Oxford Metrics revenue and profits decline in FY24

Smart sensors and software business Oxford Metrics said on Tuesday that both revenues and profits had dropped in the year ended 30 September, principally due to delayed purchase decisions and a slowdown in the global games industry.

Oxford Metrics said revenues were down 6% at £41.5m in FY24, while adjusted pre-tax profits slumped 51% to £3.7m and statutory pre-tax profits fell 62% to £2.8m. Earnings per share were 44% lower at 2.96p.

However, despite the decline, Oxford Metrics said it was optimistic about its future prospects, having expanded into smart manufacturing with acquisitions.

With a "strong balance sheet" of £46.7m in cash and a strategic focus on cost efficiency and high-impact areas, Oxford Metrics noted it has positioned itself for growth in FY25. Trading in the first months of the new financial year was said to have started in line with management's expectations.

As of 1025 GMT, Oxford Metrics shares were down 4.33% at 57.40p.

Reporting by Iain Gilbert at Sharecast.com