Trading Update

RNS Number : 7393U

OMG PLC

21 October 2010

 



21 October 2010

OMG plc

('OMG' or the 'Group')

Trading Update

OMG plc, (LSE: OMG), the technology group providing image understanding products for the entertainment, defence, life science and engineering industries, is pleased to provide the following positive update on trading for the financial year ended 30 September 2010.

Following the record performance delivered in the first half of the year, the Group has continued to trade well through the second half. Consequently, full year turnover is expected to be in excess of £30.5m, generating an adjusted profit before tax well ahead of market expectations.  Furthermore, through effective cash collection and inventory management the Group ended the year with a better than expected cash balance of £6.2m.

These results reflect a strong and improving performance across the majority of the Group's businesses. In particular, our studio operation in Los Angeles, House of Moves, produced an outstanding performance. Vicon also built on its strong first half and Yotta UK continued to make progress, securing new surveying mandates with a number of Local Authorities including Nottinghamshire and Leicestershire. 2d3 reported a similar level of activity and successfully released the latest version of TacitView.

The exception to an otherwise positive performance was Yotta MVS, our property surveying business in the USA, which continued to trade at a loss in the second half in very difficult market conditions.  In light of this, the Board is reviewing the £1.9m carrying value of associated goodwill and intangibles which may impact reported (non-adjusted) profits.  A decision will be made in conjunction with the year end audit process at the time of the Preliminary results.

The Group's overall business pipeline remains encouraging going into the new financial year.

The Group will announce Preliminary results for the financial year ended 30 September 2010 on 2 December 2010.

For further information please contact:

OMG plc	[phone]
Nick Bolton, CEO David Deacon, CFO
Financial Dynamics	[phone]
Juliet Clarke / Matt Dixon / Emma Appleton
Evolution Securities (NOMAD to OMG)	[phone]
Jeremy Ellis

About OMG

OMG plc (Oxford Metrics Group. LSE: OMG) is a group of technology companies producing image understanding products and services for the entertainment, defence, life science and engineering industries.

Be it for capturing the movements of actors (for the movie industry), sportsmen (for video games or improving team performance), or children with Cerebral Palsy, rehab patients and animals (for medical, life science and research industries); or recording the condition of highways and the assets that surround them or assessing the value of properties; or even providing image intelligence and situational awareness from drone aircraft. Through this diversified offering the Group has earned its strong international reputation for precision from pixels.

Founded in 1984, the Group is headquartered in Oxford, UK, and has four offices in the US and two in the UK. It has customers in over 50 countries and is a quoted company listed on AIM, a market operated by the London Stock Exchange. The Group trades through three operating subsidiaries:  Vicon, the world's largest motion capture and movement analysis company, 2d3, a manufacturer of specialised image understanding software for defence applications, and Yotta, our highways and property surveying business.

The Group's global clients spanning the worlds of science, medicine, sport, engineering, gaming, film and broadcast include: major hospitals and research facilities such as Guy's Hospital, Nuffield Orthopaedic Centre and Loughborough University, engineering industry leaders including: Ford Motor Company, BMW, Airbus and Toyota, and in the entertainment sector; Sony, Industrial Light and Magic, The Moving Picture Company (MPC), Sega, Nintendo, UbiSoft, EA and Square Enix. In surveying clients include:Miami-Dade county, Atkins, and Oxfordshire, Cumbria, Derbyshire and Pembrokeshire County Councils as well as many others.

For more information about OMG and its subsidiaries, visit www.omgplc.com, www.vicon.com, www.2d3.com, www.yottadcl.co.uk or www.yottamvs.com.

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