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OMG
- BY: Andrew Hore |
- POSTED: 28/04/2010 |
Imaging software developer OMG says that first half revenues will be £14.4m - an all-time record.
Shares in OMG jumped by nearly one-fifth to 23p each, which values the company at £15.7m.
Vicon has sold 16 cameras to Motile Robotics for a US army project. US sales of higher margin software have recovered faster than expected and profits will be ahead of expectations. OMG is expected to make an interim profit of £1.1m, which is the original forecast for the full year.
OMG expects to continue its strong performance into the second half. The full year outcome is dependent on the closure of deals but OMG believes that full year profits will be better than expected. Evolution forecasts a full year profit of £1.6m. There will be an increase in capitalised development spending from £200,000 to £400,000.
There is £4.1m in the bank.
The interim figures to March 2010 will be reported on 12 May.
The shares are trading on less than 12 times prospective earnings for the year to September 2010.
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