Oxford Metrics
Website:
Oxford Metrics
Index:
AIM
EPIC: OMG
Supersector:
Technology
Sector:
Software and Computer Services
Subsector:
Software
Market Cap:
£51.88M
Payout Frequency: Annual
Oxford Metrics Dividend Analysis and Summary
Key Dividend Details
- Dividend: Final dividend of 3.25p per share (unchanged vs last year’s final of 3.25p; up from 2.75p for FY2023).
- Approval: Subject to AGM on 25/02/2026.
- Record date: 13/02/2026.
- Ex-dividend date: 12/02/2026 (derived from the record date being one business day later).
- Payment date: 27/03/2026.
- Cash cost: Estimated ~£3.76m (company estimate).
- Context: Management explicitly notes the dividend is not covered by the year’s profits, but is recommended due to stronger operating cash generation and a £37.3m cash and term deposit balance.
Dividend Sustainability and Growth
- Coverage: FY25 adjusted EPS 1.55p vs DPS 3.25p implies adjusted earnings cover of ~0.5x; statutory EPS is a loss of 0.55p. The dividend is therefore uncovered by earnings.
- Cash support: Operating cash generation before tax was £6.7m (vs £4.2m dividends paid in the year) and net cash/fixed deposits stood at £37.3m. Near-term affordability is supported by liquidity.
- Growth trajectory: The proposed final is flat year-on-year at 3.25p. With earnings currently below the dividend, any future growth likely depends on an earnings recovery (notably in Motion Capture) and continued cash discipline.
- Capital allocation: Total shareholder returns of £12.5m in FY25 (dividends + £8.3m buybacks). While buybacks reduce share count and can bolster per-share metrics, they also draw on the cash buffer supporting the dividend.
Support from Financial Performance
- Profitability: Revenue up 8% to £44.8m, adjusted EBIT up 29% to £2.2m, but PBT fell to £0.1m on lower finance income; statutory loss after tax £0.7m.
- Cash flow: Marked improvement in working capital drove operating cash inflow before tax to £6.7m (FY24: £0.3m).
- Balance sheet: Net cash and term deposits of £37.3m (down from £50.7m after M&A, buybacks and dividends) provide a buffer, but the cushion is being drawn down.
Structural/Policy Points Relevant to Dividends
- Ex-dividend timetable: Record date 13 Feb 2026 implies ex-dividend date 12 Feb 2026; payment on 27 Mar 2026.
- Accounting reference date change proposed to 31 December (from 30 September), extending the next financial year to 31 Dec 2026. This may shift future dividend reporting/timing cycles.
- M&A and integration: Two bolt-ons (The Sempre Group, Amber Optix) and a plan to unify Smart Manufacturing under one structure in FY26. Execution success could enhance profitability and future dividend cover.
- Share buybacks: Ongoing programme (c. £8.3m deployed in FY25) reduced share capital, potentially supporting per-share dividends but also consuming cash that supports payouts.
Risks and Flags to Dividend Stability
- Coverage risk: Dividend not covered by statutory or adjusted earnings; continued reliance on cash flows and balance sheet strength.
- Operating headwinds: Ongoing softness in US academic and entertainment markets weighed on Motion Capture revenue (down 17%); recovery timing uncertain.
- Margin mix: Gross margin fell to 64.7% due to a higher Smart Manufacturing mix (structurally lower margin), though integration aims to improve margins.
- Finance income drag: Lower net finance income (with reduced cash and lower rates) reduced PBT—this limits an easy source of profit cover.
- Execution risk: Integration of acquisitions and delivery of “projects-to-products” strategy; potential office lease impairments under review for FY26.
- Capital allocation trade-offs: Continued bolt-on M&A and buybacks compete with dividend funding, narrowing headroom if trading underperforms.
Read more
Oxford Metrics Annual Dividend Yield - 5.39%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 13/12/2018 |
25/01/2019 |
Special |
1.00p |
GBX |
| 13/12/2018 |
07/03/2019 |
Final |
1.50p |
GBX |
Total (Annual Dividends Per Share):
2.50p
Dividend Yield =
Annual Dividends Per Share (2.50p)
÷ Share Price (46.4p)
= 5.39%
Oxford Metrics Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 12/02/2026 |
27/03/2026 |
Final |
3.2500p |
GBX |
| 12/12/2024 |
05/03/2025 |
Final |
3.25p |
GBX |
| 14/12/2023 |
14/02/2024 |
Final |
2.75p |
GBX |
| 29/12/2022 |
23/02/2023 |
Final |
2.50p |
GBX |
| 09/12/2021 |
23/02/2022 |
Final |
2.00p |
GBX |
| 10/12/2020 |
05/03/2021 |
Final |
1.80p |
GBX |
| 12/12/2019 |
28/02/2020 |
Final |
1.80p |
GBX |
| 13/12/2018 |
25/01/2019 |
Special |
1.00p |
GBX |
| 13/12/2018 |
07/03/2019 |
Final |
1.50p |
GBX |
| 14/12/2017 |
08/03/2018 |
Final |
1.20p |
GBX |
| 15/12/2016 |
09/03/2017 |
Final |
1.00p |
GBX |
| 17/12/2015 |
12/01/2016 |
Special |
3.75p |
GBX |
| 17/12/2015 |
09/03/2016 |
Final |
0.65p |
GBX |
| 18/06/2015 |
10/07/2015 |
Special |
5.00p |
GBX |
| 23/04/2015 |
15/05/2015 |
Special |
4.50p |
GBX |
| 18/12/2014 |
11/03/2015 |
Final |
0.50p |
GBX |
| Year |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
3.250 |
|
GBX |
3.250 |
18.180 |
| 2023 |
2.750 |
|
GBX |
2.750 |
10.000 |
| 2022 |
2.500 |
|
GBX |
2.500 |
25.000 |
| 2021 |
2.000 |
|
GBX |
2.000 |
11.110 |
| 2020 |
1.800 |
|
GBX |
1.800 |
0.000 |
| 2019 |
1.800 |
|
GBX |
1.800 |
-28.000 |
| 2018 |
1.500 |
1.000 |
GBX |
2.500 |
108.330 |
| 2017 |
1.200 |
|
GBX |
1.200 |
20.000 |
| 2016 |
1.000 |
|
GBX |
1.000 |
-92.800 |
| 2015 |
0.650 |
13.250 |
GBX |
13.900 |
2,680.000 |
| 2014 |
0.500 |
|
GBX |
0.500 |
|
Oxford Metrics Dividend Calculator
Oxford Metrics Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
10.2%
|
| Years of Growth |
4
|
| Payout Ratio |
–
|
| Buyback Yield |
6.38%
|
| Shareholder Yield |
13.34%
|
| P/E Ratio (TTM) | – |
|---|
| Forward P/E | 17.6 |
|---|
| P/FCF | 8.36 |
|---|
| Earnings Yield | -1.31% |
|---|
| FCF Yield | 11.96% |
|---|
| ROE | -0.94% |
|---|
| ROCE | -0.24% |
|---|
| Profit Margin | -1.52% |
|---|
| Operating Margin | -0.4% |
|---|
| Gross Margin | 64.77% |
|---|