Published on: June 6, 2023

Excitement builds

Oxford Metrics’ interim results, published today, show strong performance with a very encouraging outlook. Revenue of £21.3m is an increase of 69.6% on H1 FY22, 62.5% on a constant currency basis, while adjusted PBT of £4.1m is a significant advance on the £0.3m reported in H1 FY22 and the £2.3m in H2 FY22. It is clear from the results and statement that supply chain issues have receded. These results include the £3.5m of output that could not be delivered in FY22 due to component shortages. The outlook statement is positive and guides to year-on-year revenue growth in H2, with a full-year performance ahead of current market expectations; we raise our FY23 revenue and adjusted EBITDA forecasts to reflect this. Despite the strong operational performance, the destination of the £63.6m of cash (as at 31 March) remains a focus of much investor attention – management’s track record on acquisitions and disposals gives us confidence on this front.