Management expects Revenues and Adjusted PBT to be "slightly ahead" of market expectations.
Companies: Oxford Metrics PLC
Oxford Metrics (LON: OMG) has released a positive trading statement this morning ahead of its full-year results due in the first week of December.
Management said the Group enjoyed a "successful close to the financial year", which ended on September 30, and now expects to report:
"Both revenues and adjusted PBT slightly ahead of market expectations."
The Board has set goals of doubling profits and tripling recurring revenue by 2021, as set out in its ambitious five-year plan announced in December last year.
Yotta, the company's infrastructure asset management division began operating in August and has already recorded its first revenues both in the UK and abroad.
The Group's motion measurement business, Vicon, recently acquired IMeasureU to help create a "meaningful" recurring revenue stream for the division.
The Group's cash balance remains strong at £9.8m, up from £8.3m and the end of FY16)
Commenting on the update, broker N+1 Singer said in their note today:
"Our Dec’18 SOTP calculation results in an intrinsic value of 72p, with further outperformance potential as the group utilises its strong balance sheet."
The stock has been rallying since the beginning of 2015 and currently trades on par with its all-time high of 63p per share back in 2001. Before today's update, consensus was already forecasting FY17 Net Profit to be almost double that of FY16, £4.3m and £2.3m respectively.