OMG logs half year loss

Technology group OMG reported a half year loss compared to a profit a year earlier as US spending cuts delayed the timing and shape of several deals.

The motion capture specialist for the entertainment, defence, life science and engineering industries, posted an adjusted loss before tax of £0.2m for the six months ended March 31st 2013 compared to an adjusted pre-tax profit of £0.7m a year earlier.

Group revenue slipped to £13.0m during the period from £13.6m in the same half a year before.

OMG, whose Vicon technology was used in the film Avengers Assemble as well as computer game "Call of Duty: Black Ops II", said overall group trading was in line with market expectations at half year end.

Chief Executive Officer Nick Bolton said: "The first half of this year has seen a number of developments. Some of those, particularly in 2d3, have been challenging where we find ourselves with a great product, a strong customer pipeline, but also uncertainty in US Government budgets caused by sequestration."

"In spite of that, we've made a good number of real steps forward for the business in H1, such as further sales momentum with our Horizons platform in Yotta, the continued appeal of our Bonita range in Vicon and the finishing touches we've put to our ground breaking Autographer product."

OMG believes these steps forward, as well as strong pipeline, will help to generate important sales progress in the second half and beyond.

The group's cash position stood at £4.0m compared to £3.9m a year earlier.

CJ