxford Metrics changed its accounting reference date from 30 September to 31December. FY26 is therefore an extended 15-month period running from 1 October 2025 to 31 December 2026(“FY26”). The Group will publish unaudited interim results covering the 12 months ended 30 September 2026 inDecember 2026. Trading Trading since the publication of the interim results (being the six months ended 31 March 2026) on 17 June has beenbelow the Board’s expectations, reflecting changes in Vicon’s established end markets, pressure on research funding anddelays to major projects in Industrial Vision and Metrology Systems (“IVMS”). The Board now expects FY26 revenue (being the 15 months to 31 December 2026) of £47.0m to £51.0m and AdjustedEBIT loss of -£0.5m to -£3.9m, which is below current market expectations**. The range reflects uncertainty over thetiming and conversion of a few larger near-term customer opportunities. The Group is accelerating the strategic priorities set out in its Interim Results and Strategy & Capital Allocation Updateon 17 June. In the expectation of continued weakness in some of its core markets, cost savings and marginimprovement actions are ahead of the implementation plan for 2027 and will be further extended. In addition to therecent acquisitions and product launches, incremental investment will be directed to Vicon’s significant opportunities inmarkerless and hybrid systems, robotics and accelerating the move to recurring software revenue. The Company alsoexpects to imminently announce an acquisition to complement its Vicon business, move:ai. IVMS is building a morefocused portfolio of repeatable inspection products. Against this backdrop, FY27 Adjusted EBIT is expected to be at or above the current market expectations of £3.5m withrevenue below current market expectations**. Motion Capture Vicon Vicon’s entertainment revenue has been affected by reduced investment across film, television and games, includingstudio consolidation and lower demand for new virtual-production stages, delaying several large contracts. Demandremains more resilient in location-based entertainment and selected Asian markets. In health and life sciences,constrained research funding and institutional budgets, particularly in the US, continue to delay purchasing decisions. Robotics remains a particularly encouraging area of demand. Vicon has secured orders from major robotics companies,with opportunities in humanoid robot development and drone tracking. Its systems capture human movements used totrain robots and provide precise reference measurements for the development and testing of robots and autonomoussystems. These applications create opportunities to expand customer relationships as programmes move from researchinto wider deployment. Vicon’s ambition is to become a broader movement intelligence platform for an AI-enabled world. Accuratemeasurement of how people and machines move is valuable both as training data and as a means of testing theperformance of AI systems. Combining Vicon’s established measurement capabilities with markerless technology and agrowing base of proprietary movement data can extend its role across robotics, digital content creation and humanmovement analysis. This provides scope for recurring software, data and services revenues alongside hardware sales. The acquisition of move:ai’s technology and assets, to be announced imminently, is intended to accelerate this strategy.It gives Vicon immediate access to additional markerless applications and customer relationships, while providingtechnology that can be integrated into Vicon’s products to shorten development times. Hybrid systems are an important part of this opportunity, allowing customers to combine established marker-basedcapture with markerless technology within their workflows. This supports adoption across Vicon’s installed base andgives customers greater flexibility in how they capture movement. The acquisition of Captive Devices as announced on 1September adds facial capture to Vicon’s body-tracking capabilities, broadening the performance capture offering andcreating opportunities to sell complementary products to existing customers. Vicon has also launched Nexus Markerless for health and life sciences, available exclusively through recurring softwaresubscriptions. It extends access to markerless movement analysis and supports the development of annual recurringrevenue. The newly launched version of the popular Vero camera strengthens the core optical product range andsupports customer upgrades and new installations. The Group has secured market-exclusive rights to a substantial third-party dataset of human movement recordings.These rights significantly expand the scale and diversity of the data available to Vicon, supporting the development ofits markerless and hybrid technology. Together with move:ai, this strengthens the technology and data underpinningVicon’s longer-term opportunity.
Page 2
Vision Metrology IVMS IVMS trading has been affected principally by delays to the next phase of a major contact lens inspection programmeand changes to its distribution portfolio. The FY26 revenue range above assumes no contribution from the delayedphase of that programme which is now expected in Q1 2027. Following the successful integration of the businesses within IVMS, the division has refocused its third-party distributionportfolio and removed lower-margin products. This has reduced revenue in the short term, but is improving the focus ofthe commercial team on products and applications where IVMS can add greater technical value and achieve strongermargins. IVMS is progressing its strategy of turning bespoke customer projects into repeatable inspection products. It hasdeveloped three new offerings across optical inspection, medical equipment and semiconductor-related applications.Initial pilot systems have been sold for medical equipment inspection and semiconductor-related applications, withfurther deployments expected on customer validation. Reusing proven technology across similar customerrequirements should reduce engineering effort on subsequent orders and support more scalable, higher-marginrevenue. Operational efficiency and capital allocation The Group’s programme of cost savings and margin improvement is progressing ahead of the implementation plan for2027. Actions include the integration of IVMS operations, removal of lower-margin distribution products and headcountreductions made in July and August. Further initiatives have been launched to reduce costs and increase productmargins. The Group has also begun a broader review of product and operating costs, including opportunities to combinedevelopment activity following the move:ai and Captive Devices acquisitions. Investment will remain focused on thestrongest growth opportunities, including robotics, markerless and hybrid capture, new core camera technology andrepeatable inspection products. The expanded programme is expected to deliver total net annualised savings of £1.5 to £2.0m, including the £0.6malready communicated, with c. £1.5m expected to benefit FY27 after planned reinvestment. Further measures are expected to support closer collaboration across the business. The Oxford Metrics Group and ViconManaging Director roles will be combined, creating opportunities to share capabilities, streamline decision-making anddeliver cost efficiencies. Stefan Lampa will join as Group and Vicon Chief Executive on 1 December 2026, with IVMScontinuing to operate as a standalone division reporting to him. Gary Bullard will then return to his role as Non-Executive Chair. Cash and fixed-term deposits at 30 September 2026 were approximately £29.5m. The Company expects to launch afurther share buyback programme of up to £3m, in line with the capital allocation framework set out in June. Details ofthe programme, including the treatment of shares purchased, will be provided in a separate announcement expectedimminently. Gary Bullard, Non-Executive Chair and Interim CEO of Oxford Metrics, commented: “Trading in our established markets has been more difficult than expected. Changes in the studio landscape andconstrained research funding have reduced customer investment, and we have revised our near-term expectationsaccordingly. “We are making faster progress on the changes needed to improve profitability. We are simplifying the Group’sstructure, reducing costs across the Group and focusing IVMS on products with greater repeatability and strongermargins. “At the same time, the opportunity for Vicon is expanding. Demand from humanoid robotics and drone applications isencouraging, and move:ai is expected to accelerate our markerless strategy, opens new markets and gives us technologywe can bring into our own development programmes. Alongside hybrid capture, our new products and the additionalmovement data, this gives us a stronger basis to build Vicon’s role in an AI-enabled world. Our focus for 2027 is onimproving margins while developing more recurring revenue.” *Adjusted EBIT means earnings before interest and tax, adjusted for share-based payment charges, amortisation ofacquired intangibles and items considered by the Board to be non-recurring or not reflective of underlying tradingperformance. **The Board considers current market expectations for FY26 to be revenue of £56.2m and Adjusted EBIT profit of £3.0mand for FY27 revenue of £52.5m and Adjusted EBIT profit of £3.5m. For more information please contact Oxford Metrics plcGary Bullard, Non-Executive Chair (and interim CEO)Zoe Fox, CFO +44 (0) 18 6526 1860 Panmure Liberum (Nomad and Broker)James Sinclair-Ford / Rupert Dearden Ailsa Macmaster / Gaya Bhatt +44 (0) 20 3100 2000 Alma Strategic CommunicationsHilary Buchanan / David Ison / Louisa El-Ahwal +44 (0) 20 3405 0205oxfordmetrics@almastrategic.com About Oxford Metrics Oxford Metrics (LSE:OMG) is a smart sensing and measurement technology Group that serves thousands of customersin more than 70 countries. Founded in 1984, we started our journey in healthcare, expanded into entertainment,winning an OSCAR® and an Emmy®, moved into engineering and more recently, manufacturing. We have a strong trackrecord of creating value by incubating, growing and then augmenting through acquisition, unique technologybusinesses.
Page 3
The Group trades through two divisions: in motion capture its market-leading company Vicon Motion Systems providesmotion measurement analysis to thousands of customers worldwide in healthcare, entertainment and engineeringmarkets. In vision metrology, Industrial Vision and Metrology Systems is a specialist in machine vision software andmeasurement providing high precision, automated quality control systems trusted by blue-chip manufacturingcompanies in medical devices, pharmaceuticals, aerospace, automotive and precision engineering markets. The Group is headquartered in Oxford with offices in the United Kingdom, Ireland, United States and Germany. Since2001, Oxford Metrics (LSE: OMG) has been a quoted company listed on AIM, a market operated by the London StockExchange. For more information about Oxford Metrics, visit www.oxfordmetrics.com. This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended byvirtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019). Upon publication of this announcement, thisinside information will be considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Company is Philip Abrahams, Company Secretary.
Page 4
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial ConductAuthority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution ofthis information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services.For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our PrivacyPolicy. END