Oct 9 (Reuters) – British smart sensing tech firm Oxford Metrics warned about an annual loss on Friday, hit by spending cuts and studio consolidation across the film and TV industry and tighter research budgets, sending its shares 15% lower.
Here are some more details:
• Softer film, TV and gaming demand delayed major Vicon contracts, which help developers create digital characters and visual effects
• The firm said it would buy AI motion-capture specialist Move AI for £525,000 ($694,732) to boost the division and expand its AI-powered motion-capture offering
• Move AI is a London-based developer of AI-powered technology for capturing and digitising human movement
• Robotics demand remains encouraging, while location-based entertainment and parts of Asia continue to hold up better than established markets
• Oxford Metrics expects annual adjusted operating loss between £0.5 million and £3.9 million, versus market expectations of a £3.0 million adjusted operating profit
• Oxford Metrics counts film studios, research institutions and industrial manufacturers as customers
• The company is accelerating its cost-cutting programme, including job cuts and the removal of lower-margin products
• Shares plunged 14.6% to 29.8 pence as of 0712 GMT, hitting their lowest since March 2015
($1 = 0.7557 pounds)
(Reporting by Amna Mariyam in Bengaluru)
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