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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:8971S
Innovision Research&Technology PLC
05 December 2003
INNOVISION RESEARCH & TECHNOLOGY PLC
Interim Results for the 6 months ended 30 September 2003
Innovision Research and Technology, the electronics technology solutions
provider, announces its results for the 6 months ended 30 September 2003.
Highlights
Financial
* Turnover increased to #1.02 million (2002: #214k)
* Loss reduced to #735k (2002: #1.77 million)
* Earnings per share of (1.86)p (2002: (4.47)p)
* Continued tight cash control with #3.9 million cash at the half year end
Operational
* Contactless low-cost transport ticket due to be launched in February 2004
* Other opportunities now moving into important final phases of development
* Achieving Quality Standard ISO 9001 and the Medical Standard ISO13485 will
open up new commercial opportunities
Commenting on the results, Barton Clarke, CBE, Chairman said:
"We continue to make good progress and 2004 is a pivotal year for a number of
projects. The planned commercialisation of key products with market leading
customers will drive sales growth and profitability.
As mass RFID adoption finally gets underway we have a strong position at the
heart of the industry, good long-term revenue potential and a solid sales
pipeline that should enable us to continue to take advantage of the many
opportunities arising."
5 December 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
Turnover in the 6 months ended 30th September 2003 was #1.02m (2002: #214k),
this improvement reflects the continued focus of working with market leading
customers on high quality funded development work with medium-term royalty
potential.
This sales growth, achieved with a lower cost base, has resulted in a
substantial reduction in the loss for the period to #735k (2002: #1,767k).
Careful cost and cash management has ensured that at the period end the company
had cash available of #3.9m (March 2003: #4.5m). This means that with a number
of key opportunities now moving into the final phases of development, we are
able to increase investment to ensure that the necessary people, systems and
processes are in place to maximise the future revenue potential of the business.
Examples of this are our recent quality accreditations for ISO 9001 and the
medical standard, ISO 13485, both of which will open up new commercial
opportunities with major customers.
As previously announced, one focus of the Company's Radio Frequency
Identification (RFID) Research and Development programme has been the design of
a low-cost, contactless mass-transit ticket. This product is now nearing
completion and is due to be launched in February 2004 at UITP, one of the
world's premier transport shows. As one of only two low-cost products scheduled
to be included in the UK transport standards, and with early adopters identified
in the United States, we are in a strong position in a market with huge
potential. The number of ticket converters, in addition to our existing
licensee, expressing an interest in licensing this technology further reinforces
our confidence in this market.
Elsewhere, we continue to make good progress, both in the medical sector where
we are driving RFID standards and on a number of exciting consumer market
projects. In particular, one RFID chip design has just entered pilot production
and will be field-tested by a major European customer during 2004. We are
already working on further projects for this customer and look forward to
providing more details of this significant opportunity. Two other projects, both
in the consumer sector are now moving towards their final development phases
with production decisions expected during 2004.
Although Wal-Mart's decision to introduce RFID tagging from 2005 has no direct
impact on the Company, the market as a whole is now developing rapidly and in
the specific market sectors in which we operate we are seeing increased interest
and activity. Challenges still remain however we expect a number of key project
milestones to be met over the coming year, have a strong position at the heart
of this growing industry, good long-term revenue potential and a solid sales
pipeline all of which should enable us to continue to take advantage of the many
opportunities arising. I am pleased with our development in 2003 and look
forward to further progress in 2004.
Barton Clarke CBE
5 December 2003
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.
This report, including the conclusion, has been prepared for and only for the
company for the purpose of their interim report and for no other purpose. We do
not, therefore in producing this report, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown or into whose
hands it may come save where expressly agreed by our prior consent in writing.
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 2003.
BAKER TILLY
Chartered Accountants
2 Bloomsbury Street
London WC1B 3ST
5 December 2003
PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2003
Notes 6 months 6 months 12 months
ended 30 ended 30 ended 31
September September March
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
TURNOVER 2 1,020 214 802
Cost of sales (153) (82) (169)
Gross Profit 867 132 633
Administrative expenses
Normal operating (1,740) (2,099) (4,023)
Exceptional items - - (423)
OPERATING LOSS (873) (1,967) (3,813)
Interest receivable 76 140 244
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (797) (1,827) (3,569)
Taxation 3 62 60 120
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (735) (1,767) (3,449)
LOSS PER SHARE Pence per Pence per Pence per
share share share
Basic and diluted 4 (1.86) (4.47) (8.72)
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 2003
Notes As at 30 As at 30 As at
September September 31 March
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
FIXED ASSETS
Tangible assets 279 499 331
Investments 14 14 14
293 513 345
CURRENT ASSETS
Debtors 809 578 780
Cash at bank and in hand 5 3,948 6,040 4,532
4,757 6,618 5,312
CREDITORS: Amounts falling due within one year (608) (272) (480)
NET CURRENT ASSETS 4,149 6,346 4,832
NET ASSETS 4,442 6,859 5,177
CAPITAL AND RESERVES
Called up share capital 395 395 395
Share premium 9,834 9,834 9,834
Profit and loss account (5,787) (3,370) (5,052)
SHAREHOLDERS' FUNDS 4,442 6,859 5,177
CASHFLOW STATEMENT
For the six months ended 30 September 2003
6 months 6 months 12 months
ended 30 ended 30 ended 31
September September March
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Operating loss (873) (1,967) (3,813)
Depreciation 71 94 284
(Profit) / loss on sale of fixed assets (9) (3) 1
(Increase) / decrease in debtors (106) 396 214
Increase / (decrease) in creditors 128 (97) 110
Net cash outflow from operating activities (789) (1,577) (3,204)
Returns on investments and servicing of finance
Interest received 94 288 390
Taxation 122 112 155
Capital expenditure and financial investment
Purchase of tangible fixed assets (41) (88) (131)
Sale of tangible fixed assets 30 9 26
Net cash flow for capital expenditure and financial (11) (79) (105)
investment
Cash outflow before use of liquid resources and (584) (1,256) (2,764)
financing
Management of liquid resources
Decrease in treasury deposit account 846 1,272 2,580
Increase / (decrease) in cash in period 262 16 (184)
Reconciliation of net cash flow to movement in net funds
Increase / (decrease) in cash in period 262 16 (184)
Cash outflow from decrease in liquid resources (846) (1,272) (2,580)
Change in net funds resulting from cash flow (584) (1,256) (2,764)
Opening net funds 4,532 7,296 7,296
Closing net funds 3,948 6,040 4,532
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2003
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 2003. 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
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
United States of America 127 61 127
United Kingdom 148 31 297
Rest of Europe 745 102 347
Rest of the World - 20 31
_______ _______ _______
1,020 214 802
Sales by business activity were as follows:
Development engineering 956 133 552
Licence fees and technology sales 23 51 116
Royalties 41 30 134
1,020 214 802
3 TAXATION
Taxation for the six months to 30 September 2003 is based on the estimated
tax credits for Research & Development.
4 LOSS PER SHARE
Basic loss per share has been calculated by dividing the loss for the
period of #735,101 (2002:#1,767,293 ) 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 (2002: 39,554,390).
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
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Sterling money market deposit 3,697 5,851 4,543
Current accounts 251 189 (11)
3,948 6,040 4,532
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 #16,379 (2002 : #63,844) relating to balances designated in US Dollars
and #235,394 designated in Euros (2002 : #18,604). Similarly, creditors
due within one period include #20,475 (2002: #5,351 ) 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 4 December 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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