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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Innate Pharma | TG:IDD | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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| 0.075 | 3.65% | 2.13 | 2.11 | 2.15 | 2.13 | 2.06 | 2.06 | 491 | 20:59:22 |
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RNS Number:4043T
ID Data PLC
18 December 2003
18th December 2003
ID Data plc ("ID Data")
Interim Results for the six months ended 30 September 2003
ID Data, the provider of secure, card-based transaction systems and services to
the international telephony, banking, retail and secure access sectors, today
reports its interim results for the six months ended 30 September 2003.
Highlights
* Turnover of #5.4 million in line with budget, a 48% reduction compared with
the corresponding period last year due to the one-off increase from the
Nectar Loyalty card launch in 2002
* Loss of #1.7 million compared to #1.3 million last year
* Fixed operating costs reduced by #0.7 million
* New funds totalling #3 million received during the period
* The company is entering into an agreement to invest directly in 180
Software, the developers of Origin-J
* Growing demand for bank Chip and Pin is expected to add significantly to
sales and profits opportunities during the next financial year
Commenting on the Interim Results, Peter Cox, Chief Executive of ID Data plc,
said:
"We have demonstrated effective cost control in what has been a tough year for
the industry, and have continued to invest in technology opportunities to help
build our sales pipeline.
"Investors' faith in the Company's long-term plans were shown by their provision
of #3 million of new funds during the first half of the year, and since
September an additional #1.15 million has been raised.
"As financial and retail markets adopt Chip and Pin on a global basis, we
believe there will be a clear opportunity for ID Data to generate an improved
performance."
For further information, please contact:
ID Data plc Tel: +44 (0) 1536 207 000
Peter Cox
Email: peter.cox@id-data.co.uk
Durlacher Limited
Grant Harrison/ David Rae Tel: +44 (0) 20 7459 3600
Media enquiries:
Bankside
Peter Curtain / Heather Salmond Tel: +44 (0) 20 7444 4140
Email: heather.salmond@bankside.com
ID Data plc ("ID Data")
Results for the six months to 30 September 2003
Chairman's Statement
The past six months have been challenging for the business. The fall in
turnover relative to the comparative period last year can be largely attributed
to the Nectar loyalty card launch which benefited 2002 by #4 million.
Our planned reductions in fixed costs have been met without impacting on
production capacity. Around #0.7 million has been saved in the six months to
September 2003 and #1.6 million in savings is anticipated in a full year.
Continued investment in sales and product development will improve the
contracted customer base. The company is well positioned to supply Chip and Pin
cards to the UK and international banks and has already received firm
indications of commitment.
Similarly, major marketing activity around Origin-J, the full Java smart-card
solution, has led to significant interest from end users, competitors and
governments. We see the technology being adopted initially in the GSM, banking
and National Identity Card smart-card application areas. Origin-J remains the
only full Java J2SE VM technology available for smart cards globally. As a
result of our continued confidence in this technology, we have undertaken to
increase our investment in 180 Software in the expectation of licence sales over
the coming years.
The company has successfully raised #4.15 million, comprising #3.49 million in
convertible loan notes and the remainder in new equity. Of these funds, #3
million is reflected in the balance sheet at September 2003. These funds should
see the business through to the next stage of development.
Your Board remains totally committed to the long-term success of ID Data and in
this regard Peter Cox personally invested #400,000 in convertible loan notes in
the recent fundraising exercise. He owns 37,377,027 shares in the Company, a
net increase of 3,146,842 shares since 1 January 2003.
Looking forward, we expect modest growth in the second half of 2003/4 but are
concentrating on building the long-term order book, with Chip and Pin bank cards
expected to start rolling out in significant numbers between mid-2004 and early
2005. The Board is committed to focusing resources on areas in which the Company
has relative strengths but at the same time will actively seek acquisitions to
strengthen our market position.
ID Data plc
Consolidated Profit and Loss Account
Notes 6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 March
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
GROUP AND SHARE OF JOINT VENTURE TURNOVER 5,485 10,478 19,751
Less: share of joint venture turnover (45) (77) (100)
GROUP TURNOVER 5,440 10,401 19,651
Cost of sales (5,732) (9,530) (17,200)
GROSS (LOSS) / PROFIT (292) 871 2,451
Sales and distribution costs (574) (779) (1,556)
Administrative expenses (698) (973) (2,106)
OPERATING LOSS ON ORDINARY ACTIVITIES (1,564) (881) (1,211)
Group share of operating profit / (loss) in 7 (18) (49)
joint venture
GROUP OPERATING LOSS ON ORDINARY ACTIVITIES (1,557) (899) (1,260)
AMOUNT PROVIDED AGAINST QUOTED INVESTMENTS - - (340)
EXCEPTIONAL ITEMS (3) 150 (113) (1,239)
LOSS BEFORE INTEREST AND TAXATION (1,407) (1,012) (2,839)
Interest receivable and similar items 2 4 6
Interest payable and similar charges (298) (284) (538)
Group share of interest payable in joint venture (1) - (7)
LOSS BEFORE TAXATION (1,704) (1,292) (3,378)
Taxation - - -
RETAINED LOSS AFTER TAXATION (1,704) (1,292) (3,378)
Loss per ordinary share (in pence) (2)
Basic loss per share (0.9)p (1.1)p (2.2)p
Loss per share before exceptional income (0.9)p (1.0)p (1.4) p
ID Data plc
Consolidated Balance Sheet
As at As at As at
30 Sept 30 Sept 31 March
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
FIXED ASSETS
Intangible (8) (22) (15)
Tangible 2,977 4,898 3,710
Investments 572 7 7
Investment in Joint Venture:
Share of gross assets 435 145 202
Share of gross liabilities (578) (256) (351)
Investment in Joint Venture (143) (111) (149)
3,398 4,772 3,553
CURRENT ASSETS
Stocks 793 1,786 1,212
Debtors 3,032 7,858 3,544
Investments 1,000 - 1,000
Cash 662 263 262
5,487 9,907 6,018
CREDITORS: amounts falling due within one year (3,816) (9,950) (5,697)
NET CURRENT ASSETS / (LIABILITIES) 1,671 (43) 321
TOTAL ASSETS LESS CURRENT LIABILITIES 5,069 4,729 3,874
CREDITORS: amounts falling due after more than (2,640) (1,111) (462)
one year
PROVISIONS FOR LIABILITIES AND CHARGES (185) - (540)
NET ASSETS 2,244 3,618 2,872
Called up share capital 2,141 1,566 1,929
Share premium account 17,103 15,677 16,654
Profit and loss account (17,415) (13,625) (15,711)
Revaluation reserve 415 - -
EQUITY SHAREHOLDERS' FUNDS 2,244 3,618 2,872
ID Data plc
Notes to Interim Statement
(1) Basis of preparation
The results for the six months period to 30 September 2003 have been prepared
using accounting policies consistent with those used in the preparation of the
audited accounts for the period to 31 March 2003.
These unaudited accounts do not amount to statutory accounts within the meaning
of section 240 of the Companies Act. The results for the year ended 31 March
2003 summarised in this statement are an abridged version of the Group's full
accounts, which received an unqualified Auditor's Report and have been filed
with the Registrar of Companies.
(2) Loss per share
The calculation of the Group's basic loss per share for the six months ended 30
September 2003 is based upon the weighted average number of shares in issue
during the period of 197,328,824 (six months to 30 September 2002: 118,372,580)
and a loss for the period of #1,704,209 (six months to 30 September 2002:
#1,292,074).
(3) Exceptional item and revaluation reserve
The exceptional item relates to the write back of a provision made in 2001/2 in
respect of an investment in Sports Loyalty Card Ltd, an unquoted company. In
arriving at a #565,000 investment valuation, the directors have used the share
price of a recent share issue by the company which has given rise to a
revaluation surplus of #415,000.
(4) Net Debt
The Group's total net debt at 30 September 2003 amounted to #3,775,187 (31 March
2003 #3,086,730).
Copies available
Copies of the interim report will be sent to all shareholders and are available
to the public, free of charge, from the Company's registered office at Wansell
Road, Weldon North, Corby, Northamptonshire, NN17 5LX.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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