Research on Oxford Metrics PLC (OMG:LON) from Progressive Equity Research
Today’s trading and strategic update for the 12 months ending 30 September discloses that revenues and earnings for the 15m ending Dec 26 are expected to be below management and market expectations with a range for revenue of £47.0m to £51.0m and for adjusted EBIT loss of £-0.5m to £-3.9m. Our previous forecasts were £56.5m and profit £3.0m respectively. For FY27 the revenue is also now expected to be lower than market expectations whilst, as a result of the more assertive action on costs, adjusted EBIT is now expected to be at or above current market expectations of £3.5m. The principal reasons cited for the lower than expected revenue are changes in Vicon’s established end markets, research funding pressure, delays to major projects in IVMS and uncertainty regarding a few sizeable Vicon contracts.
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