25 May 2012

OMG clinches £2.3m deal

06/02/2012 Ben Jaglom

Motion capture specialist OMG (OMG) has won a £2.3 million deal to provide surveying services for the Highways Agency

Winning the deal through its Yotta division - which carries out aerial-based surveys for a number of public sector clients -  the contract is to last for four years with the option to renew for a further year The agreement will see Yotta carry out a 'Traffic Speed Condition Survey' that will allow it to examine the condition of the road, with the aim being to assess which areas require repairs.

OMG's chief executive enthused on what he described a the 'great start to the year' and the 'significant contract'. He maintained  the win is an example of the group's 'technical superiority and progress'.

Prior to the contract win analysts at Daniel Stewart had forecasted profits of £2.7 million (EPS: 2.94p) for the year to September 2012.

Last recommended by Growth Company Investor last December at 17.5p the shares currently trade at 23p having gained 2.25p this morning. Having traded between 16.75p and 44p over the last year at the current price the shares look fairly valued though the win of course bolsters OMG's order book. Hold.

Tags: Contract wins, Motion capture technology, Surveying business

Sector: Software & Computer Services

Companies: OMG

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