38. Oxford Metrics Plc
Motion Capture Leaders
Based in Oxford, Oxford Metrics Plc develops cutting-edge motion capture and engineering software, empowering sectors from entertainment to engineering. Operating in the technology industry, specifically in motion measurement and engineering analytics, the company, through its subsidiaries Vicon and Yotta, serves clients in film production, video games, life sciences, and infrastructure, leveraging its expertise to drive digital transformation.
Oxford Metrics generates revenue through two primary divisions: Vicon and Yotta. Vicon, its flagship brand, produces motion capture systems, used to animate films like Avatar or analyse athlete performance, selling hardware, software, and support contracts. A Vicon system might cost £50,000–£100,000, with recurring revenue from maintenance and upgrades. Yotta focuses on infrastructure digitisation, offering software for asset management and surveying, often subscribed to by local councils for road maintenance, with annual fees around £10,000–£20,000 per client. In the financial year ending September 2024, Oxford Metrics reported revenues of £41.5 million, down 6% from £44.2 million in 2023, with adjusted profit before tax falling 51% to £3.7 million from £7.5 million, reflecting extended buying cycles in its key markets.
Strategically, Oxford Metrics has pushed innovation, launching a markerless motion capture system in 2025 to broaden Vicon’s appeal, and expanding Yotta’s digital twin capabilities for smart cities. A board change in April 2025 saw a new non-executive director join, aiming to strengthen governance amid this transition. However, challenges loom, the 13% revenue drop in Vicon, following a strong 2023, highlights reliance on cyclical entertainment spending, while Yotta’s growth is tempered by public sector budget constraints. The company’s net cash fell 22% to £50.7 million, and a 62% drop in statutory profit to £2.8 million suggests vulnerability to economic headwinds. Employing around 200 people, Oxford Metrics benefits from its niche leadership, but its small scale and dependence on discretionary sectors raise concerns.
Oxford Metrics’ technological edge and diversified applications offer growth potential, particularly in emerging markets like healthcare and autonomous vehicles. Yet, its financial pressures, market sensitivity, and the impact of leadership changes could hinder progress unless it adapts swiftly to shifting demand.
Oxford Metrics is a solid little business and may warrant further investigation. The main concern is the looming threat from AI, which could enable entirely new, low-cost solutions that disrupt what Oxford Metrics currently does. It’s an interesting company, and one we may explore in more depth; but for now, it remains a low priority for Wonder Stocks.
