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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:7054Z Innovision Research&Technology PLC 14 June 2004 Innovision Research & Technology plc Preliminary Results for the year ended 31 March 2004 Innovision Research & Technology, the RFID solutions provider, announces its results for the year ended 31 March 2004. Highlights * Significant financial and commercial progress: - Turnover increased to #2.2m from #800,000 - Losses after tax reduced to #1.2m (2003: #3.5m) - #3.75m of cash balances at 31 March 2004 - Continued progress on all key commercial opportunities * "Jewel"(TM) transport ticketing chip launched: - Silicon being issued this month to customers for evaluation - UK and International Standards compatible - 3 licensees already in place - 10 further potential licensees evaluating chip * "io"(TM), the Worlds smallest RFID reader now in market testing: - Telecoms trial underway - Several volume manufacturing partners under consideration - Innovision R&T well positioned for widespread adoption of Near Field Communications ("NFC") Global Standard * Increased visibility of future royalty streams - pre-production silicon design underway on major consumer project. Commenting on the results, Barton Clarke, CBE, Chairman said, "I am pleased with the progress made during the past 12 months. With new market leading products in both the transport and consumer sectors, we are increasingly well placed to begin to reap the rewards of our hard work to date, whilst continuing to develop the next generation of low cost RFID products and applications." 14 June 2004 Enquiries: Innovision Research & Technology plc Tel: 0118 936 6311 Mike Wroe, Finance Director College Hill Tel: 020 7457 2020 Matthew Smallwood CHAIRMAN'S STATEMENT During the year to 31 March 2004, the Company has made good progress both financially and commercially. Turnover during the year increased to #2.2m against only #800,000 in the previous year. This increase in sales combined with continued strong cost control has reduced the loss after tax for the year to #1.2m from the #3.5m loss in 2002/3 and ensured that at the year-end the Company retained cash balances of #3.75m. Innovision R&T is well positioned within its core Radio Frequency Identification (RFID) market place to take advantage of the increasing opportunities in this sector and is now focusing on building revenues further, particularly recurring royalty streams, and achieving a return to profitability. Investment in research and development increased to #936,000 (2003: #854,000) and I am extremely pleased that three years of hard work in developing an ultra low-cost transport ticketing chip is now bearing fruit. This month will see the delivery of the first chips to licensees and other potential customers for evaluation. Launched in February this "Jewel"(TM) chip which is 30% smaller than its nearest rival, is compatible with the international standard, ISO14443A, is one of the only two low-cost products included in ITSO, the UK Standard, and is similarly well positioned for inclusion in the US and European standards once issued. Licences with BemroseBooth (a subsidiary of Appleton Inc.), the UK's leading ticket manufacturer, Giesecke & Devrient America, a major US ticket converter and KSW Microtec, Europe's leading label technology specialist, are already in place. Ten potential licensees, representing approximately 60% plus of the ticket converter market, are also evaluating the chip and key equipment manufacturers are already updating their gate readers to accept Jewel. We therefore believe the Company is extremely well placed to deliver significant royalties in 2005 and beyond from a market estimated to be 8-10 billion units per annum* within five years. We expect to report further progress in this area in due course. Within both the consumer and medical sectors the Company has continued to develop its profile, product offering and customer base. Fifteen months of funded engineering work on the design of a new product line for one of Europe's leading consumer products businesses continues and the design of the pre-production chip is now underway, the first phase of which represents over Euro500,000 of work for the Company in 2004. Although this product remains at least 12 months from manufacture, the customer commitment and potential scale of this opportunity alone justifies our optimism for the future. Elsewhere in the consumer sector we have completed the funded development of "io "(TM), the world's smallest RFID reader module. Initial market trials of the reader in the telecoms sector are already underway and we are in active discussions with a number of major silicon houses as to the best route to exploit the current design in large volumes. The "io"(TM) development programme has positioned Innovision R&T at the forefront of both reader and application design for the rapidly developing Near Field Communication ("NFC") standard #. "NFC" is being sponsored by the major consumer electronics and telecoms manufacturers and has the potential to drive the large-scale, rapid adoption of 13.56MHz RFID. The Company has relevant IP blocks already in live products, a strong transport ticketing presence and an estimated time-to-market advantage of well over a year. As such Innovision R&T is in a strong position to take advantage of this opportunity. The combination of Innovision R&T's ultra low cost reader and tag designs, and its wider system skills, have enabled customers to incorporate RFID into their products where cost would otherwise have proved prohibitive. Two such examples are the UK leisure operator now franchising its RFID golf concept worldwide, and Colder Products Corporation, the leading manufacturer of vending machine couplings, who are using Innovision R&T's low cost RFID systems to add further safety, security and functionality to their product range. The progress made over the past year reflects the expertise, dedication and hard work of everyone in the Company and I thank them for continuing to rise to the challenges presented to us by our customers. Sadly, after four years as a Non-Executive Director, Ken Taylor will not be seeking re-election at the next AGM. Ken has helped guide the Company through the many challenges of the past few years, in particular our flotation in 2001 and his valuable input will be missed in Board meetings. We wish him well and with the search for his replacement now well under way, I look forward to announcing the new appointment in the near future. In summary, I am pleased with the progress made during the past 12 months. Although contract wins targeted for the first 2 months of the new financial year are taking longer to close than anticipated, we are close to a number of major opportunities. With new market leading products in both the transport and consumer sectors, we are increasingly well placed to begin to reap the rewards of our hard work to date, whilst continuing to develop the next generation of low cost RFID products and applications. Barton Clarke CBE 14 June 2004 * As stated by Philips at UITP - Milan - Feb 2004 # See www.nfc-forum.org PROFIT AND LOSS ACCOUNT for the year ended 31 March 2004 Notes 2004 2003 #'000 #'000 Turnover 3 2,212 802 Cost of sales (382) (169) Gross profit 1,830 633 Administrative expenses Normal operating (3,284) (4,023) Exceptional items - (423) Operating loss (1,454) (3,813) Amounts written off investments (14) - Interest receivable 146 244 Loss on ordinary activities before taxation (1,322) (3,569) Taxation 4 122 120 Retained loss for the year (1,200) (3,449) Loss per share 5 Pence per Pence per share share Basic (3.03) (8.72) Diluted (3.03) (8.72) 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 2004 2004 2003 #'000 #'000 Fixed assets Tangible assets 309 331 Investments - 14 309 345 Current assets Stocks 52 - Debtors 1,114 780 Cash at bank and in hand 3,750 4,532 4,916 5,312 Creditors: Amounts falling due within one year (1,028) (480) Net current assets 3,888 4,832 Net assets 4,197 5,177 Capital and reserves Called up share capital 400 395 Share premium 10,049 9,834 Profit and loss account (6,252) (5,052) Equity shareholders' funds 4,197 5,177 CASH FLOW STATEMENT for the year ended 31 March 2004 2004 2003 Notes #'000 #'000 Net cash outflow from operating activities 6A (1,166) (3,204) Returns on investments and servicing of finance Interest received 161 390 Taxation 122 155 Capital expenditure and financial investment Purchase of tangible fixed assets (149) (131) Sale of tangible fixed assets 30 26 Net cash flow for capital expenditure and financial investment (119) (105) Cash outflow before use of liquid resources and financing (1,002) (2,764) Management of liquid resources Decrease in treasury deposit account 1,553 2,580 Financing Proceeds from share issue 220 - Increase / (decrease) in cash in year 771 (184) Reconciliation of net cash flow to movement in net funds Increase / (decrease) in cash in year 771 (184) Cash outflow from decrease in liquid resources (1553) (2,580) Change in net funds resulting from cashflow (782) (2,764) Opening net funds 4,532 7,296 Closing net funds 6B 3,750 4,532 NOTES for the year ended 31 March 2004 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 2003 and 2004 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 2003 have been filed with the Registrar of Companies. The audited statutory accounts for the year ended 31 March 2004 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 Other than as stated below, 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. Licence 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. Non-refundable advance royalties and guaranteed royalties are recognised as income when the Company is contractually entitled to the relevant amounts and has no further obligations to provide services in respect of such royalties. This represents a change in accounting policy as a result of the publication in November 2003 of "Amendment to FRS5 "Reporting the substance of transactions": Revenue recognition". Previously non-refundable advance royalties were recognised as income as a customer achieved product sales and guaranteed royalty amounts were recognised as income of the guarantee period. The impact of the adoption of this new policy has been to increase the amount of income recognised in the year ended 31 March 2004 by #82,000; the amount of income reported in respect of the comparative period does not change. 4. Taxation 2004 2003 #'000 #'000 Based on the profit for the year: Research & development tax credit (120) (120) Under provided in previous years (2) - (122) (120) Deferred taxation - - (122) (120) 5. Loss per share Basic loss per share has been calculated by dividing the loss for the year of #1,200,000 (2003: #3,449,000) by the weighted average number of shares in issue during the year of 39,623,312 (2003: 39,554,390). There is no dilution in the loss per share as a result of outstanding options. 6. Notes to the Cashflow Statement 2004 2003 #'000 #'000 A Reconciliation of operating loss to net cash outflow from operating activities Operating loss (1,454) (3,813) Depreciation 149 284 (Profit) / loss on sale of fixed assets (8) 1 Increase in stocks (52) - (Increase) / decrease in debtors (349) 214 Increase in creditors 548 110 Net cash outflow from operating activities (1,166) (3,204) At 1 April 2003 At 31 March 2004 #'000 Cash flows #'000 #'000 B Analysis of changes in net funds Other cash at bank and in hand (11) 771 760 Short term bank deposits 4,543 (1,553) 2990 4,532 (782) 3,750 7. This statement was approved by the Board of Directors on 14th June 2004. This information is provided by RNS The company news service from the London Stock Exchange END FR QKDKBOBKDOAD
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