Oxford Metrics has seen its revenue increase by 10.5% year-on-year in the six months to 31 March, as it looks to deliver on its five-year plan.

The firm, which develops and distributes smart sensors and software for motion measurement and smart manufacturing, saw its revenue rise to £23.5m in this period, compared to £21.3m in the same period in 2023.

However, its profit before tax took a 9.4% hit, falling to £4m, with Oxford Metrics pointing towards planned investment in the five-year plan to "develop and commercialise markerless".

Under this plan, Oxford Metrics said it hopes to increase its revenue by 2.5 times that of the 2021 financial year by the end of the 2026 financial year, while also increasing its adjusted profit before tax margin by 15% in the same period.

Furthermore, the group saw its statutory profit fall by 17% to £2.8m in the same period.

Despite these results, the group was able to increase its dividend paid by 9% to £3.6m, while also boasting what it described as a "strong" balance sheet of £54.8m.

Although the group’s order book has only reached £3m in the first half of its financial year, compared to £11.3m for the full 2023 financial year, it said that this reflected the "normalisation of customer buying behaviour post supply chain challenges", while expecting a strong sales pipeline with over 90% visibility on full revenue.

Chief executive at Oxford Metric, Imogen Moorhouse, said: "Now over halfway into delivering our five-year plan, our teams are in full execution mode. I'm pleased to announce that we are making clear progress both operationally and financially towards our goals, as we report on track first half revenues, demonstrating strong Vicon execution.

"Our recent acquisition of Industrial Vision Systems has been a successful move, it's performing well and we are excited about the opportunity to drive yet more applications into the smart manufacturing space. We have the financial resources to do so and are working on a number of interesting M&A opportunities to build out our presence in this growing vertical.

"As Vicon works towards commercialising markerless, which enables 3D motion capture without the need to wear motion capture suits or markers, we are working with seven cornerstone customers to make the product the gold standard.

"Looking ahead, Oxford Metrics enters the second half with >90% visibility of full year revenues and with a growing pipeline, the board believes the group is well placed to deliver results in line with current market expectations."

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