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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:2335N Innovision Research&Technology PLC 05 December 2006 INNOVISION RESEARCH & TECHNOLOGY PLC Results for six months ending 30 September 2006. Innovision Research & Technology plc today announces its interim results for the six months ending 30 September 2006. Highlights: * Turnover up from #0.5m to #1.8m; * Substantial turnover, #1.2m, generated by licences, royalties and products; * Loss before tax down from #2.3m to #0.8m; * Major new design and licensing contract with a leading wireless communications company; * Tags supplied for world's first RFID-enabled games console. Commenting on the results, David Wollen, Chief Executive said: "The Company has made good progress in the NFC* and RFID markets, securing new development and licensing contracts. The engineering capability has been significantly strengthened and the organisation structure consolidated placing the Company in an excellent position to further enhance its market presence. We are pleased to have secured a substantial contract win at the beginning of the year and we are in active discussions for additional contracts." 5 December 2006 Enquiries: Innovision Research & Technology plc Tel: 01285 888 200 David Wollen, CEO Brian McKenzie, Finance Director College Hill Tel: 020 7457 2020 Matthew Smallwood * Near Field Communications, www.nfc-forum.org Chairman's Statement Results for the six months (unaudited) The company has made good progress over the six months securing new licence fee and development contracts as well as delivering chips for inclusion in the world's first RFID-enabled gaming console. We have continued to build our position with international, blue-chip customers in the Near Field Communications (NFC) market and to strengthen the engineering and management expertise across the organisation. Overall turnover increased to #1.84m (2005: #511,000), which is the company's highest ever 6-month revenue figure. Revenue derived from development engineering increased to #610,000 (2005: #511,000), royalty and licence revenue increased to #865,000 (2005: #nil), and product sales increased to #367,000 (2005: #nil). Administrative costs were #2.6m (2005: #2.3m) with the increase due to further investment in engineering staff and integrated circuit design, simulation and testing tools. There were no exceptional items (2005: #556,000) and the loss before tax reduced to #840,000 (2005: #2.26m). The loss included #46,000 (2005: #66,000) related to the recognition of share-based payments under FRS20, which has been adopted for the first time. Net cash outflow was #1.15m (2005: #2.07m) and at 30 September the Company had cash deposits of #2.94m and further net current assets of #929,000. Operations Review We continued to enhance our IC (Integrated Circuit) design capability based in Cirencester with emphasis on near-field data communications and RFID. Innovision R&T continues to play a strong role as a company and via staff leadership in the NFC standards body (see www.nfc-forum.org). We are seeing a growing acceptance of the NFC standard as a key technology within mobile phones and other devices which has enabled us to initiate negotiations with a number of new, high quality prospects. During the period we secured a significant new design and licensing contract with a leading wireless communications company. This contract complements the other new NFC activities and the ongoing developments on contracts secured during 2005/06. One of our first designs is now in pre-production, with initial product availability planned for the first half of 2007. NFC is a key area for our future strategic development and we continue to target major semiconductor manufacturers across the world as potential customers for our NFC IP and design platforms. On the RFID side our experience in custom tag and reader IC design combined with a strong systems design capability enabled us to successfully deliver in excess of 8 million tag chips for the initial production of the world's first RFID-enabled hybrid gaming platform launched by Mattel Inc. in September 2006. As previously stated the market for limited use contactless ticketing is developing at a slower pace than originally planned. However, we have added a further licensee for our Jewel product and we have seen growing end-user interest in recent months. Our intellectual property portfolio continues to grow as a result of quality work by the in-house engineering teams. The IP blocks underpinning the business are an increasing part of the value-proposition to customers, and provide more scope for flexible revenue models. Staff In the six months under review we have significantly strengthened our engineering capability in Cirencester and consolidated the organisation structure. I would like to thank everyone at the Company for their continued hard work and commitment. At Board level we welcomed Brian McKenzie to replace Mike Wroe as Finance Director. Brian brings excellent experience from high growth, hi-tech companies. Trevor Crotch-Harvey stepped down as Sales Director. I would like to thank Mike and Trevor for their contributions to the company. Prospects Wherever possible we are structuring contracts to optimise cash flow both in the short and medium term. This will, of course, depend on our customers' requirements and each contract is individually negotiated. The business model remains for the company to secure IC design and demonstration contracts, coupled with the opportunity to generate a sustainable high level of royalties in the medium to long term I am encouraged by the positive developments in the market for near-field data communications and the broader RFID markets. We started 2006/07 with a substantial contract win, however we do need more new contracts both to finance the business in the medium term and to provide a base for the long term. We are in active discussions with a number of high quality prospects for similar scales of business and I look forward to reporting further progress for the company during the second half. Malcolm Baggott 5 December 2006 Innovision Research & Technology plc PROFIT AND LOSS ACCOUNT For six months ended 30 September 2006 Notes 6 months 6 months 12 months ended ended ended 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited, (audited, #'000 as restated) as restated) #'000 #'000 TURNOVER 1,842 511 1,650 Cost of sales (151) (47) (101) --------- --------- --------- Gross Profit 1,691 464 1,549 Administrative expenses Normal operating 5 (2,614) (2,312) (4,347) Exceptional items 3 - (556) (556) --------- --------- --------- OPERATING LOSS (923) (2,404) (3,354) Interest receivable 83 144 252 --------- --------- --------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (840) (2,260) (3,102) Taxation 2 42 40 80 --------- --------- --------- LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (798) (2,220) (3,022) ========= ========= ========= LOSS PER SHARE Pence per Pence per Pence per share share share Basic and diluted 4 (1.69) (4.75) (6.42) The operating loss for the period 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 30 September 2006 Notes As at 30 As at 30 As at September September 2005 31 March 2006 (unaudited, as 2006 restated) (audited, (unaudited) #'000 as restated) #'000 #'000 FIXED ASSETS Tangible assets 314 262 283 --------- --------- --------- 314 262 283 --------- --------- --------- CURRENT ASSETS Stocks 4 11 16 Debtors 1,691 1,189 1,370 Cash at bank and in hand 2,936 5,077 4,075 --------- --------- --------- 4,631 6,277 5,461 CREDITORS: Amounts falling due within one year (766) (797) (742) --------- --------- --------- NET CURRENT ASSETS 3,865 5,480 4,719 --------- --------- --------- TOTAL ASSETS LESS CURRENT LIABILITIES 4,179 5,742 5,002 PROVISION FOR LIABILITIES & CHARGES (107) (179) (190) --------- --------- --------- NET ASSETS 4,072 5,563 4,812 ========= ========= ========= CAPITAL AND RESERVES Called up share capital 471 470 470 Share premium 15,652 15,625 15,641 Profit and loss account (12,051) (10,532) (11,299) --------- --------- --------- EQUITY SHAREHOLDERS' FUNDS 6 4,072 5,563 4,812 ========= ========= ========= Innovision Research & Technology Plc CASH FLOW STATEMENT For the six months ended 30 September 2006 6 months 6 months 12 months ended ended ended 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited, (audited, #'000 as restated) as restated) #'000 #'000 Operating loss (923) (2,404) (3,354) Depreciation 86 81 161 Loss on sale of fixed assets - 1 3 Decrease /(increase) in stocks 12 (11) (16) (Increase) in debtors (360) (192) (476) Increase in creditors 24 343 109 (Decrease) /Increase in provision for liabilities & charges (83) - 190 Other non-cash changes 46 66 101 --------- --------- --------- Net cash outflow from operating activities (1,198) (2,116) (3,282) Returns on investments and servicing of finance Interest received 78 104 256 Taxation 85 - 100 Capital expenditure and financial investment Purchase of tangible fixed assets (116) (60) (165) Sale of tangible fixed assets - - 1 --------- --------- --------- Net cash flow for capital expenditure and financial investment (116) (60) (164) --------- --------- --------- Cash outflow before use of liquid resources and financing (1,151) (2,072) (3,090) Management of liquid resources Decrease in treasury deposit account 1,258 1,294 2,432 Financing Net proceeds from share issue 12 412 428 --------- --------- --------- Increase / (decrease) in cash in period 119 (366) (230) ========= ========= ========= Reconciliation of net cash flow to movement in net funds Increase / (Decrease) in cash in period 119 (366) (230) Cash (outflow) from decrease in liquid resources (1,258) (1,294) (2,432) --------- --------- --------- Change in net funds resulting from cash flow (1,139) (1,660) (2,662) Opening net funds 4,075 6,737 6,737 --------- --------- --------- Closing net funds 2,936 5,077 4,075 ========= ========= ========= Innovision Research & Technology plc NOTES For the six months ended 30 September 2006 1 BASIS OF PREPARATION The financial information contained in this interim report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The interim results, which have been reviewed but not audited, have been prepared using accounting policies consistent with those used in the preparation of the Annual Report and Accounts for the year ended 31 March 2006, with the exception of the application of FRS 20, 'Share-based payment'. Those accounts have been filed with the Registrar of Companies and received an unqualified audit report which did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The interim results reflect the initial adoption of FRS 20, 'Share-based payment'. The adoption of this standard represents a change in accounting policy and the comparative figures have been restated accordingly. Details of the prior period adjustment are given in note 5. 2 TAXATION Taxation for the six months to 30 September 2006 is based on the estimated tax credits for Research & Development. 3 EXCEPTIONAL ITEMS Relocation and restructuring costs in the six months to 30 September 2005 and in the year ended 31 March 2006 amounted to #556,000. There are no similar costs in the current period. 4 LOSS PER SHARE Basic loss per share has been calculated by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue during the period. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. Dilutive potential ordinary shares arise from employee share options. At 30 September 2006 the average market price of the company's ordinary shares was more than the exercise price of the options and consequently the shares in question are excluded from the diluted EPS calculation. There is therefore no dilution as a result of outstanding options. 6 months ended 6 months ended 12 months ended 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited, as (audited, as restated) restated) Loss for the period - as restated (#'000) (#798) (#2,220) (#3,022) Weighted average number of shares 47,079,563 46,674,530 47,038,890 Loss per share (basic & diluted) - pence per share (1.69) (4.75) (6.42) 5 PRIOR PERIOD ADJUSTMENT The prior period adjustment relates to the implementation of FRS 20, 'Share-based payment'. The adoption of FRS 20 has resulted in an increase in staff costs of #46,000 (6 months ended 30 September 2005: #66,000, 12 months ended 31 March 2006: #101,000). There is nil net impact on reserves as a result of the adoption of this standard. 6 months ended 12 months ended 30 September 31 March 2005 2006 (unaudited) (audited) #'000 #'000 Increase in loss for the year as a result of FRS 20 charge to profit and loss account (66) (101) Adjustment to reserves in respect of employee share schemes (note 6) 66 101 -------- -------- Net adjustment to shareholders funds - - -------- -------- 6 RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS 6 months 6 months 12 months ended ended ended 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited, (audited, #'000 as restated) as restated) #'000 #'000 (Loss) for the financial year as previously reported (798) (2,154) (2,921) Prior year adjustment (see note 5) - (66) (101) ------- ------- ------- (Loss) for the financial year (798) (2,220) (3,022) Proceeds from share issue 6 380 428 Refund re share issue costs 6 32 - Adjustment in respect of employee share schemes 46 66 101 ------- ------- ------- Net (withdrawals) from shareholders' funds (740) (1,742) (2,493) Opening shareholders' funds 4,812 7,305 7,305 ------- ------- ------- Closing shareholders' funds 4,072 5,563 4,812 ======= ======= ======= 7 APPROVAL BY DIRECTORS The interim financial statements set out on pages 1 to 8 were approved by the directors on 30 November 2006. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFIAFSLSIIR
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