Oxford Metrics (AIM: OMG), which makes Vicon motion-capture systems and industrial inspection products, has guided its 15-month 2026 results below market expectations. It expects revenue of £47.0m to £51.0m and an Adjusted EBIT loss (operating profit before certain one-off and non-cash items) of £0.5m to £3.9m, against Board-stated expectations of £56.2m revenue and a £3.0m profit.
The shares closed at 34.9p yesterday, which is also their 52-week low. The weekly close has slid from 47.0p in the week of the 8th of June, and the highest weekly high over the past year was 60.4p. The announcements came at 7am, before the open.
Trading since the interim results on the 17th of June has been below the Board’s expectations. It points to weak entertainment markets and tighter research funding at Vicon, plus delays to major projects at its machine-vision division, IVMS. The revenue range assumes nothing from a delayed contact-lens inspection phase, now expected in the first quarter of 2027.
Trading in our established markets has been more difficult than expected. Changes in the studio landscape and constrained research funding have reduced customer investment, and we have revised our near-term expectations accordingly.
Gary Bullard, Non-Executive Chair and Interim CEO, Oxford Metrics
Management’s answer is a push into markerless capture, which tracks movement from video without body markers. Vicon bought the technology, IP, patents, team and customers of Move AI Ltd for £525,000 cash, about £725,000 with expenses. Move AI reported unaudited 2025 revenue of £1.1m. The deal follows the Captive Devices facial-capture purchase announced on the 1st of September.
Cost savings are being lifted to £1.5m to £2.0m a year net, with about £1.5m benefiting FY27. Stefan Lampa joins as Group and Vicon Chief Executive on the 1st of December. The Board expects FY27 Adjusted EBIT at or above the £3.5m it cites as expectations, with revenue below the £52.5m expected.
Cash and fixed-term deposits were about £29.5m at the 30th of September. A buyback of up to £3m, run by broker Panmure Liberum, starts on Monday. By our calculation that is about 7.7% of the roughly £39m market value at last night’s close. Bought shares are intended to be held in treasury, meaning kept by the company rather than cancelled.
