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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Nxt | LSE:NTX | London | Ordinary Share | GB0004397567 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 4.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6934P NXT PLC 12 September 2003 12 September 2003 NXT plc Preliminary Results for the year ended 30 June 2003 NXT plc, the British audio and speech technology company, today announces its preliminary results for the year ended 30 June 2003. * Overall group sales up 60% at #8.0m (2002: #5.0m). * Core flat-panel technology sales of #4.1m up 216% on previous year (2002: #1.3m), including major contribution of licence with 3M. * Loss for the period was #9.3m (2002: #10.8m). * Cash balances at 30 June 2003 of #6.0m (2002: #12.2m). * Rights Issue successfully completed to raise an additional #9.5m net of expenses since year end. * Net cash outflow of #1.5m, including 3M cash, in six months to 30 June 2003. * Significant new licences with 3M and Pioneer. * NEC launch range of SoundVu-based LCD monitors and exhibit SoundVu-based mobile phone technology demonstrator. * Johnson Controls and Philips Sound Solutions demonstrate General Motors Zafira with NXT direct drive loudspeakers this week. * 20/20 Speech signs US resellers for legal deposition market. Commenting on the results, Gordon Owen, Chairman, said: "Key developments in the year have been the further strengthening of relationships with major corporations such as NEC, TDK and Pioneer in Japan; 3M and Brookstone in North America; and, Philips in Europe. NEC successfully launched the world's first SoundVu LCD monitors in October 2002 and has expanded the range to 20 models. In June 2003 NEC announced that it has developed mobile phone prototypes for the 3G market using NXT SoundVu technology." For additional information, please contact: NXT PLC David Pearson, Chief Executive 020 7343 5050 Peter Thoms, Finance Director Capital MS&L Nick Lockwood 020 7878 3181 or 07941 783 324 Paula Crymble CHAIRMAN'S STATEMENT In the year to 30 June 2003 NXT plc achieved revenues of #8.0 million, a 60% increase on the previous year. The retained loss for the Group was #9.3 million compared with #10.8 million in the previous year. At the end of the year cash balances were #6.0 million compared with #12.2 million at 30 June 2002 and thus cash outflows in the year were #6.2 million, compared with #10.5 million in the previous twelve months. This progress has been achieved both by increases in revenue, helped substantially by a major contribution from the licence with 3M announced in February, and by further reductions in overheads. Volume sales of loudspeaker products using NXT technology grew in the year by 40% and we expect this strong trend to accelerate. On 29th July we announced a proposed 1 for 5 rights issue, fully underwritten by our new advisers Bridgewell, which was approved by shareholders at an EGM held on 14th August 2003. On 8th and 9th September 2003 the Company issued an aggregate of 14,850,425 ordinary shares pursuant to the rights issue for a net cash consideration of #9.5 million after expenses. These proceeds will be used to strengthen the balance sheet: * to place the Group in a stronger financial position which should assist in negotiations with our potential customers; * to allow NXT to defend robustly its intellectual property should it be necessary; and * to ensure that the Company is not at risk from any delays in its customers' product launch plans. The great majority of shareholders (91.3%) took up their rights and the Board has asked me to express our thanks for your continued support to the Company. In the last twelve months sales growth in New Transducers Ltd. has been over 200%, strongly supported by a major licence with 3M. Work on the 3M project continues to run ahead of plan. Key developments in the year have been the further strengthening of relationships with major corporations such as NEC, TDK and Pioneer in Japan; 3M and Brookstone in North America; and, Philips in Europe. NEC successfully launched the world's first SoundVu LCD monitors in October 2002 and has expanded the range to 20 models. In June 2003 NEC announced that it has developed mobile phone prototypes for the 3G market using NXT SoundVu technology. Based on this and information from other licensees we expect the world's first mobile phone using SoundVu technology to be introduced this year, as we announced at the time of our interim results in February 2003. This week at the International Motor Show in Frankfurt NXT licensee Johnson Controls (JCI) has been demonstrating a General Motors Zafira automobile with NXT direct drive loudspeakers powered by special exciters produced under licence by Philips Sound Solutions. JCI has stated that its research shows a strong consumer preference for NXT SurfaceSound speakers in the vehicle and it expects to supply the product from model year 2007. To some of our shareholders this may seem a long time to wait and it is worth emphasising that while we are confident of increasing take-up of our technology, the time to market can be slow, and the roll-out of new products gradual, as companies gain confidence in our technology and learn to deal with all the issues that arise from its adoption. However, when the technology is adopted on an automotive platform the volumes are likely to be substantial and sustainable for the long term. In any event, based on information from our licensees, we still expect the first car using NXT technology to be produced in 2004. 20/20 Speech has maintained its previous levels of performance but remains at an early stage in its commercial development and continues to operate in a difficult market where a number of its competitors have failed to make an impact. However, there has been a marked change in the profile of the company's customer base as business with the Ministry of Defence declines and is replaced by new commercial business. The most promising feature is the opportunity to adapt our transcription software, first developed for use in broadcasting, to new markets such as the legal deposition market in the US. It must be recognised that whilst these new opportunities represent an exciting potential source of new business, they are still in the very early stages of commercialisation. The shareholders, NXT plc and QinetiQ, are therefore constantly mindful of the appropriate structure for 20/20Speech and are keeping this under close review. Cyrus Electronics has continued to perform well with sales growth of 7%, supported by innovative product development and the introduction of products into new markets. Your Board and management are very conscious of the need to keep costs firmly under control while still taking all the necessary actions to support customer relationships and drive the business. The business is evolving from a research-based operation to one that is highly customer focused. As a result there has been about a 25% reduction in the headcount of the two technology businesses. Many of these people contributed great service to the Company and I take this opportunity to thank them for their efforts. The remaining staff are highly motivated and know what they have to do to make NXT successful. I am confident that under David Pearson's leadership the Company will go on from strength to strength. All of us are committed to the creation of long-term, profitable growth and shareholder value. Gordon Owen CBE Chairman OPERATING REVIEW Our business focus remains to support our key customers. Over the course of the year we have continued to build our Customer Service team and to locate key personnel where they can provide day-to-day support to our customers. We have strengthened our operations in the USA, Hong Kong, Taiwan and Japan. This has had a noticeable benefit in speeding the commercialisation process and we are confident about the future pipeline of products that feature our technology. However, we remain involved in a challenging venture as the inclusion of our technologies in diverse applications and widespread geographies will take time and dedication. New Technologies As announced in February, 3M has taken an exclusive worldwide licence to jointly develop and commercialise one of our non-loudspeaker technologies. The licence involved an upfront payment of $4 million, a further $750,000 if additional functionality is achieved, continued support for further Research & Development, and royalty payments for the life of the patents. The arrangements with 3M are significant not just because of the income involved but because they clearly evidence the benefits of long-term, deeply-built customer relationships. 3M has not only signed the Group's largest contract to date but also, in the VikuitiTM XRVS-120 rear projection screen, brought out one of the first SoundVu-enabled products Automotive We remain confident that a vehicle featuring NXT technology will be on the market by the close of 2004. Our route to market is two-fold: first, by use of our SurfaceSound technology either in direct excitation of the trim or in modular drive units; and, secondly, by the inclusion of our Audio Full Range (AFR) drivers in place of conventional speakers. In both cases we have made good progress. Johnson Controls (JCI) has this week demonstrated a General Motors Zafira car with built-in, direct drive SurfaceSound panels at the Frankfurt International Motor Show. This is a significant development by one of the automotive industry's foremost Tier 1 suppliers and we are encouraged by its stated intention to make the technology available from model year 2007, calendar year 2006. JCI has been drawn to NXT by the many benefits of NXT technology in the automotive environment. Weight savings (one or two kilograms in their estimate); improved acoustics thanks to the better interaction of NXT loudspeakers with reflective surfaces and the wide directivity of the panels' sound output; greater design freedom as a result of the ability to build NXT panels into unconventional areas within a vehicle such as the head-liner and pillars between the windows; the opportunity to use the space once occupied by conventional speakers for other purposes such as for the integration of electronic products; reduced exterior noise pollution due to the absence of holes in the trim; and, the removal, thanks to the invisible nature of the implementation, of enticing targets for thieves. More encouraging still is the result of JCI's consumer research, which indicated that 75% of respondents had a preference for a flat panel solution. Integral to the JCI demonstration was the role of Philips Sound Solutions (PSS). In July of last year we announced that PSS had signed a two year agreement to develop, manufacture and market an exciter for automotive use. JCI are using this exciter in their demonstrator and this confirms our dual approach of establishing the supply chain and encouraging key industry players to adopt our technology. In addition to developments with JCI and PSS we have had a positive response to our AFR technology. AFR is capable of delivering a frequency range of 60Hz to 20kHz by combining the efficient low radiation of a piston at low frequencies with all the key acoustic advantages of a Distributed Mode Loudspeaker. Because it is shaped like an existing conventional drive unit AFR represents a drop-in solution, and as a result we do not have to wait for a re-design before our technology can be included in a vehicle. Commercial Audio Penetration of our technology into the commercial and architectural audio market is hampered by the fragmented nature of those markets and by the absence of any dominant brands. Our approach of working with leading companies to introduce our technology is therefore more difficult. Armstrong, the world's largest provider of suspended ceilings has seen its i-ceilings NXT-based ceiling tile installed across a number of high profile sites in the UK including buildings belonging to Honda, H&M, Hard Rock Casinos, ASDA and Holiday Inns as well as York, Loughborough and Edinburgh universities. NXT technology was employed by Dimension Audio to turn perimeter advertising hoardings into loudspeakers at last year's Commonwealth Games. Mission has brought out a commercial version of its acclaimed fs2 home theatre system, the fs2 PRO. First exhibited at PLASA 2002, the UK industry's show case event, the fs2 PRO is now part of an audio system supplied by Mission to the new development at the Birmingham Bullring. The practical benefit of the broader coverage in intelligible sound provided by NXT solutions is one of cost saving as the installer at the Bullring complex needed to use approximately 60% fewer NXT-based speakers to deliver the same audio coverage as a system using conventional speakers. In Belgium long-term NXT licensee Deltavox has now completed its 100th installation using NXT technology. Deltavox has created a successful business out of pioneering NXT installations and has found a receptive market for the technology thanks to the fact that NXT speakers can deliver uniform sound distribution and good intelligibility without intruding on the aesthetics of any particular venue. The benefits of NXT technology are also relevant to the pro-audio market where the life of the "roadie" can be much improved thanks to our recently developed Bass panel and Mini-Pro system, the latter of which was recently demonstrated at PLASA 2003 by Fane Acoustics Ltd. The combined system has power handling of between 250 and 300 watts and will cover a bandwidth of between 45HZ and 20 kHz, clear evidence that NXT technology can be both loud and deliver deep bass. Consumer Audio One of the outstanding developments of the year was the launch by Pioneer, one of the world's leading audiovisual companies, of two NXT-based systems. The 2.1 speaker package, which is sold bundled with a combined mini-disc, CD and DVD system, is available in Japan and the 5.1 home theatre system is available both in Japan and across Europe. These two systems are the first to use acrylic plastic for the speaker panels, a true revolution in speaker design. In the USA Brookstone has had tremendous success with the Wafer Thin CD system which was one of its best selling items last Christmas, helped by the ringing endorsement from Oprah Winfrey on her Holiday Season show watched by some 25 million people. Brookstone has launched a second product, a CD case with built-in NXT speakers, with more products to follow this autumn. The CD case concept has proven popular with other licensees too. TDK has brought out two models, a single case mono version and a double case stereo version, which are now being distributed in Asia, Australasia, Europe and the USA. In the USA Savier, a subsidiary of Nike, has recently launched a backpack called the Sonic Bag with integrated Sonic Impact SI5 speakers. These backpacks along with separately available SI5 speakers are now available in the leading US electronics chain, Best Buy, with other major retailers to follow in the run-up to Christmas. Multimedia and Computing In July, Synaptics, a leader in touch pads and other human interface solutions for mobile computing and communications devices, announced that it is to develop integrated NXT-based audio solutions for laptops. Synaptics is a supplier of touch pads to the world's leading laptop OEMs and its interface solutions are used in 70% of laptops with touch pads. Synaptics intend to integrate NXT's audio technology with their capacitive sensing technology to develop a touch pad that doubles as a speaker. Demonstrations of prototype products will be made to Synaptics' customers by the end of the year and we have high hopes of penetrating the 40 million units per year laptop market. In the peripheral multimedia loudspeaker market NXT technology is present in products available in retail stores around the world thanks to the activities of brands such as Philips, TDK, Maxell and Packard Bell. Mobile Communications With 5 out of the top 6 mobile phone manufacturers now licensing NXT technology we remain optimistic of our ability to take a share of this huge market. NEC subsidiary Authentic has already publicly shown PDA and mobile phone demonstrators in Japan. These prototypes help demonstrate the superior sound quality of NXT technology, particularly in hands-free mode, where the broader dispersion pattern of the sound output ensures better intelligibility. In addition the fact that the whole screen is the loudspeaker removes the need for precise coupling to the ear, greatly enhancing the ease of use. Importantly Authentic has confirmed that both demonstrators meet the required audio standards for both GSM and 3G. It remains the case that, if the plans presented to us by our licensees remain unaltered, we expect a mobile phone that uses our technology to be in the market by the end of this year. Key to our success in the mobile telephony market has been the development of the supply chain. The NXT solution in mobile phones requires the excitation of the viewing lens of the handset and to do this effectively in the space available our patented Distributed Mode Actuator (DMA) is required. Great effort has been made in establishing an effective supply of this and, to date, ten separate companies have signed licenses to manufacture the DMA: four in each of Taiwan and Japan and two in Korea. Special Applications The retail proposition for our SoundpaX loudspeakers did not deliver as expected. Our experience suggests that whilst they provide excellent audio they are, nonetheless, a difficult concept to market: cardboard has low value associations; the market for a secondary pair of loudspeakers is small and undeveloped; and, the retail floor space required was judged to be too much to provide a valuable return. However, manufacturing has now been established in China, greatly reducing cost, and new, smaller sized samples sent to prospective customers and distributors and we remain hopeful that these initiatives will generate revenue in the near future, particularly in the promotional market. In the toy industry there has been a positive response to NXT technology thanks to its acoustic advantages, design flexibility and ability to dispense with grilles, a weakness in the toy's defences against destructive children. This is a significant market with a requirement for tens of millions of speakers each year. However, the prices paid for loudspeakers by the toy companies can be very low. NXT is at the beginning of its commercialisation process and the price of our components reflects this. Progress, however, is being made in reducing the cost of our solutions and the toy industry could one day be a valuable market for NXT. TV and Display In October of last year SoundVu technology became a practical reality with the launch by NEC of its Valuestar T desktop computer complete with a SoundVu enabled 17" LCD monitor. Since then NEC has added more than 20 additional models in the range. The Valuestar range has been a great success for NEC and has helped the company regain market leadership in Japan. The SoundVu implementation uses two exciters placed on either side of the screen to turn the protective acrylic screen into the Distributed Mode Loudspeaker. The results are stunning, with clear, crisp sound coming direct from the screen. NEC's successful implementation has done much to stimulate interest in the market. 3M announced in June of this year the launch of a rear projection screen using SoundVu technology. Known as the VikuitiTM XRVS-120 eXtended Resolution Video Screen with Sound Enhancement, the product is part of 3M Optical Systems Division's suite of Vikuiti display enhancement products for the professional rear projection screen market. In addition, we are currently engaged in discussions with all the major plasma and LCD TV brands and have made great progress in scaling up SoundVu technology for use in larger screen sizes, thanks in large part to extra power delivered by second generation exciters. SoundVu requires an additional transparent panel, already available in all plasma screens and increasingly in LCD monitors which have extra panels for the enhancement of brilliance, or for privacy. Where such panels are not available SurfaceSound can be a solution. Indeed, we are encouraged by the response of the key manufacturers to the advances we have made with our SurfaceSound technology for this market. These new developments offer design advantages, not least the removal of the speaker grille in addition to our established acoustic benefits. If the customer plans we have seen remain unchanged we are confident that a major brand will launch a mass market TV with integrated SurfaceSound technology by the end of the next financial year. 20/20 Speech 20/20 Speech remains at an early stage of its commercial development and continues to operate in a difficult market. However, the year has seen an important shift in 20/20 Speech's reliance on revenues from the Ministry of Defence to new, commercial sources. By the last quarter of the year revenues from the MoD had fallen from 98% of total income in the first quarter to just 12%. Our success in this respect has come from the deployment of new products in new markets. A significant breakthrough for the business has been the development of automatic text and video synchronisation for the US legal market. The US legal market relies heavily on pre-trial recorded interviews, known as depositions. It is estimated that 10,000 depositions are taken a day in the US, with an increasing number being "videoed" for post interview analysis and presentation. 20/20 Speech's technology enables the text to be automatically aligned to the video, at a fraction of real-time, and hence provide an index for searching the video content. 20/20 Speech has signed a number of US resellers and is experiencing significant growth in the number of hours processed. Elsewhere, 20/20 Speech has built upon its success in the subtitling sector, by developing a product that further increases the efficiency of subtitling production. Screen Subtitling Systems, the largest and most experienced supplier of subtitling systems in the world, is amongst the first companies to utilise the new technology. In the "people on the move" mobile workforce sector, 20/20 Speech has launched its Activator product through retail outlets, including Dixons and Argos as well as through various e-commerce websites. 20/20 Speech has extended its presence in the professional market through agreements with Unitec and Codeway to utilise the Activator product in the logistics sector. This is used for voice controlled data capture and for alerting mobile workers to contents of e-mails and SMS messages. In terms of new software development, 20/20 Speech is building upon its expertise in paralinguistic software to develop "audio mining" technology, which is capable of analysing and retrieving information from on-line and off-line video and audio files. The on-line technology allows real-time validation of voice in areas such as call centres and radio and also aids quality assurance processes, such as ensuring that certain phrases are stated to customers. The off-line technology enables the analysis of recorded video and audio to retrieve all occurrences of particular phrases or sounds. 20/20 Speech has signed a Non-Disclosure Agreement with a major content provider to assist them in the analysis and retrieval of specific types of audio and video from very large volumes of stored information. Cyrus Cyrus has had another good year, buoyed by strong growth in the UK and by robust maintenance of its margins. The year 2002/03 saw the launch of a range of new products including the entry level 6 series; the 8 series which replaces the 7 series and now constitutes our main range of home entertainment products; and, the X series, Cyrus' most technically advanced and highest performing product range to date. In addition we have taken important new steps to enter the custom home installation market. The new Cyruslink system combines the latest in wireless and digital media storage and now offers very high quality audio along with the convenience of a central library of music that can be accessed from anywhere in the user's home. Progress in the core technology has been matched by progress in growing distribution channels and we have established new partners in Italy, Spain, Korea and Canada. IP Eleven of NXT's earliest patent applications filed in the European Patent Office in 1996, have now been granted. A German trade association had originally opposed the eleven but opposition was withdrawn in early 2003 following robust counter arguments from NXT. The European Patent Office (EPO) has reviewed the inventions again and accepted that ten of the patents required no changes to their claims. The eleventh, the fundamental and very broad Base Case required some very minor changes to the wording in a small proportion of the device claims and, we believe, should soon be accepted by the EPO. This again is evidence that NXT's intellectual property claims can stand up to the high standards of scrutiny set by the EPO. Further good news is that the basic patent for SoundVu technology has been granted in Europe. In line with our strategy of rationalising our patent portfolio to maintain coverage of key inventions as they go to grant whilst dropping peripheral applications in unimportant markets, we have, during the last financial year, reduced the number of patent applications from 930 to 361 and the number of granted patents from 663 to 379. Patent protection in key markets, a core part of our strategy, has improved, however, and we now have three patents in China, 21 in Hong Kong and 19 in Taiwan in addition to which granted patents in the USA have increased from 47 to 57. The year ending June 2003 has been one of enormous challenge for the Company as we have simultaneously sought to build our customer base and re-organise the Company to support that process. In the course of events we have lost a number of people who over time have made a valuable contribution to the Company's business and I want to join the Chairman in thanking them for their efforts. The remaining team at NXT, 20/20 Speech and Cyrus is highly motivated and focussed on supporting the commercialisation of our technologies amongst our customers. I believe we have the right people, strategy and technology and remain confident about the long-term future of NXT. David Pearson Chief Executive CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2003 Total Total 2003 2002 #'000 #'000 Turnover Continuing operations 7,989 5,010 Cost of sales (2,051) (1,959) Gross profit 5,938 3,051 Net operating expenses - NXT (12,910) (13,840) Net operating expenses - 20/20 Speech (2,570) (2,496) Net operating expenses - Cyrus (1,167) (1,050) Net operating expenses - exceptional 168 504 Operating loss NXT (8,809) (12,542) 20/20 Speech (1,987) (1,879) Cyrus 87 86 Exceptional 168 504 (10,541) (13,831) Interest receivable 367 771 Interest payable (45) (86) Loss on ordinary activities before taxation (10,219) (13,146) Taxation 811 1,459 Loss on ordinary activities after taxation (9,408) (11,687) Equity minority interests 75 848 Retained loss for the financial year (9,333) (10,839) Basic and fully diluted loss per share (12.6)p (14.8)p CONSOLIDATED BALANCE SHEET AT 30 JUNE 2003 2003 2003 2002 2002 #'000 #'000 #'000 #'000 Fixed assets Intangible assets 6,784 8,001 Goodwill 1,633 1,732 Tangible assets 1,351 1,755 Investments 253 298 10,021 11,786 Current assets Stocks 420 547 Debtors 3,039 4,357 Cash at bank and in hand 5,963 12,193 9,422 17,097 Creditors Amounts falling due within one year (2,114) (2,286) Net current assets 7,308 14,811 Total assets less current liabilities 17,329 26,597 Creditors Amounts falling due after more than one year (716) (143) Provisions for liabilities and charges (855) (1,200) Net assets 15,758 25,254 Capital and reserves Called up share capital 18,566 18,523 Share premium account 76,600 76,561 Shares to be issued 1,834 2,002 Profit and loss account (81,242) (71,907) Shareholders' funds 15,758 25,179 Minority interests - 75 15,758 25,254 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2003 2003 2002 #'000 #'000 Net cash outflow from operating activities (8,605) (13,209) Returns on investments and servicing of finance Interest paid (26) (66) Interest element of finance lease rental payments (19) (20) Interest received 367 771 Net cash inflow from returns on investments and servicing of finance 322 685 Taxation 1,780 (31) Capital expenditure and financial investment Purchase of tangible fixed assets (147) (171) Sale of investments - 635 Sale of assets 8 2,710 Net cash (outflow) inflow from capital expenditure and financial investment (139) 3,174 Acquisitions and disposals Sale of business - 38 Net cash inflow from acquisitions and disposals - 38 Management of liquid resources Decrease in cash on short term deposit 5,789 10,562 Net cash inflow from management of liquid resources 5,789 10,562 Net cash (outflow) inflow before financing (853) 1,219 Financing Issue of ordinary share capital - 1,097 Payment of share issue expenses - (30) Capital element of finance lease rental payments (238) (197) New loans 650 - Repayments of bank and other loans - (2,045) Net cash inflow (outflow) from financing 412 (1,175) (Decrease) increase in cash (441) 44 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Reconciliation of operating loss to net cash outflow from operating activities 2003 2002 #'000 #'000 Operating loss (10,541) (13,831) Depreciation charges 1,862 1,991 Profit on sale of tangible assets (3) (39) Decrease (increase) in stock 127 (58) Decrease in debtors 349 1,209 Decrease in creditors (11) (1,155) Foreign currency translation (2) 2 Shares to be issued (168) (3,398) Provision against investment 45 860 (Decrease) increase in provision (345) 1,152 Shares issued for non-cash consideration 82 58 Net cash outflow from operating activities (8,605) (13,209) Reconciliation of net cash flow to movement in net funds 2003 2002 #'000 #'000 (Decrease) increase in cash during the year (441) 44 Cash outflow from decrease in liquid resources (5,789) (10,562) Cash outflow from decrease in debt and lease financing 238 2,242 Change in net funds resulting from cash flows (5,992) (8,276) New loans and finance leases (650) (226) Movement in net funds during year (6,642) (8,502) Net funds at beginning of year 11,813 20,315 Net funds at end of year 5,171 11,813 FINANCIAL REVIEW NOTES FOR THE YEAR ENDED 30 JUNE 2003 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 30 June 2003 have been extracted from the annual accounts on which the auditors have issued an unqualified report. A copy of the annual report and accounts will be posted to shareholders shortly. 2. The directors do not recommend the payment of a final dividend. 3. Basic and fully diluted earnings per share have been calculated on the Group loss for the financial year and on the weighted average number of ordinary shares in issue for the year, which was 74,174,036 (2002 - 73,219,485) ordinary shares. Whilst unexercised share options and warrants in the Company would increase the weighted average number of potential shares in the year, due to the losses of the Group in the year they are not considered to be dilutive. 4. The exceptional item of #168,000 is a credit from the Group's Shares To Be Issued reserve which relates to a discount on share options issued in 2000 which have now lapsed. 5. On 8th and 9th September 2003, the Company issued an aggregate of 14,850,425 ordinary shares of 25p each for a net cash consideration of #9,500,000 after expenses as a result of the 1 for 5 rights issue approved by shareholders at the EGM on 14 August 2003. This information is provided by RNS The company news service from the London Stock Exchange END FR LTMFTMMTBMPJ
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