Oxford Metrics’ trading update, provided in today’s AGM statement, delivers good news for investors. Trading has been in line with expectations and there are growing sales pipelines. The launch of Vicon’s markerless product is on track and the smart manufacturing division is developing as we hoped, with acquisition synergies and a healthy order book. We leave our forecasts unchanged. OM may stand on a forward PER of 21.4x but more than half of the market cap is in cash, perhaps not fully reflecting the growth potential of Vicon and smart manufacturing.