Final Results

• Continued innovation unveiling our new markerless technology at Siggraph 2023
• In FY23 Vicon manufactured more camera systems than ever before
• Enter FY24 with strong order book and visibility on over half of revenue expectations

Oxford Metrics plc (LSE: OMG), the smart sensing and software company servicing life sciences, entertainment and engineering markets, announces preliminary results for the financial year ended 30 September 2023.

* Profit Before Tax before Group recharges adjusted for share-based payments, amortisation and impairment of intangibles arising on acquisition and additional Contemplas consideration deemed remuneration.

** Including Fixed Term Deposits and Bank overdraft.

Financial Highlights

Operational highlights

Strong execution of orders and continued buyout demand drives revenue growth

Extending smart sensing capabilities via M&A - Industrial Vision Systems (IVS)

Commenting on the results Imogen Moorhouse, Chief Executive said:

"I am delighted to report my first set of results as CEO of Oxford Metrics. Two years into our five-year strategy, we are reporting record revenue and adjusted PBT performance for FY23. This result builds on from our strongest-ever first half as Vicon executed against orders and continued demand for our smart sensing technology continued, driven by positive uptake of our new system, Valkyrie.

Our team this year has continued to innovate, manufacturing more advanced camera systems than ever before. At our industry conference Siggraph 2023, we showed the world our new markerless technology. This technological advancement represents a pivotal moment and is expected to drive growth once commercialised in FY24.

We continue to pursue M&A opportunities to unlock growth and new market opportunities. Post period end, we successfully delivered on our promise of acquisition activity adding smart manufacturing to our market-leading portfolio with Industrial Vision Systems.

Vicon enters the new financial year with well over half of revenue expectations underpinned by orders in hand and a strong sales pipeline. With an energised team, a clear roadmap and continued market demand, the Board looks forward to the new financial year which is set to see further underlying growth in our existing markets whilst laying the foundations for future growth including the commercialisation of markerless technology."

Chairman's Statement

I am delighted to report that Oxford Metrics has delivered a strong financial performance during 2023 reporting both record revenue and Adjusted PBT results. Valkyrie, the Group's most advanced motion capture system to date, launched in July 2022, has continued to drive revenues and has been positively received and widely adopted by new and existing customers alike.

Since the launch of the Group's current five-year plan, we have continued to invest in the future of the business. Over the Summer, at Siggraph, the premier conference for computer graphics and interactive techniques, hosted in Los Angeles, we were able to reveal the fruits of our innovation efforts over the past four years to unveil our new markerless technology. Following successful public demonstrations, this development represents a pivotal moment for the business and, once commercialised, is expected to help drive growth over the coming years.

Given the record performance in FY23, the addition of Industrial Vision Systems (IVS) acquired in November 2023 and the commercialisation of markerless, we remain on track to achieve our five-year plan which aims to grow revenues 2.5x to £70m whilst delivering an Adjusted PBT* margin of 15% by the end of the FY26.

The Group reported revenues of £44.2m (FY22: £28.8m), adjusting for the deferment of £3.5m of orders we were unable to ship in September 2022; the underlying growth was strong nonetheless at 26%. An Adjusted PBT* of £6.5m (FY22: £2.6m) is reported, equivalent to a return on sales of 14.8% (FY22: 9.0%). The order book for the year ahead stands at £11.5m (FY22: £24.0m) which represents a more reasonable lead time for our customers, following the easing of supply chain constraints, which we will seek to maintain in the future.

The Group reports a statutory Profit after tax for all operations of £5.7m (FY22: £46.9m) which last year included the disposal of the Yotta business at a highly attractive valuation and on a continuing basis a statutory Profit after tax of £5.7m (FY22: £3.4m) is reported. The net cash position including Fixed Term Deposits was £64.8m (FY22: £67.7m). After the continued investment in the business and the deployment of cash for working capital purposes during the year, the net cash position remains significant and available for the execution of our M&A plans.

The Board proposes a 10% increase to our final dividend to 2.75p per share (FY22 Final Dividend: 2.50p) this year. We remain committed to our progressive dividend policy and aims to achieve average dividend cover of approximately two-times Adjusted PBT* per share over time.

The success of our business depends on having engaged and dedicated employees. This is reflected in our very high retention rate, 89% globally, of which we are very proud. We understand the importance of environmental and social sustainability within our own operations and our supply chain, and we are taking steps to reduce our impact on the environment from redesigning our products and transforming our operational processes. As an important part of our investment in the future of the business, we have published our Environmental, Social and Governance initiatives on our sustainability webpage oxfordmetrics.com/sustainability, and we have published our Streamlined Energy and Carbon Reporting ('SECR') data in this year's Annual Report. The Board is committed to taking a holistic view of the business and we will continue to update and review our sustainability webpage throughout 2024.

I would like to take the opportunity on behalf of the Board and our colleagues to thank our former CEO, Nick Bolton, who contributed an enormous amount. Nick successfully led the Group over the last 18 years leaving it well positioned to capitalise on the opportunities ahead of us today. We wish him all the very best in his new role. Following a thorough and orderly CEO transition process, we are delighted to have appointed Imogen Moorhouse, to step up into CEO of Oxford Metrics to lead us forward.

We are very fortunate to have a natural successor; Imogen knows our business inside and out, having spent 22 years at Vicon, the last 12 of which as Vicon CEO. Through this time Imogen has grown the business organically and via M&A and has been integral to the development and implementation of the Group's five-year growth plan.

We were also pleased to announce the acquisition of Industrial Vision Systems. The acquisition is immediately earnings enhancing, adding smart manufacturing to our portfolio and increasing our presence in the Engineering market. Along with our new IVS colleagues and energised team, I look forward to continuing to work with Imogen as we move ahead to achieve our aims of creating a Group focussed on expanding market opportunities in smart sensing.

Lastly, I would like to thank everyone involved in supporting and building our business - our customers, our shareholders, our partners, and, of course, our brilliant team across the world who responded magnificently, not least the production team who, this year, manufactured more camera systems than ever before.

Roger Parry

Chair

CEO STATEMENT

After 12 years as operational CEO for Vicon I am delighted to have taken on the Oxford Metrics CEO role at such an exciting time for the Group.

Delivering the five-year growth plan for Oxford Metrics is my key focus, having worked very closely with my predecessor, Nick Bolton, to formulate the Group's next chapter. In year two of the plan, 2023 has certainly been a year of powering up, delivering a record performance from our Vicon division and unveiling yet more innovation, making our markerless technology a reality at Siggraph. Post year end, we acquired Industrial Vision Systems in November and are encouraged by our start to the new financial year.

We enter year three of the plan in a strong position. Over FY23 I have grown the senior leadership team at Vicon with a series of new appointments.

With an energised team and clear roadmap, we are well-positioned to deliver on the target of growing revenues 2.5x whilst delivering an Adjusted PBT* margin of 15% by the end of the plan. At the core of the plan is the three elements of smart sensing: sense, analyse and apply:

Extend our sensing capabilities

Firstly, we seek growth by extending our sensing methods through R&D, M&A and fostering key supplier partnerships, which broadens the applicability of our solutions and expands our addressable market.

At Siggraph, we unveiled our markerless technology, receiving a very positive market reaction. At the same time, we launched a Pioneer Programme allowing customers and prospects to work with us on executing product delivery to ensure we capture both the technical, user experience, operational and commercial aspects of the delivery in the right way.

With our post year end acquisition of IVS, we have added machine vision techniques used in the growing smart manufacturing market, an adjacent industry to Vicon, and one where there are clear opportunities to expand its geographic footprint and grow its IP-rich static technology offering with prospects to benefit from Vicon's dynamic sensing. We're excited about the opportunity ahead to extend into yet more applications and industries as inspection automation becomes more mainstream and smart manufacturing becomes the standard.

Enhance the analysis we can perform

Secondly, we seek to augment the analysis our customers can undertake with our software, thus broadening the range of applications to which our systems can be applied.

Vicon's new life sciences reporting tool, Nexus Insight, is a good example of this. Nexus Insight simplifies reporting, making it easier for customers to visualise, interpret, share, analyse and compare their data. This new tool takes motion capture data, turning it into clear, easy to understand, accessible reports.

Apply our IP by embedding in other companies' solutions

Finally, we aim to grow by seeing our deep technology incorporated into other business' products and services - which aims to expand our addressable market as we drive the integration of our sensing and analysis IP to specific application domains.

Currently, the best example of our embedding opportunity is in the Location-based Entertainment (LBE) market and in FY23 we saw encouraging next phase rollouts by our partners Sandbox VR and Immersive Gamebox. Sandbox VR recently announced their 45th location while Immersive Gamebox have opened their 30th location in the year with exciting news announced of their multi-million pound agreement with Merlin entertainments across the UK, Europe, the USA, and Australia. The multi-territory partnership is intended to create immersive experiences that will engage and connect players of all ages, using the Gamebox suite of IP partnerships that include Paw Patrol, Ghostbusters, Netflix, and the Angry Birds game.

In addition, there are opportunities for IVS' proprietary vision modules to be embedded by providers into their solutions in smart manufacturing process to ensure "right first time" products.

New markerless technology

Markerless motion capture enables 3D motion capture without the need to wear motion capture suits or attach reflective markers, active markers or inertial sensors. The technology uses the latest machine learning and AI techniques to process video imagery to create 3D visualisations. In a similar way to how Large Language Models are used to drive AI Chatbots, we are building our own proprietary Large Video Models to develop and improve the markerless technology. We showcased our new markerless technology platform in the summer showing the technique seamlessly working in a six-participant real-time immersive VR experience with our LBE partner Dreamscape.

In its nascent state, markerless technology is not yet as accurate as existing marker-based systems so will be a complementary solution. The markerless solution will therefore be suited to situations where it is not practical or desirable to add markers to the subject or where commercial imperatives mean efficiency is key. We expect the markerless technology to have immediate applicability in the LBE and Entertainment segments and, over time, will become relevant in Life Sciences in clinical situations as the technique is validated against marker-based data. Markerless is a complementary capture technique to marker-based and will be of value to most of Vicon's existing 10,000 global customers, as well as expanding our TAM by appealing to those who cannot use markers to adopt the technology.

Ultimately, the markerless product solution will incorporate elements of cloud infrastructure and delivery, exploring the opportunity for subscription and annual recurring revenue (ARR) models alongside the traditional capital goods model.

M&A

During the year, we continued to actively pursue M&A opportunities to complement the five-year plan. Our recent acquisition of IVS in November 2023 fits into our five-year plan and is a good strategic fit, serving as an example of the types of targets we are seeking to acquire. IVS has deep Intellectual Property in integrated smart sensing; has a position of strength in its niche market; is culturally a good fit; has an attractive financial profile and will be immediately earnings enhancing.

Oxford Metrics has a disciplined approach to M&A - we are absolutely determined to find the right acquisitions, at the right price, for the right reasons.

Our M&A pipeline continues to develop and evolve and includes greater focus on certain market opportunities, for example smart manufacturing is emerging as a strong adjacent technology market with global growth potential.

Quadrants of Growth

OPERATIONAL REVIEW

Record revenues are reported of £44.2m (FY22: £28.8m) representing an increase of 53.5% (52.4% on a constant currency basis). Order intake for the full year was £31.7m (FY22: £46.9m) reflecting a normalisation of customer buying behaviour compared to last year in which customers were placing orders in advance following the disruption caused by the pandemic and subsequent supply chain challenges. As of 30th September 2023, the order book stood at £11.5m (FY22: £24.0m) representing a normalisation of customer buying patterns. Given the operational benefits of having an order book, the business will seek to maintain an order book broadly equivalent to a quarter's revenue in the future.

Continued buoyant performance in our Entertainment segment, which saw year on year revenue growth of 82% and accounts for 43% of orders in hand. Cover Japan purchased a large number of Valkyrie cameras for four motion capture stages to allow V-tubers to capture and purchase content for their channels. Double Negative's partnership with Dimension Studio continued with the purchase of an In-Camera Visual Effects stage which is being shipped globally for projects coming to a theatre or streaming service very soon. While in the USA, PUBG Madison installed the first Valkyrie stage in that territory.

Life Sciences, traditionally our cornerstone market, saw year on year revenue growth of 40% and accounts for 29% of the orders in hand. The Hospital Israelita Albert Einstein (HIAE), the largest gait lab in Brazil, upgraded their system and in Italy the University of Padova's Industrial Engineering in Sports Department are using the new Valkyrie 8 for high speed analysis with the Italian Paralympic team. Elsewhere, in Australia, Victoria University continue to provide gold standard testing for FIFA's research using the Valkyrie 16 and 26 systems, and in the US, the University of Rochester Medical Centre have installed multiple Valkyrie laboratories for spine and other biomechanical research.

Engineering reported year on year revenue growth of 56% and accounts for 22% of orders in hand. ITESM, a private university in Monterrey, Mexico installed a Valkyrie system for drone tracking whilst the University of Arizona also purchased Valkyrie 26 cameras to track tiny 'crazyfly' drones. While the University of Manitoba acquired a large Valkyrie system for both Unmanned Aerial Vehicle (UAV) and ground robot tracking in an indoor agriculture research facility.

LBE reported a slight revenue decline year on year of 5% and accounts for 6% of orders in hand. Despite this, LBE remains an attractive market and presents a clear growth opportunity going forward, but for the time being remains sensitive to customer roll out plans and consumer acceptance of this exciting application. Our partner Sandbox VR recently announced their 45th location and Immersive Gamebox opened their 30th location in the year with exciting news announced of their multi-million pound and multi-territory agreement with Merlin Entertainments, a family entertainment company.

Overall, Entertainment represented the largest segment of revenues but given strong performances in Life Sciences and Engineering in the second half, it is likely that we can expect a more even balance of revenues in the year ahead.

Included in the Gross Profit, the Product gross margin was 68.0% (FY22: 70.5%). This was largely driven by more expensive components as a consequence of the challenging supply chain constraints over the past two years together with product mix. The supply chain constraints have, for the most part, returned to normal so replenishment of Inventory will be at lower cost. The overall cost base increased during the year reflecting the investment set out in our five-year plan, the resources are now largely all in place. Given the above, Vicon reported an improved Adjusted PBT* of £8.2m (FY22: £5.4m).

In addition to our markerless development outlined earlier, FY23 also saw the development and release of numerous software updates that serve our existing markets including Tracker 4.0 in Engineering, Shogun 1.09 and Shogun 1.10 in Entertainment, Nexus 2.15 and Nexus Insight in Life Sciences and Evoke 1.6 in the LBE market. All these releases kept our solutions relevant, and at the cutting edge, ensuring the best customer experience.

CURRENT TRADING AND OUTLOOK

With ongoing market demand, Vicon starts the new financial year with an Order Book of £11.5m which, together with a growing sales pipeline, provides the business with visibility on over a half of expected revenues for the year ahead. The year ahead will also see the start of the commercialisation of our markerless technology. In this regard, revenue expectations for the year ahead from that product are modest ahead of a more expected material contribution in FY25.

In FY23 we saw decline in product gross margins arising from supply chain cost pressures; the supply chain situation has now normalised, and we expect to see recovery closer to historic performance in FY24.

The cost base increased in FY23, reflecting the planned investment to deliver the five-year plan. We feel the key resources to deliver the plan are in place and will open a new dedicated markerless facility in Oxford in FY24. More generally the cost base is not immune to the current inflationary environment, so some underlying increase is to be expected.

The Group remains in good financial health which includes a net cash position of £64.8m. With these resources the Group can move forward with confidence and in a strong position both to pursue further M&A in line with the five-year plan and enhance earnings per share.

The Board looks forward to the new financial year which is set to see further underlying growth in our existing markets whilst laying the foundations for future growth including the rollout of markerless in Vicon.

Imogen Moorhouse

CEO

* Profit Before Tax before Group recharges adjusted for share-based payments, amortisation and impairment of intangibles arising on acquisition and additional Contemplas consideration deemed remuneration.

FINANCIAL REVIEW

Income Statement

The Group reported revenue from continuing operations of £44.2m (FY22: £28.8m) representing a headline increase of 53.5%. The year on year FX effects were modest: on a constant FX basis revenues increased by 52.4%. From a geographical perspective, our Asia Pacific region had a strong year driven by Entertainment reporting 74.8% year on year growth, whilst Vicon USA, our largest market in the year reported year on year growth of 61.0%.

Gross Profit margin declined to 65.0% (FY22: 67.5%), which reflected the usage of higher cost components acquired during the supply chain challenge of the last few years and product mix within year. In real terms Gross Profit improved year on year by £9.3m to £28.7m.

Reviewing the cost base within the Income Statement:

Adjusted PBT* of £6.5m (FY22: £2.6m) has been determined after adding back to the Statutory PBT £6.3m (FY22: £2.7m) non-cash items such as amortisation and impairment of acquired intangibles, share option charge and non-recurring items. A full reconciliation is available in note 6.

Compared to the first half, second half profitability did benefit both from an increased gross margin as a result of higher revenues and from additional Interest received, however the Adjusted PBT performance in the second half of £2.4m compared with a first half performance of £4.1m. The imbalance was largely caused by costs incurred or accrued in the second half that in practice relate to the full year, such as higher marketing and performance related incentives finalised at the end of the year. Taking this effect into account underlying profitability in the second half was similar to the first half.

Statement of Financial Position

Goodwill and intangibles

The overall balance was largely unchanged at £10.2m (FY22: £10.1m) reflecting the addition of £2.1m (FY22: £3.4m) of capitalised development in the year less amortisation and impairment of development costs £1.7m (FY22: £1.4m) and the amortisation and impairment of acquired intangibles of £0.3m (FY22: £0.3m).

Property, plant and equipment

The value of fixed assets increased to £2.5m (FY22: £1.6m). The movement arising due to investment of £1.5m (FY22: £0.6m) in the year which included Leasehold Improvements for the new Denver office, a variety of IT related equipment and a Dreamscape pod. Depreciation charge for the year of £0.6m (FY22: £0.4m).

Right of use assets (IFRS16)

The value of Right of Use assets increased to £3.1m (FY22: £1.4m) during the year which reflected the commencement of a new lease for our US operations in Denver and a rent review of at our Oxford facility.

Investments

The investment of £0.2m (FY22: £0.2m) relates to a minority interest in Trensl Inc. which provides training VR solutions for the military and healthcare (rehabilitation). The investment comes back-to-back with an exclusive supply agreement to provide all systems.

Inventories

The inventory position at the end of the financial year was £7.2m (FY22: £4.5m). Given the supply chain situation over the past few years, the Group decided to deploy cash during the year to increase inventory in order to hedge against any further disruption. The supply chain has for the most part normalised, so inventory is expected to return to a lower level in the year ahead.

Trade and other receivables

At the year-end Trade and other receivables were £9.9m (FY22: £7.4m). The net overall increase is due to higher Vicon Trade receivables £7.6m (FY22: £5.3m), which reflected the pattern of trading in FY23 and Accrued interest £0.6m (FY22: £0.3m).

Current liabilities

At the year-end, Trade and other payables were £11.3m (FY22: £11.3m). Whilst there was no change overall trade payables decreased at the year-end to £3.8m (FY22: £4.0m), accruals were higher at £3.5m (FY22: £1.9m) and Vicon support contract liabilities were lower at £3.7m (FY22: £5.1m) due in part to exceptional level of customer deposits last year.

The bank overdraft of £1.2m (FY22: £0.0m) relates to a subsidiary current account where there is technically no legal right of set-off, we are therefore required to present this balance separately.

The lease liabilities balance reported at £0.7m (FY22: £0.4m) represents the value of lease payments due within one year relating to right of use assets.

Non-current liabilities

The £0.2m decrease in other liabilities are due to Vicon Support contract liabilities.

The lease liabilities balance reported of £2.5m (FY22: £1.1m) represents the value of lease payments due greater than one year relating to right of use assets which has increased due to changes described in Right of Use assets.

Statement of cashflows

The Group finished the year with Net cash of £64.8m (FY22: £67.7m) including Fixed Term deposits of £42.0m (FY22: £55.0m). The amount on fixed term deposit was reduced at year-end in readiness for the acquisition of IVS post yearend.

Cash generated by operating activities was £3.2m (FY22: £3.5m).

The deployment of this cash included continued investment in development giving rise to a purchase of intangibles of £2.1m (FY22: £3.5m), payment of dividends of £3.2m (FY22: £2.5m) and the aforementioned increase in Inventory.

Surplus cash not required for the day to day working capital needs of the business is on a variety of 3-12 month bank deposits with NatWest and Lloyds Bank. Interest received in cash for the year was £1.2m (FY22: £0.0m).

Tax

The Group tax charge this year is £0.6m (FY22: Credit £0.7m). The tax credit in the prior year arose due to various deferred tax adjustments including but not exclusively Research & Development tax credits which continues to have a beneficial effect on the level of corporation tax payable in the UK.

The Group has a net deferred tax liability of £1.1m (FY22: £0.9m).

David Deacon

CFO

* Profit Before Tax before Group recharges adjusted for share-based payments, amortisation and impairment of intangibles arising on acquisition and additional Contemplas consideration deemed remuneration and exceptional costs.

consolidated INCOME statement

for the year ended 30 september 2023

Other comprehensive expense

Items that will or may be reclassified to profit or loss

consolidated statement of financial position AS AT 30 september 2023

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2023

Basis of preparation of the financial information

The financial information in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of IFRS. This announcement does not itself contain sufficient information to comply with IFRS. The Company expects to publish full financial statements that comply with IFRS on 5 December 2023.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Group's accounting policies which affect the reported amount of assets and liabilities at the statement of financial position date and the reported amounts of revenues and expenses during the reported period. Although the estimates are based on management's best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates.

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006 for the years ended 30 September 2023 and 30 September 2022 but is derived from those accounts. The statutory accounts for the year ended 30 September 2022 have been delivered to the Registrar of Companies and those for the year ended 30 September 2023 will be delivered following the Company's annual general meeting. The auditors have reported on those accounts: their report was unqualified, did not contain references to any matters to which the auditors drew attention by way of emphasis and did not contain a statement under Section 498 of the Companies Act 2006 for the year ended 30 September 2023 or 30 September 2022.

Basis of consolidation

The consolidated financial information incorporates the results of the Company and all of its subsidiary undertakings drawn up to 30 September 2023.

Revenue from contracts with customers

All revenue is from continuing operations.

Other unallocated costs represent head office expenses not recharged to subsidiary companies.

Intra segment sales between Vicon UK and Vicon USA are eliminated prior to management and internal reporting, and hence are not shown separately in the analysis below. The total intra segment sales between Vicon UK and Vicon USA in the year ended 30 September 2023 are £10,376,000 (2022: £5,718,000).

Adjusted profit before tax is detailed in note 6.

Segment depreciation and amortisation

Profit for the year

The profit for the year is stated after charging / (crediting):

Reconciliation of adjusted profit before tax

The adjusted profit before tax is considered by the Board to more accurately reflect the underlying operating performance of the business on a go-forward basis and complements the statutory measure as reported in the Consolidated Income Statement.

The reconciliation of profit before tax to adjusted profit provided below includes items that are:

The above definition has been consistently applied historically and is the measure by which the market generally judges PBT performance.

The adjusted profit before tax for the Vicon business segment is shown in detail below;

Vicon Group

The Group overheads in the tables above include head office expenses recharged to subsidiaries.

Taxation

The tax is based on the profit for the year and represents:

UK corporation tax has been calculated at 19.0% up to 31 March 2023 and 25.0% from 1 April 2023. This gives rise to a blended tax rate of 22.0% for the year.

Continuing and discontinued operations:

Deferred tax assets and liabilities have been measured at an effective rate of 25% in both the UK and USA (2022: 25%).

The tax assessed for the year is lower than the blended rate of corporation tax in the UK of 22.0% (2022: lower than the standard rate of 19%).

The differences are explained as follows:

During the prior year the UK Government substantively enacted an increase in the corporation tax rate to 25.0% effective from 1 April 2023. The deferred tax asset and liability as at 30 September 2023 has been calculated based on the rate of 25.0% unless the asset/liability is expected to be realised or settled before the rate increase in which case the rate of 19.0% has been used.

Earnings per share

The directors are proposing a final dividend in respect of the financial year ended 30 September 2023 of 2.75 pence per share (2022: 2.50 pence per share) which will absorb an estimated £3,587,000 of shareholders' funds. This dividend will be paid on 14 February 2024 to shareholders who are on the register of members at close of business on 15 December 2023 subject to approval at the AGM. These dividends have not been accrued in these financial statements.

Prior year restatement

Impact on financial statements

Group

2022

There is a corresponding error at the beginning of the prior period - the error and its correction at 1 October 2021 are set out below:

Group

2021

Copies of announcement

Copies of this announcement will be available from the Company's registered office at 6 Oxford Pioneer Park, Yarnton, Oxfordshire, OX5 1QU and from the Company's website: www.oxfordmetrics.com.