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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Innovision Res. | LSE:INN | London | Ordinary Share | GB0030308448 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5425F Innovision Research&Technology PLC 20 June 2001 Innovision Research & Technology plc Preliminary Results for the year ended 31 March 2001 Innovision Research and Technology, the electronics technology solutions provider, recently listed on AIM, announces its results for the year ended 31 March 2001. Highlights * Turnover for the year up 21% to #2.3m * Significant investment made during the year in staff and management (staff numbers up 46% to 38 heads) * Investment in Research and Development up 49% to #404,000 with 17 new patents applied for. * Successful flotation on AIM achieved shortly after year end raising # 9.3m net of expenses. * Operating profit for the year was #272,000 (2000: #578,000) Commenting on the results, Barton Clarke, CBE, Chairman said, "The foundations of our next stage of growth were firmly laid during the year. I look forward to the coming year with great confidence in the people and potential of Innovision Research & Technology." Ends Chairman's statement and financials are attached. For further information please contact Innovision Research & Technology plc Mike Wroe, Finance Director 0118 936 6311 College Hill 020 7457 2020 Matthew Smallwood Innovision Research & Technology plc CHAIRMAN'S STATEMENT for the year ended 31 March 2001 I am delighted to be presenting my first statement as Chairman of Innovision Research & Technology plc at such an exciting stage in the development of the Company. During the year under review, the Company continued to grow its revenues, with turnover up 21 per cent., whilst at the same time accelerating investment in people and technologies to facilitate future growth. The flotation of the Company on the Alternative Investment Market of the London Stock Exchange took place after the year-end (6th April 2001). However, the foundations of our next stage of growth were firmly laid during the year. The Board was strengthened during the year with the addition of three directors. Kenneth Taylor, who has considerable City experience, joined the Board in May 2000 as a Non-Executive with both myself and Michael Wroe, the Finance Director, joining in September 2000. In addition, the company was fortunate during the year to recruit a number of high quality new managers and staff with our overall personnel numbers rising by 46 per cent. (from 26 at 31 March 2000 to 38 at 31 March 2001.) During the year all staff were awarded share options to enable them to participate in the future success of the business. Innovision Research & Technology's success is dependent on the quality and hard work of all its staff. We have an excellent team and I would like to take this opportunity to thank everyone in the Company for all their commitment and effort over the past year. This investment in additional staff has enabled us to increase research and development investment by 49 per cent. with 17 new patents applied for in the year. Our focus on diversifying the Company's customer base and market spread over the next two years also got off to an excellent start with several new evaluation licenses and similar contracts signed. Most notable amongst the many R&D successes during the year were the development of a silicon chip which can be powered by touch ("Scout"), the signing of a unique and very exciting agreement with the Defence Evaluation and Research Agency (DERA) and the completion of a read/write version of the company's Datalabel RFID tag. This latter development maintains Innovision Research & Technology at the forefront of RFID tag technology with one of the world's smallest and lowest cost tags. The DERA teaming agreement is the first major technology agreement entered into by the Company. This model of utilising Innovision Research &Technology's commercialisation skills to exploit the potential of another party's IPR is one we will seek to replicate with more partners in the future. On the back of the R&D success, the commercial team has been able to continue to diversify our customer base. In toys, contracts have been signed with several European and US companies, which should generate royalties in future years. These new customers add to and complement our long-standing relationship with Hasbro in the toy sector. Equally important, the Company signed a number of evaluation licenses outside the toy industry, particularly in relation to Datalabel. Amongst the ten such licenses were Standard Register, the Laird Group plc and Unilever plc. Since the year end two further evaluation licenses have been signed for Datalabel and the Board remains confident that a number of evaluation licenses will be converted to full licenses during the coming year. Within the RFID market an important announcement was made in May 2001 by the Uniform Code Council outlining the proposed global standard ('G-Tag') for RFID tags. The Company is currently working through the standard in detail and is evaluating the best route to exploit this potential opportunity. The increase in staff numbers, growth in resources and development of new technologies noted above meant that administrative expenses, (up 63 per cent. to #1.9 million,) increased more than turnover during the year reflecting the investment made for future growth, but resulted in a fall in operating profits from #578,000 to #272,000 with an equivalent fall in earnings per share (basic EPS: 1.06p (2000: 1.83p) diluted EPS: 1.06p (2000: 1.83p)). As previously mentioned, the Company completed its flotation on AIM on the 6th April 2001. This raised #9.3m for the business net of expenses and provides us with the capital required to make the significant investment necessary to further develop our technology portfolio, exploit technology partnerships such as that with DERA and ensure that we are able to take advantage of our many commercial opportunities including Datalabel. The announcement on 21st April 2001 of a Queen's Award for Enterprise: Innovation for Datalabel, was a great achievement and we are all extremely proud to have been honoured in this way. I congratulate the whole team for this success. I look forward to the coming year with great confidence in the people and potential of Innovision Research & Technology. Barton Clarke CBE Innovision Research & Technology plc PROFIT AND LOSS ACCOUNT for the year ended 31 March 2001 2001 2000 #'000 #'000 TURNOVER 2,338 1,940 Cost of sales (156) (188) Gross profit 2,182 1,752 Administrative expenses (1,910) (1,174) OPERATING PROFIT 272 578 Interest receivable 83 75 PROFIT ON ORDINARY ACTIVITIES BEFORE 355 653 TAXATION Taxation (40) (185) PROFIT ON ORDINARY ACTIVITIES AFTER 315 468 TAXATION Dividends - (528) RETAINED PROFIT FOR THE YEAR 315 (60) EARNINGS PER SHARE Pence per share Pence per share Basic 1.06 1.83 Diluted 1.06 1.83 The operating profit for the year arises from the company's continuing operations. No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the Profit and Loss Account. Innovision Research & Technology plc BALANCE SHEET 31 March 2001 2001 2000 #'000 #'000 FIXED ASSETS Tangible assets 173 111 CURRENT ASSETS Debtors 891 317 Cash at bank and in hand 864 1,912 1,755 2,229 CREDITORS: Amounts falling due within one (440) (1,169) year NET CURRENT ASSETS 1,315 1,060 TOTAL ASSETS LESS CURRENT LIABILITIES 1,488 1,171 PROVISIONS FOR LIABILITIES & CHARGES (2) - NET ASSETS 1,486 1,171 CAPITAL AND RESERVES Called up share capital 296 31 Share premium 689 954 Profit and loss account 501 186 SHAREHOLDERS FUNDS (including non-equity 1,486 1,171 interests) Innovision Research & Technology plc CASH FLOW STATEMENT for the year ended 31 March 2001 2001 2000 #'000 #'000 Net cash (outflow)/inflow from operating (803) 716 activities Returns on investments and servicing of finance Interest received 56 75 Net cash flow for returns on investments and 56 75 servicing of finance Taxation (180) (65) Capital expenditure and financial investment Purchase of tangible fixed assets (126) (89) Sale of tangible fixed assets 5 - Loans to directors - 500 Net cash flow for capital expenditure and (121) 411 servicing of finance Equity dividends paid - (528) Cash (outflow)/inflow before use of liquid (1,048) 609 resources and financing Management of liquid resources Decrease/(increase) in treasury deposit 950 (1,350) account Financing Proceeds from share issue - 500 Decrease in cash in year (98) (241) Reconciliation of net cash flow to movement in net funds Decrease in cash in year (98) (241) Opening net funds 112 353 Closing net funds 14 112 Innovision Research & Technology plc FINANCIAL REVIEW NOTES for the year ended 31 March 2001 1. The financial information contained in this document does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The figures for the year ended 31 March 2001 have been extracted from the annual accounts on which the auditors have issued an unqualified report. Statutory accounts for the year to 31 March 2000 have been filed with the registrar of companies. The audited statutory accounts for the year ended 31 March 2001 will be delivered to the Registrar of Companies and shareholders in due course. 2. The Directors do not recommend the payment of a dividend. 3. Accounting Policies All accounting policies adopted are consistent with those applied in prior years. Turnover Turnover represents income earned for the accounting period in accordance with the principles set out below, exclusive of Value Added Tax. Development fees earned from customers are recognised as income in the period during which the development work is carried out. License fees are recognised as income over the period during which the Company is obliged to provide services to the customer pursuant to the terms of the license. Royalties are computed by reference to product sales achieved by customers and are recognised as income of the Company in the period in which the product sales take place. Advanced royalties are included in creditors and released to income as customers achieve product sales, except that where advanced royalties are not refundable to the customer the balance of the royalties is released to income if production of a product never commences or if sales of a product become insignificant. Guaranteed royalty amounts not directly related to sales volume are treated as income of the guarantee period specified in the contracts. 4. Taxation The tax charge for the year was reduced by #31,000 (2000: #nil) as a result of the impact of additional tax credits on research and development expenditure. 5. Earnings per share has been calculated based on the provisions of Financial Reporting Standard 14 - 'Earnings per share'. Basic earnings per share has been calculated by dividing the profit for the year of #315,000 (2000: # 468,000) by the weighted average number of shares in issue during the year after taking account of the various share reorganisations described in note 13. During the year the weighted average number of shares in issue was 29,629,600 (2000: 25,578,700). Diluted earnings per share has been calculated by dividing the profit for the year of #315,000 (2000: #468,000) by the weighted average number of shares referred to above, plus the weighted average number of shares available under share options outstanding during the period. On this basis, during the year the weighted average number of shares in issue was 29,629,600 (2000: 25,578,700). 6. Share Capital - Movements On 17 November 2000, all of the 125,000 'D' ordinary shares were gifted to the Company. These were subsequently cancelled on 8 March 2001 by the Company on becoming a public limited company. On 16 January 2001, all of the issued and authorised but unissued 'A', ' B', 'C' and 'D' ordinary shares of 1p each in the capital of the Company were converted into and reclassified as ordinary shares of 1p each forming one uniform class in all respects and having the rights set out in the articles of association. On 22 February 2001, a resolution was passed to increase the authorised share capital from 11,100,000 ordinary shares of 1p each to 50,000,000 ordinary shares of 1p each and to rank pari passu with the existing ordinary shares of 1p. On 22 February 2001, 27,791,640 ordinary shares of 1p were allotted and issued representing a bonus issue of 9 ordinary shares for each existing ordinary shares of 1p held. This increased the issued ordinary share capital to 30,879,600. As a result of this transaction #277,916 was debited to the share premium account. On 8 March 2001 1,250,000 ordinary shares (formerly 'D' shares as referred to above) were cancelled, reducing the issued ordinary share capital to 29,629,600 shares. As a result of this cancellation #12,500 was credited to the share premium account. On 28 March 2001, a resolution was passed to increase the authorised share capital from 50,000,000 ordinary shares of 1p each to 60,000,000 ordinary shares of 1p each and to rank pari passu with the existing ordinary shares of 1p. Innovision Research & Technology plc FINANCIAL REVIEW NOTES for the year ended 31 March 2001 7. Notes to the Cashflow Statement 2001 2000 #'000 #'000 A Reconciliation of operating profit to net cash inflow/(outflow) from operating activities Operating profit 272 578 Depreciation 58 39 (Profit)/loss on sale of fixed assets 1 4 Increase in debtors (548) (65) (Decrease)/increase in creditors (586) 160 Net cash (outflow)/inflow from operating (803) 716 activities B Analysis of change of net funds in year Opening cash at bank and in hand 112 353 Decrease in cash in year (98) (241) Closing cash at bank and in hand 14 112 During the year ended 31 March 1999 the directors declared and paid an interim dividend of #500,000. On applying the Company's accounting policy for the recognition of turnover, it transpired that there were insufficient distributable reserves to cover this dividend, which was therefore treated as an interest-free advance to the directors and disclosed in "other debtors". The loan was discharged by the dividend declared in the year ended 31 March 2000. 8. Post Balance Sheet Events On the 6th April 2001 the company issued 9,900,990 new 1p ordinary shares at 101p each as part of a placing of shares and admission to the Alternative Investment Market of the London Stock Exchange on that same day. The placing realised #9.3m net of expenses. 9. This statement was approved by the Board of Directors on 19th June 2001.
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