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Oxford Metrics reports lower profits, revenue as pandemic hits US sales
StockMarketWire.com
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Software company Oxford Metrics has reported a 66% fall in statutory profit before tax for the 12 months to the end of September.
Delays to sales in the US due to the impact of the Covid-19 pandemic were partly responsible for the fall in profit and revenue, the company said.
In its preliminary results statement, Oxford Metrics said revenue for the period was £30.3 million, down from £35.3 million the previous year.
Profit before tax was £1.6 million, down from £4.7 million in 2019.
However, the company increased its net cash position to £14.9 million, up from £13.8 million a year earlier.
Annual recurring revenue also increased to £6.8 million, from £6.2 million in 2019.
Chief executive Nick Bolton said: 'Although the pandemic has caused short-term sales delays, particularly in the US, it has also accelerated positive market drivers, which will underpin our future growth.
'As we enter a new financial year uncertainty remains as the pandemic continues. That said, both of our divisions have started the year well, and the combination of our robust financial position and a tailwind from structural growth drivers puts us in a strong position both to navigate any further challenges that may arise and bring forward our growth plans.'
At 9:48am: (LON:OMG) Oxford Metrics Plc share price was 0p at 85p
Story provided by StockMarketWire.com
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