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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.115 | 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 No 6616r
VOCALIS GROUP PLC
20th November 1997
VOCALIS GROUP PLC ("Vocalis" or the "Group")
INTERIM RESULTS
FOR THE SIX MONTHS TO 30 SEPTEMBER 1997
Vocalis, the speech technology and call processing
company, announces today its interim results for the six
months to 30 September 1997.
Highlights of the results include:
* Increase in turnover up 60% to #1m (1996: #629,000)
* Gross profit up to #509,000 (1996: #308,000)
* Loss before tax of #1.5m (1996: #853,000)
* Loss per share of 4.64p (1996: 2.91p)
* Order book of #5.7m (1996: #0.8m)
Commenting on the results and future prospects:
"The directors are pleased with the progress made by the
Group so far, particularly the strong order book which
reflects the acceptance of our speech recognition
technology in the marketplace."
Roy Cotterill, Chairman
For further information:
Roy Cotterill, Chairman Tom Moriarty
Jane Crathern, Finance Director Tavistock Communications
Vocalis Group plc Limited
Tel: 0171 600 2288 (on 20 November Tel: 0171 600 2288
1997)
01223 846177
Chairman's Statement
Interim report for the six months to 30 September 1997
Progress in the period
In the half year to 30 September 1997 sales rose to
#1,005,000, a 60 per cent increase on the 1996 comparable
figure of #629,000. The operating loss was #1,560,000
(1996 loss #914,000) and the loss before tax was
#1,490,000 (1996 loss #853,000). The loss per share was
4.64p. Cash balances at the end of the period were #1.6
million.
As indicated in the Annual Report for the year ending 31
March 1997 a concentrated recruitment drive was completed
last year. As a result, we now have in place a talented
and enthusiastic workforce with the necessary skills to
win increasing sales, deliver the sales to our customers
and maintain our leading position in the speech
recognition industry. The cost of this increase in
headcount is evident in the half-year figures and is as
intended and budgeted.
Our confidence in this policy is borne out by the fact
that orders at the end of the period were #5,663,000,
including three major orders for SPEECHtelr for national
telephone operating companies. Work has started on these
and the majority of our order book is scheduled for
delivery and conversion to revenue in the second half of
this year.
As a result of our OEM agreement with Ericsson Telecom
AB, enquiries for SPEECHtel from all continents have
accelerated. We now have a healthy list of prospects.
Product review
The SPEECHtel product is an "Intelligent Peripheral" for
telecommunications systems comprising a hardware platform
upon which a diverse family of Vocalis' software
applications can be provided. This enables telephone
operating companies to offer their subscribers a range of
innovative applications including such facilities as
automatic collect call, universal personal telephone
number service, enhanced directory enquiries and call
intercept. New applications are being developed
including network based voice messaging and call centre
services.
The attractions to the telephone network operator of
being able to offer customers these enhanced services are
evident. In addition the technology enables network
operators to reduce costs at the same time as offering
this improved range of facilities.
So far SPEECHtel sales have been to operators of
terrestrial telephone networks. However, in July we
announced certification of our SPEECHtel voice dialling
product by Ericsson Mobile Radio Systems. This new
relationship has now been cemented by signing an OEM
agreement to supply the product to their world-wide
mobile network operators market.
We see many opportunities for our SPEECHtel products as
telecommunications companies seek to provide new services
which differentiate their offer while reducing costs in
order to improve profitability.
Operettar, the operator's assistant for the business
user, continues to be marketed both directly in the UK
and indirectly in the US and South East Asia. Operetta
product trials are being held with voicemail system
vendors in the US, co-ordinated from our Boston office,
to combine Operetta's call routing capability with
established voicemail systems.
During the first half we delivered new orders from
existing customers for the Business Application Platform,
which offers customised solutions to automate routine
call centre activities. Abbey National has extended its
telephone banking service and CSC Computer Sciences added
to their call handling system that is in operation for a
utility company.
We have improved the design of the speech recogniser used
in all our systems to offer faster and larger processing
capability to our customers whilst reducing the cost to
Vocalis. Further, we have improved the interfacing
capability of our products, making them easier to connect
to telephone networks globally. Such product enhancement
maintains our technology at the forefront of the market.
Prospects
To summarise, SPEECHtel is expected to generate
significant and increasing revenues as fixed line and
mobile network operators respond to the challenges posed
by deregulation and increasing competition. Operetta is
beginning to gain market acceptance and the concept is
expected in time to become a mass market technology. The
directors are pleased with the progress made by the Group
so far, particularly the strong order book which reflects
the acceptance of our speech recognition technology in
the marketplace.
As I said at the AGM, our next stage of growth will be
led by a new Chief Executive. I hope to be able to make
a further announcement soon.
Roy Cotterill
Chairman
Consolidated Profit and Loss Account
For the six months to 30 September 1997
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
Note 30.09.97 30.09.96 31.03.97
#'000 #'000 #'000
Turnover 1,005 629 2,007
Cost of sales (496) (321) (968)
====== ====== ======
Gross Profit 509 308 1,039
Other operating expenses (net) (2,069) (1,222) (3,091)
------ ------ ------
Operating loss (1,560) (914) (2,052)
Investment income (bank interest) 70 61 174
------ ------ ------
Loss on ordinary activities
before and after taxation
and retained loss for the period (1,490) (853) (1,878)
====== ====== ======
Loss per share 2 (4.64p) (2.91p) (6.10p)
====== ====== ======
There are no recognised gains or losses other than the
loss for each period.
The accompanying notes form an integral part of this
consolidated financial information.
Consolidated Balance Sheet
as at 30 September 1997
Unaudited Unaudited Audited
as at as at as at
30.09.97 30.09.96 31.03.97
#'000 #'000 #'000
Fixed tangible assets 419 234 415
------ ------ ------
Current assets
Stock 438 426 479
Debtors 1,236 340 598
Short term cash deposits 1,300 4,050 2,700
Cash at bank and in hand 297 83 201
------ ------ ------
3,271 4,899 3,978
------ ------ ------
Creditors: amounts falling due
within one year (1,806) (708) (1,019)
------ ------ ------
Net current assets 1,465 4,191 2,959
------ ------ ------
Net assets 1,884 4,425 3,374
====== ====== ======
Capital and reserves
Called up share capital 1,605 1,605 1,605
Share premium account 4,150 5,246 4,150
Other reserves 1,070 - 1,070
Profit and loss account (4,941) (2,426) (3,451)
------ ------ ------
Total capital employed 1,884 4,425 3,374
====== ====== ======
The accompanying notes form an integral part of this
consolidated financial information.
Consolidated Cash Flow Statement
for the six months to 30 September 1997
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30.09.97 30.09.96 31.03.97
#'000 #'000 #'000
Operating loss (1,560) (914) (2,052)
Depreciation charge 87 40 95
Amortisation charge - 4 4
Decrease/(Increase) in stock 41 (317) (370)
Decrease/(Increase) in debtors (638) (279) (538)
Increase in creditors 787 355 666
------ ------ ------
Net cash outflow from operating
activities (1,283) (1,111) (2,195)
Returns on investments
- interest received 70 61 174
Capital expenditure
- purchase of tangible fixed assets (91) (116) (352)
------ ------ ------
Cash outflow before management of
liquid resources and financing (1,304) (1,166) (2,373)
Management of liquid resources
Decrease/(Increase) in cash on deposit 1,400 (2,850) (1,500)
Financing
Issues of ordinary shares - 4,441 4,415
Redemption of preference shares - (420) (420)
------ ------ ------
Net cash inflow from financing - 4,021 3,995
====== ====== ======
Increase/(Decrease) in cash
and cash equivalents 96 5 122
====== ====== ======
There are no recognised gains or losses other than the
loss for each period.
The accompanying notes form an integral part of this
consolidated financial information.
Notes to the Interim results
1. Basis of preparation
The financial information for the six months ended
30 September 1997 is unaudited and has been prepared
in accordance with the accounting policies set out
in the Annual Report for the year ended 31 March
1997. The financial information for the six months
ended 30 September 1996 is also unaudited. The
financial information for the full preceding year is
based on the statutory accounts for the financial
year ended 31 March 1997. Those accounts, upon
which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.
2. Basic loss per share
Basic loss per share is based on the loss for the
period after tax divided by the number of equity
shares ranking for dividend in the period.
3. Circulation to shareholders
A copy of this report will be circulated to
shareholders and copies will be available on
application to the company's registered office up to
30 June 1998.
END
IR OCCCKFDDDDDD
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