Oxford Metrics’  results for FY24 (to 30 September) show a year of strategic and operational progress, but also one of unsettled trading. However, the underlying market story for motion capture remains intact. We expect to see the launch of OM’s exciting markerless product in FY25. Furthermore, supported by its strong balance sheet, OM is positioned to build upon its IVS and Sempre acquisitions with further deals in smart manufacturing. We question whether this potential and underlying growth is reflected in the market valuation.