![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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:7465E Innovision Research&Technology PLC 06 December 2002 Innovision Research & Technology plc Interim results for the six months to 30 September 2002 Innovision Research and Technology, the electronics technology solutions provider, announces its Interim results for the six months to 30 September 2002. 2002 2001 Loss on ordinary activities before taxation (#'000) 1,827 1,143 Loss per share (p) 4.47 2.86 Net cash (#m) 6.0 8.8 * Significant progress made in developing long-term radio frequency identification business (RFID). Full licenses signed in both the logistics supply and transport ticketing industries Development contracts signed with significant new customers. * As previously announced, short-term toy revenues significantly reduced. * Restructuring complete with annual cost savings of #1.8 million. * Continued focus on tight cash management - net cash at 30 September 2002 was #6 million (2001: #8.8 million). * Encouraging contract wins in RFID since the half-year end. Barton Clarke, Chairman, commented: "Whilst the opportunity for the exploitation of the RFID market remains undiminished the loss of significant new toy revenues has had a detrimental effect on our results. Swift management action to control cost and to preserve cash will enable the Group to continue to focus on delivering new opportunities in the large and rapidly growing RFID market." 6 December 2002 Enquiries: Innovision Research & Technology plc Tel: 0118 936 6311 Mike Wroe, Finance Director College Hill Tel: 020 7457 2020 Matthew Smallwood Chairman's Statement In the six months ended 30th September 2002, the Company has made good progress towards building a long-term business outside of its historical base in the toy industry. As announced in October, positive commercial developments in our DatalabelTM, Radio Frequency Identification (RFID) business have been set against a background of sharply falling toy revenues, and the challenges of delivering short-term revenue in a difficult economic climate. As a result, turnover in the period was very disappointing at #214k (2001: #548k) and we have significantly reduced our expectation of turnover for the full year. Cost and cash control within the business remains a priority with both the operating loss for the period of #(2.0m) (2001: #(1.4m)) and cash holdings at 30th September 2002 of #6.0m (2001: #8.8m) being in line with expectations. Research and Development expenditure for the period was #483k (2001: #329k). The planned restructuring of the business is now complete. This has resulted in a 40% reduction in head count to 40 staff and a refocusing of our sales efforts onto those key RFID markets which are capable of delivering both viable short term revenues and good long-term royalty potential. This restructuring will result in a one-off exceptional charge in the second half of the year of #420k and annual cost savings of #1.8m. Our commercial team continues to progress a number of exciting opportunities. During the period under review, we have signed full licenses with a major logistics supplies manufacturer and with one of the UK's largest transport ticket manufacturers. Royalties from ticketing, although not expected before mid 2004, should be significant and we continue in discussions with a number of additional potential licensees both in the USA and Europe. In addition we have been successful in securing development contracts with, amongst others, a major European telecoms manufacturer and a UK leisure company. Since the period end we have also been contracted to work on RFID projects for a substantial UK retailer and a large medical supply company as well as to do further development work for existing customers. In summary, despite the disappointment of reduced short-term revenues for the business, I believe we have taken decisive corrective action, which has enabled us to retain an excellent team. We have strong cash reserves and a good commercial position in the exciting and potentially large RFID market place. Barton Clarke CBE 5 December 2002 INDEPENDENT REVIEW REPORT TO INNOVISION RESEARCH & TECHNOLOGY PLC Introduction We have been instructed by the company to review the financial information set out on pages 4 to 8 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 contained therein, is the responsibility of, and has been approved by the directors. It is best practice that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board as if that Bulletin applied. 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 2002. BAKER TILLY Chartered Accountants 2 Bloomsbury Street London WC1B 3ST 5 December 2002 Innovision Research & Technology plc PROFIT AND LOSS ACCOUNT for the six months ended 30 September 2002 Notes 6 months 6 months 12 months ended 30 ended 30 ended 31 September September March 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 TURNOVER 2 214 548 1,114 Cost of sales (82) (82) (151) Gross profit 132 466 963 Administrative expenses (2,099) (1,840) (3,633) OPERATING LOSS (1,967) (1,374) (2,670) Interest receivable 140 231 411 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (1,827) (1,143) (2,259) Taxation 3 60 20 155 LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (1,767) (1,123) (2,104) LOSS PER SHARE Pence per Pence per Pence per share share share Basic and diluted 4 (4.47) (2.86) (5.35) 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 2002 Notes As at 30 As at 30 As at September September 31 March 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 FIXED ASSETS Tangible assets 499 552 511 Investments 14 - 14 513 552 525 CURRENT ASSETS Debtors 578 826 1,175 Cash at bank and in hand 5 6,040 8,800 7,296 6,618 9,626 8,471 CREDITORS: Amounts falling due within one year (272) (571) (370) NET CURRENT ASSETS 6,346 9,055 8,101 NET ASSETS 6,859 9,607 8,626 CAPITAL AND RESERVES Called up share capital 395 395 395 Share premium 9,834 9,834 9,834 Profit and loss account (3,370) (622) (1,603) SHAREHOLDERS' FUNDS 6,859 9,607 8,626 Innovision Research & Technology plc CASHFLOW STATEMENT for the six months ended 30 September 2002 6 months 6 months 12 months ended 30 ended 30 ended 31 September September March 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Operating loss (1,967) (1,374) (2,670) Depreciation 94 69 149 Profit on sale of fixed assets (3) - - Decrease in debtors 396 170 44 Increase / (decrease) in creditors (97) 129 (28) Net cash outflow from operating activities (1,577) (1006) (2,505) Returns on investments and servicing of finance Interest received 288 146 238 Taxation 112 - (44) Capital expenditure and financial investment Purchase of tangible fixed assets (88) (448) (487) Sale of tangible fixed assets 9 - - Purchase of investments - - (14) Cash outflow before use of liquid resources and (1,256) (1,308) (2,812) financing Management of liquid resources Decrease / (increase) in treasury deposit 1,272 (7,751) (6,273) account Financing Proceeds from share issues - 9,244 9,244 Increase in cash in period 16 185 159 Reconciliation of net cash flow to movement in net funds Increase in cash in period 16 185 159 Cash inflow / (outflow) from increase / (decrease) in liquid resources (1,272) 7,751 6,273 Change in net funds resulting from cash flow (1,256) 7,936 6,432 Opening net funds 7,296 864 864 Closing net funds 6,040 8,800 7,296 Innovision Research & Technology plc NOTES TO THE INTERIM FINANCIAL STATEMENTS for the six months ended 30 September 2002 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 2002. 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. 2 TURNOVER The company's turnover was all derived from its principal activity and was made to the following geographical markets: 6 months 6 months 12 months ended 30 ended 30 ended 31 September September March 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 United States of America 61 492 889 United Kingdom 31 13 54 Rest of Europe 102 36 154 Rest of the World 20 7 17 _______ _______ _______ 214 548 1,114 Sales by business activity were as follows: Development engineering 133 117 236 Licence fees and technology sales 51 65 217 Royalties 30 366 661 214 548 1,114 3 TAXATION Taxation for the six months to 30 September 2002 is based on the effective rate of taxation which is estimated to apply to the year ending 31 March 2003. 4 LOSS PER SHARE Basic loss per share has been calculated by dividing the loss for the period of #1,767,293 (2001: #1,123,326) by the weighted average number of shares in issue during the period. During the period the weighted average number of shares in issue was 39,554,390 (2001: 39,215,982). 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 6 months 12 months ended 30 ended 30 ended 31 September September March 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Sterling money market deposit 5,851 8,601 7,123 Current accounts 189 199 173 6,040 8,800 7,296 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 and Euros. 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 #63,844 (2001 : #372,472) relating to balances designated in US Dollars and #18,604 designated in Euros (2001 : nil). Similarly, creditors due within one period include #5,351 (2001: #89,696) relating to balances designated in US Dollars. 6 The interim financial statements set out on pages 2 to 8 were approved by the directors on 5th December 2002. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFVDFDLEIIF
1 Year Innovision Research&technology Chart |
1 Month Innovision Research&technology Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions