Oxford Metrics plc
Oxford Metrics measures movement and inspects manufactured products. Vicon supplies cameras and software for motion capture in healthcare, entertainment and engineering; Industrial Vision and Metrology Systems helps factories measure parts and detect defects.
Overview
Latest results
Oct 2025–Mar 2026 · Reported in GBP
Latest financial publication
Trading update and revised outlook
Investment Thesis
Motion measurement technology facing a commercial reset
European Tech Equities analysis ·
The investment case
The case depends on Vicon turning specialist measurement knowledge into more accessible motion-capture products and recurring software sales, while IVMS repeats proven inspection designs. Both could reduce dependence on individual hardware projects. October’s warning shows that a wider product range does not immediately overcome weak customer budgets or delayed decisions.
Evidence of adoption
Move AI adds technology that converts video into body-motion data, complementing September’s Captive Devices facial-capture acquisition. Vicon has also launched Nexus Markerless through subscriptions. These are specific changes to the offering, but neither acquisition spending nor a product launch establishes profitable recurring revenue at scale.
What drives demand
The group reported encouraging robotics and drone demand in October, alongside weaker film, television, games and research investment. IVMS’s next phase of a major contact-lens inspection programme moved to expected Q1 2027 and is excluded from FY2026 guidance. Customer acceptance and project timing remain important to revenue conversion.
Profit and cash generation
For six months to March 2026, revenue was £20.739 million and the statutory operating loss £1.412 million. Operating cash of £1.035 million did not cover £1.657 million of cash investment. September cash plus fixed-term deposits was approximately £29.5 million, down from £31.7 million in March. That combined liquidity figure is not the same as cash alone.
What the valuation assumes
At 23 October 2026, the equity market value was about £38.39 million. Substantial deposits provide flexibility, but are also available for investment, buybacks and operating needs. With statutory losses and reduced guidance, a simple earnings multiple is not informative. The valuation depends on the durability of cash, customer adoption and a credible return to profit.
What would weaken the case
- Entertainment and public research customers can cut spending even when the technology remains useful.
- Markerless products and acquired technology require development, integration and customer validation before their returns are clear.
- Buybacks, acquisitions and weak cash conversion can reduce liquidity; a large cash-and-deposit balance is not a guaranteed valuation floor.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
The 9 October update reports approximately £29.5m of cash plus fixed-term deposits at September-end, without a separate cash figure or full statements. March 2026 remains the latest full balance sheet. The revised FY2026 revenue and adjusted loss ranges are guidance, not reported results.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in GBP millions; basic EPS in GBP, converted from pence. Cash excludes fixed-term deposits: these were £18m in March 2026, £25m in March 2025, £22m in September 2025 and £30m in September 2024. Debt is leases; acquisition consideration is separate. FY2024 and H1 FY2025 comparators retain the issuer’s restatement. FY2026 is a 15-month year to December 2026.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
The 9 October update reports approximately £29.5m of cash plus fixed-term deposits at September-end, without a separate cash figure or full statements. March 2026 remains the latest full balance sheet. The revised FY2026 revenue and adjusted loss ranges are guidance, not reported results.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in GBP millions; basic EPS in GBP, converted from pence. Cash excludes fixed-term deposits: these were £18m in March 2026, £25m in March 2025, £22m in September 2025 and £30m in September 2024. Debt is leases; acquisition consideration is separate. FY2024 and H1 FY2025 comparators retain the issuer’s restatement. FY2026 is a 15-month year to December 2026.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
The 9 October update reports approximately £29.5m of cash plus fixed-term deposits at September-end, without a separate cash figure or full statements. March 2026 remains the latest full balance sheet. The revised FY2026 revenue and adjusted loss ranges are guidance, not reported results.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in GBP millions; basic EPS in GBP, converted from pence. Cash excludes fixed-term deposits: these were £18m in March 2026, £25m in March 2025, £22m in September 2025 and £30m in September 2024. Debt is leases; acquisition consideration is separate. FY2024 and H1 FY2025 comparators retain the issuer’s restatement. FY2026 is a 15-month year to December 2026.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with Oxford Metrics plc have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 FY2025 · Published Jun 17, 2026 · Checked Oct 28, 2026
H1 FY2026 · Published Jun 17, 2026 · Checked Oct 28, 2026
FY 2024 · Published Dec 19, 2025 · Checked Oct 28, 2026
FY 2025 · Published Dec 19, 2025 · Checked Oct 28, 2026
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