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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:1071I NXT PLC 28 February 2003 28 February 2003 NXT plc Interim Results for the six months ended 31 December 2002 NXT plc, the British audio and speech technology company, today announces its interim results for the six months ended 31 December 2002. * Relationship with 3M strengthened by exclusive license for non-speaker related technologies. Agreement includes upfront fee of $4million with a further $750,000 payable on delivery of additional functionality, royalties for the life of the patents and sponsorship of continuing research into the technology. * Overall group sales were #2.5m (H1 2001: #2.6m). * #1.7m decrease in annualised cash burn, with further reductions expected from license and royalty income and recent cost reductions. * Cash balances of #7.4m (H1 2001: #16.5m). * Loss for the period was #6.4.m (H1 2001: #6.7m). * New general license agreement signed with Pioneer, one of the world's largest audio/visual companies. * Continued progress from collaborations with strategic partners including Philips Sound Systems and NEC which launched the world's first LCD monitor to integrate the loudspeaker into the screen using NXT's SoundVu technology. * First retail sales of products incorporating 20/20 Speech text-to-speech software. New products such as Aurix(R) Activator and Aurix(R) ScriptSync launched with orders expected shortly. Commenting on the results, Gordon Owen, Chairman, said: "We are encouraged by the continued commitment to NXT's technology by world-renowned global leaders as evidenced by the fact that new licensees of the order of 3M and Pioneer have chosen to embrace it. This, and the maturing of so many of our commercialisation plans, give the board full confidence in the company's future prospects. For additional information, please contact: NXT PLC 020 7343 5050 David Pearson, Chief Executive Peter Thoms, Finance Director Capital Communications MS&L 020 7878 3181 Nick Lockwood 07941 783 324 Paula Crymble CHAIRMAN'S STATEMENT Results for the Six Months ended 31 December 2002 In the financial year to date there has been excellent progress in the commercialisation of NXT and 20/20 technology. As separately announced today we have concluded an exclusive licence with 3M of one of NXT's non-loudspeaker technologies. This involves an upfront payment of $4m and ongoing royalties. The first half also saw several important breakthroughs. The first SoundVu products were launched in Japan. A two-year automotive exciter development agreement was concluded with Philips underpinning our strategy to put the supply chain in place for the automotive sector. The mobile phone key component supply chain has also been established with companies in the Far East. A new audio full range technology (AFR) was launched by NXT with early encouraging response. An audio product sold through Brookstone retail outlets was featured on network TV in the USA. And the first products featuring 20/20 Speech Aurix tts were sold in retail outlets in the UK. Later in my statement and in the Chief Executive's operating review there are further details of these exciting developments. During the six months under review group sales were #2.5m. The loss for the period was #6.4m compared with #6.7m in the corresponding period last year. With reducing expenses, at the end of the period the Company had cash balances of #7.4m compared with #12.2m six months earlier. The annualised cash burn has declined from #10.8m to #9.1m and we expect this trend to continue. The agreement with 3M and other projects in the pipeline will also help reduce cash burn. Other key projects are under continuous review and it is reassuring that so many are near commercialisation. We remain confident that we have the resources to develop these but given the perennial possibility of any of these key projects being delayed the Board continues actively to review the options for improving NXT's cash position, including additional cost reductions and further sales of non-core assets. During the period there has been continued progress in the commercialisation of NXT technology. Of particular note is the increasing strength of our collaborations with strategic partners. NEC, our first SoundVu licensee, launched the world's first SoundVu product in the Japanese market in October 2002. This was a LCD PC monitor, the ValueStar T and was swiftly followed by an all-in-one unit, the ValueStar FS. These two products have helped NEC to regain leadership of this market sector in Japan, and we are greatly encouraged by NEC's planned investment in a new manufacturing facility in mainland China intended for the further supply of product to NEC and others for the volume markets. We expect further rapid expansion of this category of our business. We have announced separately today a strengthened relationship with 3M that has been in development for over two years. We are granting 3M an exclusive worldwide license to jointly develop and commercialise one of NXT's non-loudspeaker technologies. Under the terms of the new agreement 3M will pay NXT a $4m up-front payment, a further $750k if additional functionality is achieved, and royalties for the life of the patents. 3M will sponsor continuing research at NXT as part of the agreement. This agreement confirms the market acceptance of a specific derivative of NXT bending wave technology that was first disclosed only two years ago. Outstanding scientific and engineering development combined with strong commercial skills has led to this opportunity. I am also pleased to announce that Pioneer, one of the world's leading audio-video companies has taken out a General Licence with NXT. Some two and a half years ago, after David Pearson joined the group as CEO, we set out to identify the leading companies in a number of target sectors and work closely with them to bring our technologies to market. With world leaders such as NEC, Pioneer, Philips and 3M making substantial investments in NXT technology we can now see the effectiveness of that strategy. There are other global leaders of similar renown collaborating with NXT but these companies will not permit disclosure until their own product launch plans are ready to be revealed. In the key automotive and telecommunications sectors very good progress has been made to establish the infrastructure to supply the key OEMs which NXT solutions when their testing procedures are completed. Similar focus has been brought to bear on 20/20 Speech Ltd leading to the first retail sales of products incorporating its text-to-speech software. These were achieved by Kane Wireless in its Car Pilot, a development of the Compaq IPAQ platform first sold into branches of the Dixons Stores Group for the Christmas season. 20/20 Speech has in the last few months made great strides in the development of its proprietary technologies and identified potentially valuable markets for them. Cyrus has enjoyed another good season with strong demand for its high quality electronics and maintenance of targeted margins. Our staff are increasingly focused on helping customers get product to market. We are encouraged by the continued commitment to NXT's technology by world-renowned global leaders as evidenced by the fact that new licensees of the order of 3M and Pioneer have chosen to embrace it. This, and the maturing of so many of our commercialisation plans, give the board full confidence in your company's future prospects. Gordon M W Owen CBE Chairman OPERATING REVIEW For the 6 months ended 31 December 2002 Introduction The second half of 2002 has been a period of mixed fortunes for NXT plc. Royalties from the Group's core sound technology business have not grown as fast as we planned. However, Dixons started selling the first commercially available 20/20 Speech retail products; NEC launched two LCD monitors with built-in SoundVu technology in the vital Japanese market; Brookstone became a powerful advocate of NXT technology in the United States, thanks to the success of the Wafer Thin CD system over the Christmas period, and most recently 3M has concluded an exclusive licence for one of our non-loudspeaker technologies. Our strategy of pursuing opportunities across multiple industry sectors simultaneously helps minimise the impact of a downturn in any one industry. In addition, by leveraging the enormous expertise we have in bending wave theory we have been able to develop related technologies to augment the licensing fees and royalties we earn from our core sound technologies, thereby developing new revenue streams and mitigating risk. However, in the present uncertain global economic environment our customers remain risk adverse and are cautious about introducing new products with new technologies such as NXT's. We meet this challenge in three ways. First, we have looked to build close working partnerships with a limited number of our best customers. Examples of these partnerships include NEC for SoundVu, and, 3M for both SoundVu and other technologies. These are organisations that have recognised the potential for NXT's technology to add value to their own business propositions. Secondly, we use our detailed knowledge of the value chain to work closely with the suppliers as well as the brands to speed up the adoption of new technologies. This approach is well illustrated in the automotive market where we have signed a two-year development agreement with Philips to co-develop, market and sell the automotive exciter. Thirdly, we give our customers support to ensure the adoption of NXT technology in the most straightforward and risk free way. This involves delivering high-class training, providing access to best practice methodologies and offering practical support by way of locally based engineering resource. A review of progress across the Group's operating companies and divisions is set out below. New Technologies As announced separately today, 3M, the US-based diversified technology company, has acquired an exclusive license to jointly develop and commercialise one of NXT's patented non-loudspeaker technologies. The agreement sees 3M pay an upfront fee of $4million with a further $750,000 payable on delivery of additional functionality. There will be royalties for the life of the patents and 3M will also sponsor our research into the technology over the next two years. We believe that the arrangements with 3M vindicate our approach of partnering with major industry players. Automotive Partnering with the major brands and their suppliers is core to our development of the automotive market. In July 2002 we announced a two-year joint development agreement with Philips Sound Solutions (PSS) to develop, manufacture and market an exciter for automotive use. The arrangement with PSS is one of 27 different projects we are managing in the automotive arena and as a result we believe that there will be a vehicle using NXT technology commercially available by the close of 2004. Our confidence in this regard has grown with the positive response we have had to the Acoustic Full-Range (AFR) drive unit. The AFR combines distributed mode loudspeaker technology with a conventional pistonic driver to create a low profile, lower weight and full-range drive unit. Designed as a drop-in replacement for conventional in-car loudspeakers, AFR offers a way of introducing NXT technology to a vehicle in the short term. We have demonstrated the technology to a number of car manufacturers and are in discussions with their suppliers about establishing production. Commercial Audio The broad dispersion pattern of the sound output; the inherent design freedom; the ease of integration into architecturally sensitive environments; and, the light weight of the speaker solutions make NXT technology an attractive option in commercial and professional audio situations. The market however remains very fragmented. There are few, if any, dominant brands or manufacturers and achieving volume sales takes time. Our focus in the last six months has been on showcasing the new bass panel public address system and this has now been demonstrated at the largest commercial audio trade shows in the UK and USA. Elsewhere, NXT continues to open up possibilities unavailable to conventional technology. For example, Dimension Audio was able to use NXT technology to turn advertising boards at the Manchester Commonwealth games stadium into loudspeakers. Armstrong remains committed to the development of its i-ceilings product and Mission has recently entered the professional audio arena with a commercial adaptation of its successful fs2 home audio product. Home Audio In home audio, we have been delighted by the success Brookstone has achieved with its Wafer Thin CD System. Launched in the late autumn of 2002, the product was amongst Brookstone's best selling products during the Christmas period thanks in part to widespread media coverage in the US. Brookstone is now a committed advocate of NXT technology and their sales staff are demonstrably well briefed on the benefits of NXT audio technology. Mission has enjoyed critical success with its third generation NXT loudspeaker package, the fs1. With a host of awards and star ratings behind it, the product is selling well. Existing licensees have been joined by a number of new customers and the latest of these is the leading Japanese audio-video company Pioneer. Merchandising and Special Applications We intend to introduce new size variants of the SoundpaX loudspeakers including a 14" travel version and to establish cheaper sources of manufacture. Ellula has added a 2.1 version, which combines inflatable NXT satellites with a conventional sub-woofer, to its existing range of Hot Air loudspeakers. These are now available in the UK, mainland Europe, the USA and soon, Japan. In the area of electronic gaming, Radica launched its Gameboy Advance accessory loudspeaker, the Mini Woofer in time for the Christmas buying period and is now working on additional NXT based products for launch this year. Multimedia and Computing TDK has widened the distribution of its recently launched S40 product to include the US, Japan and Europe. A second-generation version of the S80 is scheduled for launch in Japan in the near future. Philips too has augmented its initial range of 4.1 and 5.1 NXT-based multimedia speakers with a 2.1 version and Slab, a cross licensee, has been successful in selling in its entry level 2.1 system to Maxell in the USA and Packard Bell in the UK. Mobile Communications We have licensed 5 out of the top 6 mobile phone manufacturers and if all goes to schedule, we expect a phone utilising our technology to be on the market later this year. The ease of integration, the broader bandwidth and greater degree of intelligibility in hands free mode, and the greater ease of coupling of the speaker to the ear all make NXT a very powerful proposition in the mobile communication market place. To ensure that the time to market is reduced and all possible barriers to manufacture removed we have focused on developing the supply chain. We have seconded a senior engineer, an expert in piezo technology, to Taipei in Taiwan and have now established 10 separate DMA (Distributed Mode Actuator) manufacturers in the region; four in each of Japan and Taiwan and two in Korea. TV and Display Through the integration of the loudspeaker within the screen, SoundVu technology perfectly synchronises sound and moving image. The launch by NEC of its ValueStar T and FS products marks the emergence of this technology into the real world. It is remarkable how NXT technology has progressed in the five years since NEC launched the first NXT multimedia loudspeakers in 1997. The NEC ValueStar LCD monitors with their crystal clear high-resolution screens and integrated SoundVu technology are a world apart from the small, early generation flat panel speakers that NEC launched then. It is heartening that NEC's commitment to us has grown over that time and major plans are in place to open a new production line in mainland China dedicated to SoundVu products to expand the production outside Japan. In larger scale applications such as Plasma we have also taken significant technical steps forward, developing better methods of integration helped, in part, by the development of second generation exciters that deliver improved efficiencies and greater volume levels. In addition to the opportunities for SoundVu technology in the TV market we have been greatly encouraged by the enthusiastic reaction we have received to new technical breakthroughs in SurfaceSound technology that offer design advantages as well as the established acoustic benefits. 20/20 Speech Sales revenues for our speech technology business were below our expectations as a result in part of delays in introducing ASR (Automatic Speech Recognition) on the pocket PC product, and an insufficient focus on sales activity. In recent months we have taken a number of measures to correct this. Firstly, technical developments are now focused on three areas: Aurix Activator, the combined text-to-speech and speech recogniser developed for Pocket PC applications; Aurix st, our automatic subtitling tool; and, Audio Mining, a speech recogniser that allows for the recognition of specific words or phrases. Secondly, we are concentrating on two key markets: 'people on the move' - consumer and business applications: and 'speech in media'. In the 'people on the move' market the launch of Aurix Activator, builds on MailSpeak, and allows a two-way interface to a PDA (Personal Digital Assistant) and enables people to safely retrieve e-mails, interact with them, and respond whilst on the move. We expect products using the Aurix Activator software to be available on major high streets across the UK in the short term and that the likely introduction of legislation limiting the use of mobile devices whilst on the move will have a positive impact on overall sales. The Aurix tts (text to speech) engine is already fully operational in a Pocket PC format and is available through Dixon's and PC World. In the mobile business sector a recent agreement with Wireless Delivered has positioned the Aurix tts product into the courier market, enabling route alterations to be given to couriers safely whilst on the move. In the 'speech in media' sector the deployment of Aurix st has demonstrated substantial efficiency improvements in the area of subtitling by the BBC. We believe that Aurix st offers significant opportunities for 20/20 Speech in the media sector, as has been demonstrated by our recent agreement with a leading Californian subtitling organisation for the deployment of Aurix st in DVD production. Aurix st offers efficiencies in any market where both speech and text are used in volume. For instance, one of our partners is using Aurix st to improve access to parliamentary legislative proceedings, enabling text to be synchronised with video recordings, and searching by subject. In the USA, the legal process includes interviews of witnesses, defendants, and plaintiffs prior to trial known as "Depositions". This is a significant market, and it is estimated that 10,000 depositions are taken each day within the US. There is an increasing trend to video these recordings, and a subsequent requirement to align the text and video. The alignment is currently undertaken by data bureaux, which align the text 24-48 hours after the recording. Aurix st can accurately align text and video in a fraction of the time. This enables the aligned recording to be available to the lawyers within hours, and uses the text to offer an index to the video. 20/20 Speech is finalising agreements with some of the key organisations that supply this service, and believe that this will be a substantial source of revenue for 20/20 Speech in the future. With the increased focus on deployable products and sales activity, we remain confident of the opportunities for 20/20 Speech. Cyrus Cyrus enjoyed a great end to 2002 as retailers reacted positively to the introduction of new models into the Cyrus range and positive press reaction was generated. Outside of the UK we have looked at ways of strengthening our sales with new distributors in Europe and candidates lined up for North America. All of the new models received outstanding press recommendations: in July Cyrus won a group test of all the main premium brand audio systems by What Hi-Fi? and Hi-Fi Choice: the CD 7Q won the Best Buy award at the What Hi-Fi? Awards in London: and, in France Cyrus won the Diafson-D'or. Intellectual Property NXT continues to hold a very robust portfolio of Intellectual Property. Our approach has been to ensure our key inventions are protected in the key sales markets and centres of production. As new patents are granted we have been able to rationalise the existing portfolio maintaining the required coverage and making considerable financial savings, without loss of any protection. Summary During the period we have reduced the headcount in our technology businesses by about 10% and focussed the remaining personnel on assisting our customers bring products to market. We are now seeing the benefits of this approach with the creation of valuable customer relationships and, for their hard work in this respect, I would like to thank all our staff - scientific, engineering, marketing and sales. As NXT technology strengthens there is increasing commitment to its adoption by both OEM brands and their suppliers. In all key sectors that we have targeted the infrastructure is in place to supply NXT equipped products of improving quality. The 3M agreement is an excellent example of how we can turn the brilliance of our invention into commercial reality. In partnership with some of the world's great companies we are working hard to turn the significant investment in Research and Development into a prosperous future. David Pearson Chief Executive FINANCIAL REVIEW Turnover Unaudited results for the six Unaudited results for the six Unaudited results for the months ended 31 December 2002 months ended 31 December 2001 year ended 30 June 2002 #'000 #'000 #'000 NXT 411 601 1,298 20/20 Speech 256 261 617 Cyrus 1,842 1,757 3,095 Total 2,509 2,619 5,010 Turnover for the six months under review is #2,509,000, compared with #2,619,000 in the same period last year. Lower royalties and design fees booked in the first half resulted in revenues at NXT of #411,000, down from the #601,000 achieved in the same period last year. Royalties from new products introduced before Christmas and increased licensing fees should deliver increased sales in the second half. Also as part of our continuing process of improving the financial management of our royalty stream we are increasingly moving towards more timely reports of royalty returns from our licensees. Revenues at 20/20 Speech continue to be adversely effected by cuts in spending at the Ministry of Defence. However new products launched in the last three months should contribute to increased software sales in the second half. Cyrus' sales again showed an increase over the same period last year with improved margins achieved across the line. Operating expenses in the period for NXT totalled #6,396,000, some #1,000,000 lower than the same period last year. The reduction primarily relates to cost controls and lower intellectual property costs as our portfolio of patents proceeds to grant. At 20/20 Speech operating expenses of #1,483,000 reflect incremental sales costs and redundancy payments. With reduced actual and predicted consulting income it has been necessary to reduce the headcount by one third. The savings from this action will be evident in the second half of the year. Cyrus' selling costs increased compared with previous periods but these were offset by the better gross margins achieved. The operating loss relating to NXT of #5,985,000 (2001 #6,823,000) reflects the benefit of lower costs and will reduce further with increased sales. 20/20 Speech's operating loss has increased due to one off costs but will start to reduce as a result of cost savings and increased sales. Cyrus made a profit of #143,000 level with the same period last year. An exceptional credit of #168,000 to the Profit & Loss Account from the Group's reserve, Shares To Be Issued, reverses an entry made in 2000 and relates to share options which lapsed on the redundancy of several 20/20 Speech employees. In the period a R & D Tax Credit of #250,000 has been accrued and the group received #1,294,000 in payments relating to previous periods. The cash balance at 31 December 2002 was #7,439,000, down by #4,754,000 since 30 June 2002. This reflects the careful husbandry of our resources, the continued control on cash spend, and the generation of cash from balance sheet assets. With the signing of the 3M license there will be a cash receipt of approximately #2,400,000 in the second half of the year. Combined with an anticipated increase in sales this will result in a considerably lower cash burn in the second half. Peter Thoms Finance Director Unaudited Interim Results of the Group for the Six Months Ended 31 December 2002 Unaudited results for the Unaudited results for the Audited results for the six months ended 31 six months ended 31 year ended 30 June 2002 December 2002 December 2001 #'000 #'000 #'000 Turnover Continuing operations 2,509 2,619 5,010 Cost of sales (1,057) (1,074) (1,959) Gross Profit 1,452 1,545 3,051 Net operating expenses - NXT (6,396) (7,424) (13,840) Net operating expenses - (1,483) (1,265) (2,496) 20/20 Speech Net operating expenses - (642) (539) (1,050) Cyrus Net operating expenses - 168 - 504 exceptional Operating loss NXT (5,985) (6,823) (12,542) 20/20 Speech (1,227) (1,004) (1,879) Cyrus 143 144 86 Exceptional item 168 - 504 (6,901) (7,683) (13,831) Interest receivable 206 536 771 Interest payable (21) (93) (86) Loss on ordinary activities (6,716) (7,240) (13,146) before taxation Taxation 250 - 1,459 Loss on ordinary activities (6,466) (7,240) (11,687) after taxation Equity minority interests 75 502 848 Retained loss for the (6,391) (6,738) (10,839) financial period Basic and fully diluted loss ( 8.6 )p ( 9.2 )p ( 14.8 )p per share Unaudited Statement of Total Recognised Gains and Losses #'000 #'000 #'000 Retained loss for the financial period (6,391) (6,738) (10,839) Currency translation differences on foreign currency net investments 63 7 2 Total recognised gains and losses for the period (6,328) (6,731) (10,837) Unaudited Consolidated Balance Sheet at 31 December 2002 Unaudited balance sheet at Unaudited balance sheet Audited balance sheet at 31 December 2002 at 31 December 2001 30 June 2002 #'000 #'000 #'000 Fixed assets Intangible 7,393 8,610 8,001 Goodwill 1,683 1,782 1,732 Tangible 1,546 4,567 1,755 Investments 298 1,158 298 10,920 16,117 11,786 Current assets Stock 502 514 547 Debtors 3,428 3,645 4,357 Cash at bank and in hand 7,439 16,528 12,193 11,369 20,687 17,097 Creditors - amounts falling due within one year Bank borrowings - (111) - Other (2,067) (2,803) (2,286) (2,067) (2,914) (2,286) Net current assets 9,302 17,773 14,811 Total assets less current 20,222 33,890 26,597 liabilities Creditors: Amounts falling due (506) (1,878) (143) after more than one year Provisions for liabilities and (987) - (1,200) charges Net assets 18,729 32,012 25,254 Capital and reserves Share capital 18,548 18,232 18,523 Share premium account 76,582 75,760 76,561 Shares to be issued 1,834 5,400 2,002 Profit and loss account (78,235) (67,801) (71,907) Shareholders' funds 18,729 31,591 25,179 Minority interests (all - 421 75 equity) Total capital employed 18,729 32,012 25,254 Unaudited Reconciliation of the Movement of Shareholders' Funds Six months ended 31 Six months ended 31 Year ended 30 June 2002 December 2002 December 2001 #'000 #'000 #'000 Retained loss for the financial (6,391) (6,738) (10,839) period Issue of shares (net of 46 33 1,125 expenses) Shares to be issued (168) - (3,398) Currency translation 63 7 2 differences Net (reduction) addition to (6,450) (6,698) (13,110) shareholders' funds Opening shareholders' funds 25,179 38,289 38,289 Closing shareholders' funds 18,729 31,591 25,179 Unaudited Consolidated Cashflow Statement for the Six Months ended 31 December 2002 Unaudited cashflow for Unaudited cashflow for Audited cashflow for the the six months ended 31 the six months ended 31 year ended 30 June 2002 December 2002 December 2001 #'000 #'000 #'000 Net cash outflow from operating (6,402) (6,901) (13,209) activities Returns on investments and servicing of finance Net interest received 185 443 685 Net cash inflow from returns on 185 443 685 investments and servicing of finance Taxation 1,294 - (31) Capital expenditure and financial investment Purchase of tangible fixed (72) (220) (171) assets Sale of assets - 18 2,710 Sale of investments - 635 635 Net cash (outflow) inflow from (72) 433 3,174 capital expenditure and financial investment Acquisitions and disposals Sale of business - 38 38 Net cash inflow from - 38 38 acquisitions and disposals Management of liquid resources Decrease in cash on short term 5,143 5,773 10,562 deposit Net cash inflow from management 5,143 5,773 10,562 of liquid resources Net cash inflow (outflow) 148 (214) 1,219 before financing Financing Issue of ordinary share capital - 3 1,067 (net of expenses) Capital element of finance (159) (143) (197) lease rental payments Repayment of bank and other - (56) (2,045) loans New loan 400 - - Net cash inflow (outflow) from 241 (196) (1,175) financing Increase (decrease) in cash 389 (410) 44 Notes to the unaudited consolidated cashflow statement a) Reconciliation of operating loss to net cash outflow from operating activities Operating loss (6,901) (7,683) (13,831) Depreciation charges 937 1,010 1,991 Decrease (increase) in stock 45 (25) (58) (Increase) decrease in debtors (115) 431 1,209 Decrease in creditors (97) (609) (1,155) Foreign currency translation 63 7 2 Shares to be issued (168) - (3,398) Shares issued for non cash 46 30 58 consideration Provision against investment - - 860 (Release) increase of provision (213) (48) 1,152 Loss (profit) on sale of fixed 1 (14) (39) assets Net cash outflow from operating (6,402) (6,901) (13,209) activities b) Analysis of net funds At 1 July 2002 Non-cash changes Cash flow At 31 December 2002 Cash at bank 1,011 - 389 1,400 Cash on deposit 11,182 - (5,143) 6,039 Loan due after one year - - (400) (400) Finance leases (380) - 159 (221) 11,813 - (4,995) 6,818 NOTES: 1. The Directors do not recommend the payment of an interim dividend. 2. Basic and fully diluted earnings per share have been calculated on the Group loss for the financial period and on the weighted average number of ordinary shares in issue for the relevant period, which in the six months to 31 December 2002 was 74,128,266 ordinary shares. Whilst unexercised share options and warrants in the Company would increase the weighted average number of potential shares in the period, due to the losses of the Group in the period they are not considered to be dilutive. 3. The exceptional credit of #168,000 arises from the reversal of a discount on share options issued in 2000, which have now lapsed. 4. The financial information contained in this document does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 30 June 2001 is extracted from the audited financial statements for that year on which the auditors gave an unqualified report and which did not contain a statement under Sections 237(2) or 237(3) of the Companies Act 1985. A copy of those financial statements has been filed with the Registrar of Companies. 5. This interim statement has been sent to shareholders and further copies are available from the registered office at 37 Ixworth Place, London SW3 3QH. INDEPENDENT REVIEW REPORT TO NXT PLC Introduction We have been instructed by the company to review the financial information for the six months ended 31 December 2001 which comprises the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses and the related notes. 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. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require 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 for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and the 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 United Kingdom 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 31 December 2002. Horwath Clark Whitehill Chartered Accountants and Registered Auditor London 27 February 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR NKOKBNBKBQBB
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