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  • BY: Andrew Hore |
  • POSTED: 19/05/2011 |

Motion capture software provider OMG fell into loss in the six months to march 2011 because of a delayed animation contract.

Revenues fell from 14.4m to 13.3m, while OMG made an underlying loss of 300,000, against 1.4m last time. Even if the project, which reduced first half revenues by 1m, had not been delayed the profit would have been halved. 

There was net cash of 2.3m at the end of March 2011. OMG spent 1.3m on the acquisition of Sensing Systems during the period, while capitalised development costs rose from 348,000 to 746,000. 

The Yotta highway surveying business maintained its revenues and reduced its loss, while defence business 2d3 made its maiden profit. 

Evolution forecasts flat revenues this year and a drop in profit from 3.2m to 1.8m. That halved profit forecast is mainly due to 1.2m of second half investment in the Revue wearable camera aimed at Alzheimer sufferers. This is being marketed to consumers by new subsidiary OMG Life and the venture involves brand agency Bartle Bogle Hegarty (BBH). Aim-quoted female security products supplier Ila has a similar tie up with BBH.

Evolution is hopeful that the benefits of the investment should help OMG to make 3.6m in 2011-12.

At 31.62p a share, down 6.88p, OMG is valued at 22.3m. The shares are trading on 12 times 2010-11 prospective earnings, falling to nine in 2011-12.

Download the May 2011 edition of AIM Journal at

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