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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Advance Visual | LSE:ACV | London | Ordinary Share | GB0002565355 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.16 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS No 2225t ACTIVE IMAGING PLC 23rd September 1997 Results for the 6 months ended 30 June 1997 Your Company has experienced a varied and eventful period in the 6 months to 30 June 1997. Many of the circumstances and events that hampered our progress were set out in the recent Rights Issue document. The financial effects are addressed in the commentary on the Trading Results. Of greater interest to shareholders is to learn how we are addressing these historic problems, of sales prospects, product development and the actions we have taken to seek to secure the long term future of Active Imaging. Trading Results In the 6 months to 30 June 1997 the loss on ordinary activities before/after tax amounted to #2.9 million on sales of approximately #2.0 million. The loss is after charging the following exceptional or non-recurring amounts to the profit and loss account: (i) #250,000 in respect of a stock write-down provision for the first batch of the MvNet (version1) cameras. These first units have to a large degree been superseded by the advanced MvNet Plus units; however the remaining units are being sold or are used as demonstration units by our reseller network. (ii) #147,000 in respect of legal and professional fees and other direct costs incurred on the aborted transaction with TVX Inc. Undoubtedly this transaction cost the Company a great deal more in lost opportunity and contributed to a loss of business focus during this time. (iii)#84,000 of operating costs incurred in the period and #688,000 in respect of closure costs and write-offs in respect of Active Traffic Management (ATM). ATM was closed in early June and is in the process of voluntary dissolution under the Texas Business Corporation Act. The effect of the closure on the Balance Sheet of Active Imaging is a write- off of #1,262,000 in respect of intangible assets, which includes #925,000 in respect of the patent owned by Active Vision Systems Inc. (AVS), a subsidiary of ATM, and #206,000 in respect of net current assets as at 31 December 1996. The consideration for the assets of Invision Inc. acquired in December 1995 and the acquisition of AVS in April 1996 provided for a significant element of deferred consideration in the form of cash, contingent issue of shares and warrants to subscribe for shares. These future contingent considerations had been fully provided for in the Balance Sheet as at 31 December 1996. Accordingly these subsequent events allow the release of a liability of #585,000 in respect of contingent cash consideration and #890,000 in respect of the cancellation of reserves for the contingent issue of shares and warrants. Rights Issue On the 15 August we successfully concluded a 5 for 4 Rights Issue to raise #2.3 million, before expenses. The Rights Issue was supported by a number of our existing institutional shareholders especially 3i group plc, Schroder Investment Management, funds managed by Quester and by myself. I was particularly pleased with the support for the issue from members of staff and some of our key suppliers. In total this group, including my fellow directors, subscribed for approximately #190,000 worth of new shares. AIM has become a difficult market for raising money especially against a background of poor historic performance. I am grateful for the support shown by all our existing shareholders who participated in this fund raising. Management Following the Rights Issue, Kevin Waterhouse (MD Active Imaging) and Ian Young (MD Data Cell) have joined the board of directors of Active Imaging plc. We also today announce the following changes in the structure of the board of directors. Raymond Fagan, currently Finance Director, will take up the position of Deputy Chairman. Raymond Fagan has played a large part in the reorganisation of the Group since the withdrawal of the offer by TVX and was instrumental in the completion of the recent Rights Issue. This new role recognises his continuing contribution to the strategic management of the Group. Active Imaging is currently seeking a Group Financial Director who will work closely with Kevin Waterhouse and Ian Young in developing the financial systems and controls for the Group as it progresses. In the interim period Raymond Fagan will still have responsibility for finance. It has been agreed that John Osborne, currently Business Development Director and President of Active Imaging Inc., will resign as a director of Active Imaging plc and as President of Active Imaging Inc., effective 30 September 1997. Over the next few weeks he will work closely with Kevin Waterhouse to ensure that the United States activities of Active Imaging are fully integrated with those in the UK to ensure that a consistent customer driven message is delivered to all our employees, suppliers and partners. John Osborne will continue to advise the Company on new developments in video networking and digital transmission, especially in the United States. I would like to express my appreciation to John Osborne for the vision he has shown in conceiving the Active Imaging products and to wish him well in his future career. We are also seeking to strengthen the board with the appointment of a non- executive director with experience of the sectors into which the Group's products are sold. Business Strategy As announced in the Rights Issue document, the Company has channelled its financial and management resources into achieving success with its MvVision technology and with its value added reseller business, Data Cell. MvNet Plus, which allows live video to be delivered across a variety of computer and telephone networks, is now available both in ethernet and modem versions. The camera can be controlled remotely and can be mounted on a pan tilt zoom mechanism. We are now building a reseller network and dealing directly with key OEM accounts. Resellers, focusing on particular vertical markets, have been appointed in the UK, Belgium, France and Japan. Following the re-organisation of Active Imaging Inc. this policy is also now being followed in the United States. Users of MvNet Plus have included Lords Cricket ground (to broadcast Test Match cricket over the Internet), the London Notting Hill Carnival (to webcast the event), various adult entertainment sites, a UK utility company to monitor power stations, a toll-bridge project in California and Smartroutes in Boston, New England, who are using a custom built MvNet Plus for traffic monitoring in their commercial SmartTraveller service. The first production release of Mv2000 (or "Surveyor") is now available and will be shipped to customers during this month. Initial orders have been received from a number of partners all wishing to purchase Mv2000 for installation at customer sites for extended trials. The Mv2000 is aimed at replacing analogue multiplexing and recording devices (VCR's) as well as providing additional benefits of corporate network transmission for remote monitoring. Bell Security, a UK based security systems installer to the retail banking sector, has been working closely with Active Imaging to ensure the Mv2000 product meets the needs of its customers. One leading retail bank (a client of Bell Security) has substantially completed extensive trials of the Mv2000 to assess the viability of replacing its analogue CCTV equipment and to allow remote monitoring of its nation-wide branches by transmitting images across its own computer network. Discussions are also now well advanced with Aritech, a leading European manufacturer and distributor of security products. It is anticipated that an agreement with Aritech will give Mv2000 and MvNet immediate Europe-wide coverage particularly in the banking, retail and utilities sectors. Interested shareholders can view some of the camera sites at http://www.imaging.co.uk In the first six months of 1997 Data Cell sales showed an improvement on the previous six months. Since March 1997 Data Cell has been involved in a project to develop an evidential video enhancement system. This has now received approval from the Police Scientific Development Branch; consequently it is expected that this system will become an important source of new sales during the remainder of this financial year and into 1998. Snapper, the Company's jointly owned image acquisition board, has seen improved sales levels during the first half year. Initial orders have been received from major OEM's especially in the United States and Israel. The applications include both scientific and military uses. Future Prospects In July we announced the receipt of an order for approximately #1 million for MvVision technology from Trafficmaster. It is expected that the first units will be delivered to Trafficmaster in the final quarter of 1997. We have taken action to reduce our overheads through the closure of ATM and through staff reductions in the United States and in the UK. We are also now seeing the development phase of Mv2000 coming to an end. However, the Board recognises that there are still certain risks associated with the exploitation of these new technologies. It is therefore prudent to remind shareholders of the statements contained in the Rights Issue document, that the Group's working capital and its future financial results will be dependant on the timing and level of sales of the Mv2000 product actually achieved, and on increasing the sales of the Mv Net network camera. We believe that the MvVision technology and its resulting products have considerable potential. The Trafficmaster order and the results seen by customers in tests of the Mv2000, especially in the retail banking sector, indicate to us the size of the opportunities. The next few months will be critical to us in securing volume orders from security systems integrators, OEM's, resellers and further orders from technology partners. M J BROOKE Chairman 23 September 1997 Further information: Raymond Fagan - Active Imaging plc Tel: 01628 415 444 e mail: raymondf@active.imaging.co.uk Tim Redfern - Beeson Gregory Limited Tel: 0171 488 4040 Active Imaging plc Consolidated Profit & Loss Account for the six months ended 30 June 1997 (unaudited) 30- 30- 31- Jun- Jun- Dec- 97 96 96 #'000 #'000 #'000 (6 months (6 months (12 months unaudited) unaudited) audited) Turnover 1,952 2,217 4,207 Cost of sales (1,388) (1,570) (3,036) Gross Profit before stock write-down 564 647 1,171 Continuing operations - asset write-down re stock (250) - - Gross Profit after stock write-down 314 Net operating expenses (2,278) (2,217) (4,799) Legal and professional costs re aborted TVX transaction (147) (2,425) Loss on continuing operations (2,111) (1,570) (3,628) Discontinued operations (84) - - OperatingLossbefore exceptional items (2,195) (1,570) (3,628) Loss on closure of Active Traffic Management Write-off of intangible, tangible and other assets (1,468) Negative goodwill previously written-off to reserves (695) Release of contingent consideration 585 Release of warrant and contingent share issue 890 Total Exceptional items (688) - - Net Interest receivable/(payable) (3) (2) 22 Loss on ordinary activities before taxation (2,886) (1,572) (3,606) Taxation - - - Loss on ordinary activities after taxation (2,886) (1,572) (3,606) Dividends and appropriations: Preference share appropriation (22) (10) (44) Loss retained for the period (2,908) (1,582) (3,650) Earnings per share Loss per share 15.88p 13.9p 24.56p Adjusted loss per share 15.88p 13.9p 24.56p Active Imaging plc Consolidated Balance Sheet 30- 30- 31- Jun- Jun- Dec- 97 96 96 #'000 #'000 #'000 (6 months (6 months (12 months unaudited) unaudited) audited) Fixed assets Intangible 264 503 1,441 Tangible 332 677 470 Investments 35 15 15 631 1,195 1,926 Current assets Stocks 804 513 1,044 Debtors 866 1,596 1,297 Cash at bank and in hand - 4,012 1,381 1,670 6,121 3,722 Creditors Amounts falling due within on year (2,027) (2,650) (2,258) Net current assets (357) 3,471 1,464 Total assets less current liabilities 274 4,666 3,390 Creditors Amounts falling due after one year (50) (95) (85) Net assets 224 4,571 3,305 Capital and Reserves Called up share capital 444 443 443 Share premium account 5,758 5,754 5,754 Difference on consolidation 1,567 1,567 1,567 Shares to be issued - - 750 Warrant reserve - 140 140 Profit and loss account (7,052) (2,076) (4,162) Goodwill write off reserve (493) (1,257) (1,187) Total shareholders funds 224 4,571 3,305 This statement does not constitute full audited accounts of the group. Audited accounts for the year ended 31 December 1996 have been delivered to the Registrar of Companies. Accounting policies used in the preparation of this statement are consistent with those used in the full audited accounts for the year ended 31 December 1996 of Active Imaging plc but have not been reviewed by the auditors. The interim results do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. A copy of this report will be sent to all shareholders and will be made available to the public at the Company's registered office, SC House, Vanwall Business Park, Maidenhead, Berkshire, SL6 4UB. END IR SEAFSDUWUFFU
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