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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
RNS Number:3664X Innovision Research&Technology PLC 18 June 2002 Innovision Research & Technology plc Preliminary Results for the year ended 31 March 2002 Innovision Research and Technology, the electronics technology solutions provider, announces its results for the year ended 31 March 2002. Highlights • Operating loss and cash flow in line with expectations • Significant commercial progress on Datalabel (RFID) - four major new contracts - teaming agreements moving rapidly to full licenses • Six new toy projects moving to production in 2002 • Record volumes of new enquiries • Investment in Research and Development up 91% to £772,000, two new technology agreements signed. • Successful flotation on AIM achieved at start of year raising £9.3m net of expenses. Commenting on the results, Barton Clarke, CBE, Chairman said, "This year has seen Innovision Research & Technology make significant progress and has served to reinforce our belief in the scale of the opportunities available to the Company. Overall, I remain confident of our future revenue growth potential." 18 June 2002 Enquiries: Innovision Research & Technology plc Tel: 0118 936 6311 Mike Wroe, Finance Director College Hill Tel: 020 7457 2020 Matthew Smallwood Innovision Research & Technology plc Preliminary results for the year ended 31 March 2002 CHAIRMAN'S STATEMENT Our first year as a public company has been focused on delivering our strategic plan of diversifying our customer base and maximising the long-term commercial potential of Datalabel, our Radio Frequency Identification (RFID) business. This year has seen the Company make significant progress against an uncertain global economic background, particularly in the second half, and has served to reinforce our belief in the scale of the opportunities available to the Company. Turnover during the year under review continued to be predominantly toy-market driven and has been disappointing at £1.1m (2001: £2.3m). A number of factors influenced this result, including, as announced at our interims, the late cancellation of a $1m+ toy contract, poor Christmas sales and overall caution by toy manufacturers in developing new products in the light of uncertain U.S. consumer spending. Despite this, strong cost and cash control has enabled our pre-tax loss of £2,259,000 (2001: £355,000 profit) and operating cash outflow of £2.5m (2001:£0.8m) to remain in line with expectations and at the year end the Company had cash on deposit of £7.3m (2001:£864,000). Despite the difficult year for our toy business, we have succeeded in greatly diversifying our customer base and new licenses have been signed with Mattel, Jakks Pacific Inc. and a number of major European toy companies including Ravensburger Spieleverlag GmbH. Many of these projects are due for production in 2002 with the full royalty revenue impact in 2003. Enquiries for future toy products are at a high level and we have identified a number of potential customers within related markets such as promotional items, which are expected to offer more predictable revenue opportunities. The Company will continue to use the toy industry to provide both profitable royalty revenue and as a development and testing ground for robust, novel and very low cost technologies. In other areas, the volume of enquiries has continued to grow and development agreements are now in place with four companies including one of Europe's largest FMCG groups and a Fortune 100 consumer products corporation. We anticipate converting these and other opportunities to full licenses over the coming months with royalties commencing during 2003. In addition, the Datalabel teaming agreement with a major US logistics supply company is rapidly progressing to a full licence and both companies are working hard to ensure the inclusion of RFID capabilities within their product range as soon as possible. A number of earlier stage opportunities are also moving to contract and we anticipate that our existing teaming agreement with a market-leading supplier to the transport sector will soon result in the signing of a development contract and full licence. The focus on acquiring new customers in the year has been complemented by a 91% increase in our internal research and development spend to £772,000 (2001: £404,000). Key in-house achievements include the development of an RFID tag costing less than 5 cents, significant progress towards producing "chipless" anti-counterfeiting technologies and the design of low cost tags to exploit specific market opportunities. The close relationship with QinetiQ (formerly the major part of DERA) has continued and has resulted in a number of long-term technology opportunities being identified, and I am pleased to announce that we have now signed a joint commercialisation agreement for one such innovative new technology. In addition the Company is working with three other potential R&D partners. One of these, Roke Manor Research, a division of Siemens, recently formalised its arrangement to enable both parties to consider the potential and planned exploitation of selected technologies. We look forward to developing the commercial potential of these relationships. During the year we have continued to invest in the people necessary to ensure our long-term success. Dr. Bruce Smith CBE, a prominent member of the UK scientific community, joined the Board in July 2001 as Senior Non-Executive Director and Peter Symons was promoted to the position of Technical Director in January 2002. Both appointments bring superb technical knowledge, business ability and new ideas to the team. We have also recruited 23 new people during the year with our focus being on enhancing our sales capability, including a U.S. presence, and ensuring that the technical resources are available to support our expansion. With staff numbers now at 61 (2001:38) we have the expertise in place to deliver the Company's planned growth and we do not envisage any significant new recruitment in the coming year. Overall, despite disappointing sales last year, I remain confident of our future revenue growth potential. This confidence is supported by the recent significant commercial progress with Datalabel, the success in diversifying our toy business and the record levels of enquiries across all areas. The development of new low-cost tags by our research team and the progress with our R&D partners also provides great commercial opportunities for the future. I look forward to building on the achievements of the past 12 months and thank everyone in the Company for their hard work and support. Barton Clarke CBE 17 June 2002 Innovision Research & Technology plc PROFIT AND LOSS ACCOUNT for the year ended 31 March 2002 2002 2001 £'000 £'000 Turnover 1,114 2,338 Cost of sales (151) (156) Gross profit 963 2,182 Administrative expenses (3,633) (1,910) Operating (loss) / profit (2,670) 272 Interest receivable 411 83 (Loss) / profit on ordinary activities before taxation (2,259) 355 Taxation 155 (40) Retained (loss) / profit for the year (2,104) 315 (Loss) / earnings per share Pence per Pence per share share Basic (5.35) 1.06 Diluted (5.35) 1.06 The operating loss 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 2002 2002 2001 £'000 £'000 Fixed assets Tangible assets 511 173 Investments 14 - 525 173 Current assets Debtors 1,175 891 Cash at bank and in hand 7,296 864 8,471 1,755 Creditors: Amounts falling due within one year (370) (440) Net current assets 8,101 1,315 Total assets less current liabilities 8,626 1,488 Provisions for liabilities & charges - (2) Net assets 8,626 1,486 Capital and reserves Called up share capital 395 296 Share premium 9,834 689 Profit and loss account (1,603) 501 Shareholders' funds 8,626 1,486 Innovision Research & Technology plc CASH FLOW STATEMENT for the year ended 31 March 2002 2002 2001 £'000 £'000 Net cash outflow from operating activities (2,505) (803) Returns on investments and servicing of finance Interest received 238 56 Taxation (44) (180) Capital expenditure and financial investment Purchase of tangible fixed assets (487) (126) Sale of tangible fixed assets - 5 Purchase of investments (14) - Net cash flow for capital expenditure and servicing of finance (501) (121) Cash outflow before use of liquid resources and financing (2,812) (1,048) Management of liquid resources (Increase) / decrease in treasury deposit account (6,273) 950 Financing Proceeds from share issue 9,244 - Increase / (decrease) in cash in year 159 (98) Reconciliation of net cash flow to movement in net funds Increase / (decrease) in cash in year 159 (98) Cash inflow / (outflow) from increase / (decrease) in liquid resources 6,273 (950) Change in net funds resulting from cashflow 6,432 (1,048) Opening net funds 864 1,912 Closing net funds 7,296 864 Innovision Research & Technology plc NOTES for the year ended 31 March 2002 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 and 2002 have been extracted from the annual accounts on which the auditors have issued unqualified reports which did not contain statements under section 237 (2) or (3) Companies Act 1985. Statutory accounts for the year to 31 March 2001 have been filed with the Registrar of Companies. The audited statutory accounts for the year ended 31 March 2002 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, except that Financial Reporting Standard No.19, the new accounting standard on deferred tax, has been applied for the first time; the adoption of this new accounting standard has had no impact on the deferred tax liabilities reported 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 2002 2001 £'000 £'000 Based on the profit for the year: UK corporation tax (44) 42 Research & development tax credit (111) - Over provided in previous years 2 (4) (153) 38 Deferred taxation (2) 2 (155) 40 5. (Loss)/ Earnings per shares Basic loss per share has been calculated by dividing the loss for the year of £2,104,000 (2001: £315,000 profit) by the weighted average number of shares in issue during the year. The weighted average number of shares in issue during the year was 39,384,722 (2001: 29,629,600). There is no dilution in the loss per share as a result of outstanding options. Diluted earnings per share in respect of 2001 was calculated by dividing the profit for the year of £315,000 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 that year the weighted average number of shares in issue was 29,629,600. 6. Share Capital - Movements On 6 April 2001 the Company issued 9,900,990 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 18 July 2001, 23,800 1p ordinary shares were issued at 45p each as part of the exercise of a share option agreement. 7. Notes to the Cashflow Statement 2002 2001 £'000 £'000 Reconciliation of operating profit to net cash outflow from operating activities Operating (loss) / profit (2,670) 272 Depreciation 149 58 Loss on sale of fixed assets - 1 Decrease / (increase) in debtors 44 (548) Decrease in creditors (28) (586) Net cash (outflow)/inflow from operating activities (2,505) (803) At 1 April 2001 At 31 March 2002 £'000 Cash flows £'000 £'000 Analysis of changes in net funds Cash at bank and in hand 14 159 173 Short term bank deposits 850 6,273 7,123 864 6,432 7,296 8. This statement was approved by the Board of Directors on 17th June 2002. This information is provided by RNS The company news service from the London Stock Exchange
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