Oxford Metrics

Website: Oxford Metrics
Index: AIM
EPIC: OMG
Supersector: Technology
Sector: Software and Computer Services
Subsector: Software
Market Cap: £53.63M
Payout Frequency: Annual

Next Oxford Metrics Dividend

Oxford Metrics next goes ex-dividend on 12/02/2026. This will be the Final dividend for 2026.

The dividend per share amount is 3.2500p (GBP) and the payment date is 27/03/2026.

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.

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 (46.7p) = 5.35%

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

Number of Shares:

Payment	Paid	Amount
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