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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 |
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RNS Number:3426M
Innovision Research&Technology PLC
16 June 2003
Innovision Research & Technology plc
Preliminary Results for the year ended 31 March 2003
Innovision Research and Technology, the electronics technology solutions
provider, announces its results for the year ended 31 March 2003.
Highlights
* Significant commercial progress since September 2002:
- Licences signed in both ticketing and logistics arenas
- Two development projects recently started with major
new customers
- Several other exciting new projects also underway
- Focus on delivery of RFID opportunities in key market
sectors
* Restructuring completed saving #1.8m on an annualised basis
* #4.5m of cash on deposit at 31 March 2003
* Strong year-end order book
Commenting on the results, Barton Clarke, CBE, Chairman said,
"Despite the challenges faced earlier in the year, the past six months has seen
Innovision Research & Technology's position in the developing RFID marketplace
reinforced by new contracts with major international companies. The coming year
will see the Company build on its position within the RFID marketplace and
continue to deliver innovative low cost electronic solutions to market-leading
customers."
16 June 2003
Enquiries:
Innovision Research & Technology plc Tel: 0118 936 6311
Mike Wroe, Finance Director
College Hill Tel: 020 7457 2020
Matthew Smallwood
CHAIRMAN'S STATEMENT
The year ended 31st March 2003 proved to be an extremely challenging one for the
Company. As announced at the half-year, the company restructuring is now
complete, reducing annual costs by #1.8m at a one-off exceptional cost of #423k
and focusing the business on the growing number of RFID opportunities.
Including the exceptional charge, the Company incurred pre tax losses of #3.6m
but still ended the year with over #4.5m of cash on deposit. This cash reserve
provides a strong base on which to grow our business and the whole company's
focus is now on delivering revenue and a return to profitability and cash
generation. Turnover during the year was disappointing at #0.8m (2002: #1.1m),
although sales in the second half were almost three times that of the first half
with the majority of this being engineering services work on new contracts.
Within the RFID market, of the two licences signed early in the year, our
long-term work in the transport-ticketing arena continues apace with strong
end-customer interest and positive technical developments, whilst progress in
logistics remains slow. In addition the past six months has seen Innovision's
position in the developing RFID marketplace reinforced by new contracts with
major international companies and ongoing discussions with further potential
customers and partners.
Recent successes include providing specialist engineering consultancy services
to a major UK retailer and the commencement of significant development
programmes with two new customers, both of whom are leaders in their respective
market places. Our focus on providing RFID and other technology solutions to
the medical sector is now also starting to deliver and further news from this
sector is expected over the coming year.
Working with our customers at the forefront of their product development
naturally necessitates that the majority of contracts remain confidential;
however, as we progress, I look forward to being able to share more information
on the exciting projects in which the company is engaged.
Following the reduction of our activities in the toy market, the Company has
signed a strategic alliance with Carterbench, a leading toy concept company.
This ensures our technologies continue to be promoted within this market but at
minimal cost and management effort. We look forward to seeing the full benefits
of this collaboration in 2004 and beyond.
Despite the challenges faced during the year, the Company has continued to
invest in research and development, up 11% to #854k. This investment remains
focused on the development of ultra low cost RFID chips and tags as well as the
investigation of processes and techniques which will be of benefit for future
generations of both traditional and chipless tagging solutions.
Our work with technology partners also ensures that we maintain a high quality
and cost effective research and development programme. In particular, our
teaming agreement with QinetiQ generated its first joint royalties in 2002, with
the commercialisation of a second technology due to start in late 2003.
Our key asset remains our highly skilled people, whom I would like to thank for
their continued hard work and support. I am also delighted that since the
year-end we have been able to strengthen the Board with the promotion of Trevor
Crotch-Harvey to the new position of Sales Director. This appointment will
bring valuable experience and drive to the Board at a key time in the company's
development.
Looking forward, challenges remain; however, the changes implemented during the
past six months and the renewed focus of the business ensure that we are well
placed to take advantage of the available opportunities. The coming year will
see Innovision Research & Technology build on its position within the RFID
marketplace and continue to deliver innovative low cost electronic solutions to
market-leading customers.
Barton Clarke CBE
16th June 2003
PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2003
Notes 2003 2002
#'000 #'000
Turnover 802 1,114
Cost of sales (169) (151)
Gross profit 633 963
Administrative expenses
Normal operating (4,023) (3,633)
Exceptional items (423) -
Operating loss (3,813) (2,670)
Interest receivable 244 411
Loss on ordinary activities before taxation (3,569) (2,259)
Taxation 4 120 155
Retained loss for the year (3,449) (2,104)
Loss per share 5 Pence per Pence per
share share
Basic (8.72) (5.35)
Diluted (8.72) (5.35)
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.
BALANCE SHEET
31 March 2003
2003 2002
#'000 #'000
Fixed assets
Tangible assets 331 511
Investments 14 14
345 525
Current assets
Debtors 780 1,175
Cash at bank and in hand 4,532 7,296
5,312 8,471
Creditors: Amounts falling due within one year (480) (370)
Net current assets 4,832 8,101
Net assets 5,177 8,626
Capital and reserves
Called up share capital 395 395
Share premium 9,834 9,834
Profit and loss account (5,052) (1,603)
Equity shareholders' funds 5,177 8,626
CASH FLOW STATEMENT
for the year ended 31 March 2003
2003 2002
Notes #'000 #'000
Net cash outflow from operating activities 6A (3,204) (2,505)
Returns on investments and servicing of finance
Interest received 390 238
Taxation 155 (44)
Capital expenditure and financial investment
Purchase of tangible fixed assets (131) (487)
Sale of tangible fixed assets 26 -
Purchase of investments - (14)
Net cash flow for capital expenditure and financial
investment (105) (501)
Cash outflow before use of liquid resources and financing (2,764) (2,812)
Management of liquid resources
Decrease / (increase) in treasury deposit account 2,580 (6,273)
Financing
Proceeds from share issue - 9,244
(Decrease) / increase in cash in year (184) 159
Reconciliation of net cash flow to movement in net funds
(Decrease) / increase in cash in year (184) 159
Cash (outflow) / inflow from (decrease) / increase in (2,580) 6,273
liquid resources
Change in net funds resulting from cashflow (2,764) 6,432
Opening net funds 7,296 864
Closing net funds 6B 4,532 7,296
NOTES
for the year ended 31 March 2003
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 2002 and 2003 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 2002
have been filed with the Registrar of Companies. The audited statutory
accounts for the year ended 31 March 2003 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
2003 2002
#'000 #'000
Based on the profit for the year:
UK corporation tax - (44)
Research & development tax credit (120) (111)
Over provided in previous years - 2
(120) (153)
Deferred taxation - (2)
(120) (155)
5. Loss per share
Basic loss per share has been calculated by dividing the loss for the year of
#3,449,000 (2002: #2,104,000) by the weighted average number of shares in issue
during the year. The weighted average number of shares in issue during the year
was 39,554,390 (2002: 39,384,722 ).
There is no dilution in the loss per share as a result of outstanding options.
6. Notes to the Cashflow Statement
2003 2002
#'000 #'000
A Reconciliation of operating loss to net cash outflow
from operating activities
Operating loss (3,813) (2,670)
Depreciation 284 149
Profit on sale of fixed assets 1 -
Decrease in debtors 214 44
Increase / (decrease) in creditors 110 (28)
Net cash outflow from operating activities (3,204) (2,505)
At 1 April Cash flows At 31 March
2002 2003
#'000 #'000 #'000
B Analysis of changes in net funds
Other cash at bank and in hand 173 (184) (11)
Short term bank deposits 7,123 (2,580) 4,543
7,296 (2,764) 4,532
7. This statement was approved by the Board of Directors on 16th June 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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