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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:1813O Innovision Research&Technology PLC 5 December 2001 Innovision Research & Technology plc Interim results for the half year ended 30 September 2001 Innovision Research and Technology, the electronics technology solutions provider, announces its Interim results for the half year ended 30 September 2001. Highlights Financial * Turnover of #548k (2000: #1,095k) as anticipated. * Operating loss of #1,374k (2000:#129k profit) better than anticipated. * Cash balance at 30 September 2001: #8.8m (2000: #1.1m) Operational * Strengthening of commercial and engineering teams. * Datalabel - Two teaming agreements signed with market leading companies - one being ITW Inc., the $18.7bn., US Fortune 200 Company. - Evaluation licence signed with Xerox Corporation. * Other Non-Toy - Full exploitation licence signed with ES Originals Inc., a major US shoe distributor. * Toy - Licences signed with six new customers - Interest from customers remains strong, but large project cancelled at advanced stage will affect second half revenues. * Strong cost and cash control will alleviate impact of cancelled toy project. * Ten new patents have been applied for reflecting doubled R & D expenditure of #392,000. Barton Clarke, Chairman said: "We have continued to focus on diversifying our customer base and technology portfolio, especially within RFID. Much progress has been made and we have built an excellent team which we are confident will enable Innovision Research & Technology to convert our many opportunities into sound future business." 5 December 2001 ENQUIRIES: Innovision Research & Technology plc Mike Wroe, Finance Director Tel: 0118 936 6311 College Hill Tel: 020 7457 2020 Matthew Smallwood Innovision Research & Technology plc Interim results for the half year ended 30 September 2001 Chairman's Statement In its first six months as a plc, Innovision Research & Technology has continued to focus on delivering the strategy set out at the time of flotation, building a strong Radio Frequency Identification (RFID) business and diversifying its customer base and technology portfolio. The six months ended 30 September 2001 represents the first stage in our investment for future growth, with the benefit of the work done this year expected to be reflected in future revenues. As anticipated, turnover, at # 548k (2000: #1,095k), declined compared with the same period last year. First half turnover last year included an unusually large toy royalty payment and completion of a significant toy development programme. Both these events would normally occur in the second half and therefore the year on year figures are not directly comparable. The planned strengthening of our commercial and engineering teams has been the major reason for the increased overhead costs during the period, and we are delighted to have added so many excellent new people to the team. However, strong cost and cash control remain a priority within the business with both costs and cash better than budget for the period. This resulted in a lower than expected operating loss of #(1,374)k (2000: #129k profit) and cash holdings at 30 September 2001 of #8.8m (2000: #1.1m). The cost and cash savings against budget are expected to continue for the remainder of the year, alleviating the impact of lower toy revenues. Progress within our Datalabel business is encouraging and I am pleased to announce the signing of two teaming agreements. These agreements, with market-leading companies, give Innovision Research & Technology access to two potentially large markets for RFID. One of these, the agreement with ITW Inc., a $18.7bn. mkt. cap., Fortune 200 company, offers a range of opportunities within the security seals and logistics markets. In addition we have achieved preferred supplier status on a significant new project for a large European consumer products group, signed a new evaluation licence with the Xerox Corporation, and secured a route into the US visitor attractions industry. These successes reflect only part of the increased activity within Datalabel and although recent events and economic conditions provide new challenges, we remain confident that further significant opportunities will be translated into new business over the coming year. Finally, the recent signing of a full exploitation licence with ES Originals Inc., a major U.S. shoe distributor, is a further step in developing our non-toy customer base, and one on which we plan to build. The diversification of our toy customer base has resulted in our signing licences with six new customers, four in Europe and two in the United States. Interest from existing customers remains strong and the number of product opportunities within toys is at record levels. It is, therefore, particularly disappointing to have to announce that one of our major toy customers has cancelled a significant toy project at a very advanced stage. This project was expected to be a major toy revenue contributor this year and will be impossible to replace given the seasonality of the business. This unexpected development only serves to renew our determination to diversify the company's revenue stream in favour of more predictable sources of revenues outside the toy arena. Research & development expenditure increased to #392k (2000:#178k) in the period and ten new patents have been applied for since April 2001. The development of new RFID tags continues apace, with strong customer feedback enabling the research team, to continue to focus their efforts on commercial opportunities. Developing the relationship with QinetiQ (formerly DERA) has been the focus of our technology partnership team and this has already resulted in one new product being licensed and a number of possible new product areas being progressed. In summary, I am pleased with the progress made since flotation and despite the recent setback in toys, I remain confident that the excellent team at Innovision Research & Technology will convert the significant opportunities available into sound future business. Barton Clarke Chairman 4 December 2001 Independent Review Report We have been instructed by the company to review the financial information set out on pages 3 to 7 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information therein, is the responsibility of, and has been approved by the directors. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999 /4 issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2001. BAKER TILLY Chartered Accountants 2 Bloomsbury Street London WC1B 3ST 4 December 2001 PROFIT AND LOSS ACCOUNT for the six months ended 30 September 2001 Notes 6 months ended 6 months ended 12 months 30 September 30 September ended 31 March 2001 2000 2001 (unaudited) (audited) (audited) #'000 #'000 #'000 TURNOVER 2 548 1,095 2,338 Cost of sales (82) (153) (156) Gross profit 466 942 2,182 Administrative expenses (1,840) (813) (1,910) OPERATING (LOSS) / PROFIT (1,374) 129 272 Interest receivable 231 53 83 (LOSS) / PROFIT ON ORDINARY (1,143) 182 355 ACTIVITIES BEFORE TAXATION Taxation 3 20 (31) (40) (LOSS) / PROFIT ON ORDINARY (1,123) 151 315 ACTIVITIES AFTER TAXATION (LOSS) / EARNINGS PER SHARE Pence per Pence per Pence per share share share Basic and diluted 4 (2.86) 0.51 1.06 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. BALANCE SHEET 30 September 2001 Notes As at 30 As at 30 As at September 2001 September 2000 31 March 2001 (unaudited) (audited) (audited) #'000 #'000 #'000 FIXED ASSETS Tangible assets 552 138 173 CURRENT ASSETS Debtors 826 832 891 Cash at bank and in hand 5 8,800 1,071 864 9,626 1,903 1,755 CREDITORS: Amounts falling due (571) (711) (440) within one year NET CURRENT ASSETS 9,055 1,192 1,315 TOTAL ASSETS LESS CURRENT 9,607 1,330 1,488 LIABILITIES PROVISIONS FOR LIABILITIES & - (8) (2) CHARGES NET ASSETS 9,607 1,322 1,486 CAPITAL AND RESERVES Called up share capital 6 396 31 296 Share premium 9,834 954 689 Profit and loss account (623) 337 501 SHAREHOLDERS' FUNDS 7 9,607 1,322 1,486 CASH FLOW STATEMENT for the six months ended 30 September 2001 6 months 6 months 12 months ended 30 ended 30 ended 31 September September March 2001 2000 2001 (unaudited) (audited) (audited) #'000 #'000 #'000 Operating (loss) / profit (1,374) 129 272 Depreciation 69 27 58 Loss / (profit) on sale of fixed - - 1 assets Decrease / (increase) in debtors 170 (484) (548) Increase / (decrease) in creditors 129 (481) (586) Net cash outflow from operating (1006) (809) (803) activities Returns on investments and servicing of finance Interest received 146 22 56 Taxation - - (180) Capital expenditure and financial investment Purchase of tangible (448) (54) (126) fixed assets Sale of tangible - - 5 fixed assets Cash outflow before use of liquid (1,308) (841) (1,048) resources and financing Management of liquid resources (Increase) / (7,751) 750 950 decrease in treasury deposit account Financing Proceeds from share issues 9,244 - - Increase / (decrease) in cash in 185 (91) (98) period Reconciliation of net cash flow to movement in net funds Increase /(Decrease) in cash in 185 (91) (98) period Cash inflow / (outflow) from increase / (decrease) in liquid resources 7,751 (750) (950) Change in net funds resulting from 7,936 (841) (1,048) cash flow Opening net funds 864 1,912 1,912 Closing net funds 8,800 1,071 864 NOTES TO THE INTERIM FINANCIAL STATEMENTS for the six months ended 30 September 2001 1 BASIS OF PREPARATION The financial information contained in this interim report does not constitute statutory accounts within the meaning of section 240 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 2001. 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) Companies Act 1985. The audited financial information for the six months ended 30 September 2000 was extracted from the AIM admission document. 2 TURNOVER The company's turnover was all derived from its principal activity and was made to the following geographical markets: 6 months ended 30 6 months ended 30 12 months ended September September 31 March 2001 2000 2001 (unaudited) (audited) (audited) #'000 #'000 #'000 United States of America 492 1,006 2,177 United Kingdom 13 74 113 Rest of Europe 36 8 35 Rest of the World 7 7 13 _______ _______ _______ 548 1,095 2,338 Sales by business activity were as follows: Development engineering 117 423 559 Licence fees and technology 65 16 75 sales Royalties 366 656 1,704 548 1,095 2,338 3 TAXATION Taxation for the six months to 30 September 2001 is based on the effective rate of taxation which is estimated to apply to the year ending 31 March 2002. 4 EARNINGS PER SHARE Basic earnings per share has been calculated by dividing the loss for the period of #1,123,326 (2000: #151,007 profit) by the weighted average number of shares in issue during the period. During the period the weighted average number of shares in issue was 39,215,982 (2000: 29,629,600). There is no dilution as a result of outstanding options. 5 FINANCIAL INSTRUMENTS The company's financial instruments comprise cash balances as follows: 6 months ended 30 6 months ended 30 12 months ended September September 31 March 2001 2000 2001 (unaudited) (audited) (audited) #'000 #'000 #'000 Sterling money market 8,601 1,050 850 deposit Current accounts 199 21 14 8,800 1,071 864 The company holds small balances in foreign currencies to meet current trading requirements. Cash surplus to immediate requirements is held on money market deposits. The company's income is received principally in US Dollars. Where practical in respect of timings and certainty of amounts, the company considers the use of forward exchange facilities to hedge individual foreign currency transactions. Included in debtors due within one period is #372,472 (2000 : # 474,536) relating to balances designated in US Dollars. Similarly, creditors due within one period are #89,696 (2000: #332,048) relating to balances designated in US Dollars. 6 SHARE CAPITAL 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 ordinary 1p shares were issued at 45p on the exercise of share options. 7 RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS 6 months ended 30 6 months ended 30 12 months ended September September 31 March 2001 2000 2001 (unaudited) (audited) (audited) #'000 #'000 #'000 (Loss) / profit for the (1,123) 151 315 financial period Proceeds from share issue 9,244 - - Net addition to 8,121 151 315 shareholders' funds Opening shareholders' funds 1,486 1,171 1,171 Closing shareholders' funds 9,607 1,322 1,486 The total of shareholders' funds comprise: Non-equity interests - 1 - Equity interests 9,607 1,321 1,486 9,607 1,322 1,486 8 The interim financial statements set out on pages 1 to 7 were approved by the directors on 4th December 2001.
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