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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Vision OP China | LSE:VOC | London | Ordinary Share | GG00B28DJ748 | ORD NPV |
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% | 0.115 | 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 No 2851r VOCALIS GROUP PLC 2nd June 1998 VOCALIS GROUP PLC ("Vocalis" or the "Group") RECORD PRELIMINARY RESULTS FOR THE YEAR ENDED 31st MARCH 1998 Vocalis, the speech recognition and telephony solutions company, announces today its preliminary results for the year ended 31st March 1998. Highlights of the results include: Growth * Increase in turnover to #6.2m (1997: #2.0m) 211% * Turnover per employee up to #93,000 (1997: #44,000) 111% * Profit before tax of #72,000 (1997: loss of #1.9m) * Earnings per share of 0.10p (1996: loss of 6.10p) * Cash balance of #2.8m Commenting on the results and future prospects, Charles Halle, Chief Executive of Vocalis said: "We will continue to increase our value to shareholders through our efforts to grow revenues while being aggressive on costs. Next year and into the future we will capitalise on the current growth, maintain our position as a technology leader, and look forward to continued success." For further information: Charles Halle Tom Moriarty Vocalis Group plc Tavistock Communications Limited Tel: 01223 846177 Tel: 0171 600 2288 Notes to Editors * Results: a threefold increase in turnover for Vocalis Group plc to #6.2m and the first year of profitability. The company made a pre tax profit of #72,000 compared to a loss of #1.9m last year. * Company background: Vocalis was formed in May 1993, via a management buyout from Logica plc, and floated on the London Stock Exchange in July 1996. Vocalis is the only British speech recognition solutions company, servicing an international client base from its Cambridge headquarters. Vocalis develops, manufactures and delivers telephony solutions for corporate call centres and public network operators, using its proprietary speech recognition technology, SpeechWare T. * New CEO: Charles Halle joined Vocalis in February from IBM, where he was instrumental in founding and achieving the rapid success of the "e-business" solutions unit. * Key product: The majority of revenue came from the Speechtel. range of products. Speechtel comprises a multi application platform capable of hosting a wide variety of voice solutions for fixed wire and mobile operators. The geographical spread of customers - Europe, Asia and the Americas - demonstrates the global appeal of applications such as automated directory enquiries and reverse charge calling. * Markets: The market for speech recognition based telephony applications and services is growing around the world. Telephone network operators continue to seek innovative ways of reducing costs and increasing revenues from enhanced services and this will fuel growth. Vocalis is recognised as having world class products coupled with proven capability to deploy these on its own platforms. * Partners: the collaboration with Ericsson continues to grow, with contract successes and joint development projects. The Group continues to work with Logica plc and Computer Sciences Corporation, and recently announced a partnership with royalblue plc. * Research and Development: the year saw the release of a second generation of Vocalis underlying core speech recognition engine, providing greater reliability and processing power. Vocalis plays a leading role in several European Community funded programs, developing technology such as speaker verification which will reduce card fraud in banking and telecommunications. * Strategy: Vocalis will continue to increase the number of applications offered, while broadening the base of channel partners. It will look to licence SpeechWare T to other developers, systems integrators and solution vendors. It will explore ways to combine Internet Protocol (IP) Telephony with its existing platforms and applications. End of Notes to Editors Preliminary Statement Following the flotation in July 1996 this has been a year of rapid expansion. This demonstrates the success of our strategy of focusing on the demand for speech driven applications in the global telecommunications market, a business sector of which we are at the forefront. The investment we have made in our people, technology and infrastructure has brought record results for the Group and we have expanded our sales around the world. Results This year saw a threefold increase in turnover for the Group to #6.2 million and our first year of profitability. The company made a profit of #32,000 after interest and tax, compared to a loss of #1.9m last year. This performance was ahead of our expectations and came from a combination of increased sales and careful cost control. Our strategy is to continue to build our portfolio of speech driven applications, target telephone network operators worldwide, differentiate ourselves from the competition by providing total integrated solutions, and create additional routes to market for our products. The Markets The market for speech recognition based telephony applications and services is growing around the world. Telephone network operators continue to seek innovative ways of reducing costs and increasing revenues from enhanced services and this will fuel our growth. Vocalis is recognised as having world class products coupled with proven capability to deploy these on our own platforms and we are poised to exploit the expected increase in demand. However, we should remind shareholders that, until we become much larger, revenue will continue to be contingent on a small number of high value orders and our results will remain dependent upon their timing. Products Vocalis operates in both the public network and corporate call centre markets. Rapid growth has been seen in the public network market and this is now the prime focus of our sales and marketing efforts. Speechtel is a multi-application platform, with a wide variety of voice applications hosted on it such as personal number, directory enquiries, reverse charge calling, and voice activated dialling. Our customers, the telephone network operators, benefit from the ability to introduce new services quickly to provide increased capacity, cost savings, added value, and to differentiate themselves from their competitors. Such services are applicable to both fixed and mobile networks, all sizes of operators, and are available in many different languages. Indeed, the geographical spread of our installations over the last few months attests to the global appeal of the applications. Significant effort in product development has continued from the time of the interim statement. The integration of our new international standards-based protocols within our product set will enable us to attract additional sales channels and partners. Customers Our major Speechtel orders show the global nature of our business, which this year spanned Europe, Asia and the Americas. The Asian network operator, Digital Communications Philippines, Inc., selected the directory enquiries, person to person calling and reverse charge calling Speechtel applications, all to be accessed through a one number speech driven front desk service. A further order from a European network operator included the enhanced directory enquiry service, which fully automates a directory enquiry call and in another order, a major operator is installing the automated reverse charge calling application. Many of our established customers in the corporate call centre market are already placing repeat orders, such as Abbey National, which recently upgraded its telebanking system and introduced new services. The Anglian Water call centre system, installed with CSC, was updated to fit into a completely new telecommunications infrastructure for the customer. This required the delivery of a new Vocalis Business Application Platform and application software with additional features. New Technology This year saw the release of a second generation of our underlying core speech recognition engine. Running on industry-standard Power PC processors, this provides increased reliability, greater processing power and ultimately enhanced business benefits for our customers. Our research and development team has also been active in European Community funded programs, including CAVE (Caller Verification in Banking and Telecommunications), which was successfully completed this year. CAVE resulted in the development of advanced speaker verification technology that helps reduce calling card fraud and increases security of access to telephony services. The success of CAVE has led to a continuation project, PICASSO (PIoneering Caller Authentication for Secure Service Operation), in which Vocalis is playing a leading role. This will further investigate how to integrate speaker verification technology into true business applications. The Future The communications industry is an exciting arena, with major changes and developments being announced continually. There are positive signs that speech recognition technology is now being rapidly accepted by the corporate world. High profile media coverage in the USA describes the technology as "mature and ready to be deployed commercially" in applications that deliver substantial business benefits. Our existing installations of Intelligent Network based applications give us a firm bridgehead from which to extend our market position. Further application concepts and increased customer capacity requirements exist to make this area of our business rich in growth potential. Going forward, we will continue to increase the number of applications in our portfolio of telephony services while also broadening our base of channel partners. We are also evaluating the potential to licence our speech technology to other developers, system integrators and solution vendors. Additionally, we are actively investigating the prospects for speech applications and consultancy services in attractive markets outside the telephony marketplace. A key development in the communications market is the increasing interest from major corporations, telephone network operators and internet service providers in the convergence of voice and data communications networks. At the heart of this convergence is Internet Protocol (IP) Telephony, which allows ordinary telephones to be used to send voice signals as data packets over managed internet backbones. We are exploring ways of combining IP Telephony with our existing speech recognition applications and platforms to address this potential market. Prospects There are many exciting opportunities before us. We will select those which best fit our skills and technology while offering the potential for the highest return on investment. We will continue to increase our value to shareholders through our combined efforts to grow revenues while being aggressive on costs. We are broadening our base of customer offerings and continuing to enter into fruitful business partnerships. We look forward to building upon this year's success and are well positioned to take advantage of the further growth in the demand for our core products. Charles Halle Roy Cotterill Chief Executive Officer Chairman Unaudited Consolidated Profit and Loss Account for the year ended 31st March 1998 1998 1997 #000 #000 Turnover 6,232 2,007 Cost of sales (2,226) (968) ------- ------- Gross profit 4,006 1,039 Other operating expenses (4,063) (3,091) ------- ------- Operating loss (57) (2,052) Bank interest receivable 129 174 ------- ------- Profit (loss) on ordinary activities before tax 72 (1,878) Taxation (40) - ------- ------- Profit (loss) on ordinary activities after tax and retained profit (loss ) for the year 32 (1,878) Earnings (loss) per share - pence 0.10 (6.10) Fully diluted earnings per share - pence 0.18 - ------- ------- The profit for 1998 and the loss for 1997 arise from continuing operations. Statement of total recognised gains and losses for the year ended 31st March 1998 1998 1997 #000 #000 Profit (loss) for the year 32 (1,878) Gain on foreign currency translation 15 - ------- ------- Total recognised gains (losses) for the year 47 (1,878) ------- ------- Unaudited Balance Sheet as at 31st March 1998 Group Group Company Company 1998 1997 1998 1997 #000 #000 #000 #000 Fixed assets Intangible assets 126 - - - Tangible assets 562 415 - - Investments - - 1,761 1,761 ------ ------ ------ ------ 688 415 1,761 1,761 ------ ------ ------ ------ Current assets Stocks 408 479 - - Debtors 1,597 598 4,469 4,415 Cash at bank and in hand 2,820 2,901 - - ------ ------ ------ ------ 4,825 3,978 4,469 4,415 ------ ------ ------ ------ Creditors: amounts falling due within one year (1,983) (1,019) (421) (421) ------ ------ ------ ------ Net current assets 2,842 2,959 4,048 3,994 ------ ------ ------ ------ Total assets less current liabilities 3,530 3,374 5,809 5,755 ------ ------ ------ ------ Creditors: amounts falling due after more than one year (55) - - - Net assets 3,475 3,374 5,809 5,755 ------ ------ ------ ------ Capital and reserves Called-up share capital 1,622 1,605 1,622 1,605 Share premium account 4,187 4,150 4,187 4,150 Other reserves 1,070 1,070 - - Profit and loss account (3,404) (3,451) - - ------ ------ ------ ------ Shareholders' funds - equity interests 3,475 3,374 5,809 5,755 ------ ------ ------ ------ Unaudited Consolidated Cash Flow Statement for the year ended 31st March 1998 1998 1997 #000 #000 Net cash inflow (outflow) from operating activities 164 (2,195) Returns on investments and servicing of finance - interest received 129 174 Capital expenditure and financial investment - purchase of tangible fixed assets (346) (352) - purchase of intangible fixed assets (138) - Cash outflow before management of liquid resources and financing (191) (2,373) ------- ------- Management of liquid resources - decrease (increase) in short term deposit 400 (1,500) Financing New secured loan 55 - Issue of ordinary shares 54 4,415 Redemption of preference shares - (420) ------- ------- Net cash inflow from financing 109 3,995 ------- ------- Increase in cash in the year 318 122 ------- ------- The financial information set out above does not comprise the Company's statutory accounts. Statutory accounts for the previous financial year ended 31st March 1997 have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain any statement under section 237(2) or (3) of the Companies Act 1985. The auditors have not reported on the accounts for year ended 31st March 1998, nor have any such accounts been delivered to the Registrar of Companies. END FR FBMPBLLTMBAP
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