Oxford Metrics expects FY revenues to top £30m

Divisionally, Oxford Metrics said its Vicon unit delivered "another profitable year" and added that although the timing of orders was impacted by Covid-19, the group had recorded "a slightly better performance" in the second half than in the first.

Market activity for its Yotta subsidiary was "muted for a time" as a result of the first nationwide lockdown but noted that in the final quarter, it had "enjoyed a period of improved contract momentum" due to Covid-19 accelerating the need for local authorities to manage assets remotely. Consequently, the AIM-listed group highlighted that annual recurring revenue growth had allowed Yotta to deliver "a profitable second half".

Oxford Metrics stated that its fundamentals remained "strong", supported by "an encouraging pipeline of opportunities" across both divisions and "a strong balance sheet", with a cash position of £14.9m and no debt, underpinning confidence that the group could continue to "successfully navigate" current challenges arising from the pandemic.

As of 1040 GMT, Oxford Metrics shares were 2.57% higher at 75.90p.