Oxford Metrics PLC Completion of Disposal of Yotta Surveying (0605P)
24 May 2018 - 4:00PM
UK Regulatory
TIDMOMG
RNS Number : 0605P
Oxford Metrics PLC
24 May 2018
24 May 2018
Oxford Metrics plc
("Oxford Metrics", the "Company" or the "Group")
Completion of Disposal of Yotta Surveying
Oxford Metrics plc (LSE: OMG) the international software company
servicing government, life sciences, entertainment and engineering
markets, is pleased to announce the sale of Yotta Surveying Limited
to Ginger Group, a major construction and civil engineering
company. The sale completes the disposal process first announced by
the Company in June 2017 and is in line with the Group's
strategy.
Yotta Surveying Limited provides highways surveying services to
Government Agencies, Local Government and major infrastructure
contractors. The sale is to Ginger Group for a cash consideration
of GBP1.0m and the business will, with immediate effect, trade as
Ginger Lehmann Ltd in the UK. The business will continue to operate
from its existing premises and all current Yotta Surveying Limited
staff will remain with the business.
The Net Assets of Yotta Surveying at the date of disposal total
GBP0.4m which includes GBP0.3m in cash and an inter-company
liability with Oxford Metrics of GBP0.6m that will be settled by
Ginger Group as part of the transaction. The disposal therefore
will yield a net cash inflow to the Group of GBP1.3m. A loss on
disposal of GBP0.2m (before costs) will be recognised.
Following the disposal, Oxford Metrics continues to retain
ownership of the software and services business, Yotta Limited, and
its Alloy, Horizons, Mayrise and March software products.
Commenting on the disposal Nick Bolton, Chief Executive Officer
of Oxford Metrics, said:
"I am pleased to have completed this process, with an outcome
that works well for everyone. We know that in Ginger Group, the
surveying business has a strong, committed new owner and that our
surveying team joins a bigger organisation capable of nurturing and
growing these assets. For Oxford Metrics shareholders, we take one
further step along our five-year plan and move forward as an
increasingly dependable, recurring revenue based business."
For further information please contact:
Oxford Metrics plc +44 (0) 1865 261860
Nick Bolton, CEO / David Deacon, CFO
FTI Consulting +44 (0) 20 3727 1000
Matt Dixon / Emma Hall / Harry Staight
N+1 Singer (NOMAD to Oxford Metrics) +44 (0) 20 7496 3000
Shaun Dobson / Jen Boorer
About Oxford Metrics
Oxford Metrics develops and markets analytics software for
motion measurement and infrastructure asset management to clients
in over 70 countries worldwide. Our list of clients across the
globe is as diverse as the markets we operate in; we help highways
authorities manage and maintain their road networks, hospitals and
clinicians decide therapeutic strategies and Hollywood studios
create stunning visual effects. And the diversity of applications
is growing all the time.
The Group trades through two subsidiaries: Vicon and Yotta.
Vicon is the world's leader in high precision motion measurement
analysis to thousands of customers worldwide, including Guy's
Hospital, EA Sports, MIT and NASA and our software is used in an
ever expanding range of applications. Yotta provides cloud-based
infrastructure asset management software to central and local
government agencies and other infrastructure owners. Yotta has a
large number of high profile clients including Highways England and
Amey in the UK and VicRoads in Australia amongst others.
Founded in 1984 our Group is headquartered in Oxford with
offices in Leamington Spa, Gloucester, California, Colorado,
Singapore and Auckland. Since 2001, Oxford Metrics (LSE: OMG), has
been a quoted company listed on AIM, a market operated by the
London Stock Exchange.
For more information about Oxford Metrics, visit
www.oxfordmetrics.com
ENDS
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END
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