Oxford Metrics’ interim results for the six months ended 31 March 2024, released today, show healthy growth and good execution. H1 FY24 revenue of £23.5m is 10.5% ahead of last year. Anticipated increases in operating costs have led to a 9.4% reduction in the adjusted PBT versus prior year. But with >90% visibility on full-year revenues, OM is well set to meet expectations for FY24. We maintain our forecasts. Recently acquired Industrial Vision Systems (IVS) is performing in line with expectations and has a strong sales pipeline. Following these good results and the recent capital markets day, investor focus will be on the £54.8m of net cash and how management will apply it to drive OM towards its five-year plan goals of £70m revenue and a 15% adjusted PBT margin by the end of FY26.