Despite a dire start to the year, motion capture counter OMG delivered decent annual numbers to September under new chief executive Nick Bolton. Pre-tax profits perked up 51% to £690,000 at this supplier of systems for engineering, entertainment and life science applications, which boasts technology used in major Hollywood movies such as Batman Begins and Harry Potter.

Sales-focused Bolton insists a turnaround has firmly begun, having completely reorganised sales management. OMG reported a 30% rise in turnover to £14.2m, and organic revenue growth, stripping out second US acquisition Peak, which specialises in motion capture for the sports science and human and animal motion research markets, was an encouraging 19% at £12.9m.

This really was a year of two halves, with OMG losing £549,000 on £4.8m sales in the first half. Second half sales were a vastly improved £9.4m, and twinned with cost cutting and cost controls, helped wring improved profits for the year. OMG’s healthy cash position burgeoned from £4.1m to £4.4m. Sales growth for the year was strong across all geographies, bar the UK, which was up against exceptional comparatives.

OMG, which has disappointed since floating at 75p in 2001, seems to be turning round under Bolton and is now looking to diversify into new areas. A recent software development deal was signed with defence and security technology outfit QinetiQ and Bolton is tight-lipped on another opportunity concerning the maintenance of national infrastructures. Taking last year’s earnings figure of 1.27p, OMG trades on an undemanding historic multiple of 16.3. With Bolton reinvigorating the business, a re-rating could come sooner rather than later. Hold.