TIDMINN
RNS Number : 7810T
Innovision Research&Technology PLC
12 June 2009
PRELIMINARY ANNOUNCEMENT OF FINANCIAL RESULTS
YEAR ENDED 31 MARCH 2009
HIGHLIGHTS
* Won three major new contracts with global semiconductor companies to integrate
our NFC IP into their system devices
* Secured our first major contract in China with a leading smartcard vendor
* Signed joint marketing agreement with NXP to enable us to access new markets
* Secured a significant order for completed Jewel tickets
* Invested in the development of "Silverstone", our next generation NFC IP, and
the EmeraldTM platform aimed at future tag applications
* Elected to the Board of the NFC Forum alongside global leaders including Nokia,
Sony, Samsung, Visa, Mastercard and Microsoft
David Wollen, Chief Executive Officer said:
'We are pleased to have made significant strategic advances although we are
clearly disappointed at the delays affecting the financial results. Licensing
our NFC IP to some of the largest global semiconductor companies and signing our
first major RFID development contract in China has put the company in a strong
position from which to move forward and continue successfully investing in these
markets.'
Enquiries:
Innovision Research & Technology plc Tel: 01285 888 200
David Wollen, Chief Executive Officer
Brian McKenzie, Finance Director
KBC Peel Hunt Ltd (Nomad and Broker) Tel: 020 7418 8900
Jonathan Marren
David Anderson
STATEMENT FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE
We are pleased to finish a difficult year having made significant strategic
advances in deploying our NFC IP and in entering the Chinese market. A series of
major contract wins has put the company in a strong position from which to move
forward. In Near Field Communications (NFC) we have licensed our technology to
some of the largest global semiconductor companies who are already the leaders
in the wireless market and we are working in partnership with them to
incorporate our NFC IP into their chips targeted at the mobile handset market.
In China we won our first major RFID development contract which will produce two
chips for sale in early 2010 within China itself.
The semiconductor industry has been greatly affected by the current general
economic conditions and most of the major semiconductor companies who are our
customers and prospects have been affected by mergers, acquisitions,
reorganisations and redundancies. As reported in the Interim Statement,
significant changes within one major customer's own business led to an
unexpected shortfall in development programmes and a delay in licence revenue.
That shortfall continued through the full year as the customer's problems
worsened and management changes ensued. We now believe the customer will
continue to play a leading role in the industry and we have just concluded a
joint marketing and licence deal to capture the opportunities that exist to now
take our combined offerings to market.
With the contracts now in place, we are entering an implementation phase with a
number of major programmes and we have continued to strengthen the engineering
team with a number of key recruits including the appointment of Dr Stephen
Morris as Chief Technical Officer in November 2008.
Near Field Communications
The NFC market is getting increasing coverage with positive statements from the
payment processors, mobile network operators and handset manufacturers. We are
particularly pleased to report that there appears to be a growing consensus
amongst the interested parties on how the business models for mobile payments
using NFC will work. This will give a major impetus to the NFC market.
Within NFC we have, since the turn of the year, secured three major contracts
with global semiconductor companies to incorporate our NFC IP into their system
devices targeted at the mobile handset market. The initial stages of these
contracts involve delivering engineering services however once we reach
production we estimate that each of these deals could generate multi-million
pound royalty revenue streams over several years. Securing our NFC IP into a
significant proportion of the NFC handsets shipped from 2011 onwards will
provide a solid foundation for sales of our tags and peripheral devices to
service the applications that will be developed using the NFC functionality. We
are making progress within the tag business, supplying into relatively small
scale trials for applications such as healthcare, transport ticketing, social
networking and entertainment.
China
We have invested in marketing and sales activities within China over the past
eighteen months and have already secured our first significant contract with a
major smartcard vendor for an analogue design to be sold into the domestic
Chinese market. Other prospects are in the pipeline and there is clearly a huge
potential to work with local companies to propagate our designs into the local
market.
We have also been successful on the supply side in China, setting up efficient
and cost effective subcontracted manufacturing for chips and complete tags. This
is an important step to securing a position in the tag market over the coming
years.
Results for the year
The majority of revenue in the year related to the completion of pre-existing
contracted development services. The contracts won recently have had little or
no impact on the development engineering revenue as the initial elements are
recognised on a percentage completion basis. Clearly we are disappointed to
report that overall revenue was, therefore, significantly lower than the
previous year at GBP1.2m (2008: GBP3.4m).
We maintained our direct investment in our NFC IP, the development of future
generations, and new tag products at GBP1.6m (2008: GBP1.6m). This investment in
dedicated system-on-chip (SoC) IP has been a key element in securing contracts
against strong competition and we will continue to enhance the background IP
whilst moving into the implementation phase on the current generation with key
customers.
Administrative expenses at GBP3.7m (2008: GBP3.5m excluding exceptional bad debt
provision) have been controlled with the additional spend directed at the patent
portfolio and additional sales focus on key markets in China and Japan. Staff
costs were slightly lower than the previous year but during the delay in winning
new business, we clearly needed to retain our core team in order to secure and
deliver that business. We have recruited new engineers since the year end to
service the new business and, due to this, staff costs are set to increase going
forward.
The loss before tax at GBP2.9m (2008: GBP2.1m) is a reflection of the lower
revenue caused by the curtailment of the development programme by an existing
major customer and the new business coming too late in the year to make any
significant impact to the results.
At 31 March 2009, we had cash deposits of GBP3.6m (2008: GBP5.6m) and additional
current assets of GBP1.5m (2008: GBP1.6m). Net cash outflow was GBP2.0m (2008:
GBP2.5m excluding GBP6.2m net proceeds from the share placing in July 2007). The
improvement in cash flow represents the conversion of receivables to cash
particularly in the second half of the year partially offset by funding the
additional cash investment in research and development.
Operations Review
We continued to enhance our Integrated Circuit (IC) design capability based in
Cirencester with emphasis on near-field data communications and RFID. We are
proud to have built a design centre that stands up to the intense scrutiny of
major semiconductor players with access to massive resources. We have continued
to invest in Electronic Design Automation (EDA) tools which allow our IP to be
taken to state of the art processes.
We have played a strong role in the NFC standards body (see www.nfc-forum.org)
over the year and have been recognised as one of the key global companies in
this market with our election to the Board of the NFC Forum, alongside such
companies as Nokia, Sony, Samsung, Visa, Mastercard and Microsoft. This will
allow us to stay fully abreast of and directly influence critical developments
in the NFC market moving forward. We see this as a major endorsement of the
Company and its leading position in NFC IP.
We are members of and have contributed to the European Telecommunications
Standards Institute (ETSI) (see www.etsi.org) in order to influence related
standards within the telecoms arena. In the transport market we are members of
ITSO which provides a specification for secure 'end to end' inter-operable
ticketing transactions, utilising relevant ISO and emerging CEN standards. As
well as being a direct market for our Jewel product, transport ticketing
represents one of the core use cases for NFC.
Within the product supply area we have undertaken cost reduction programmes in
three key areas. We have worked to reduce the intrinsic cost of the chip; to
reduce the number of steps in the production process; and put in place
alternative supply partners to ensure competitive subcontract pricing. We have
had some success selling complete tags and by becoming more closely integrated
with our supply chain we make the supply of complete tags and tickets in
production volumes more readily deliverable.
Board of Directors
The Board are delighted to welcome Dr Stephen Morris to as the Company's new
Chief Technical Officer. Steve joined Innovision in August 2008 and was
appointed to the Board in November. He brings with him a wealth of wide ranging
experiences from a variety of senior roles in UK and US based companies and is a
visiting Professor at the University of Westminster. Steve has already made
significant contributions to our current projects and is leading the major
expansion of our engineering function.
In last year's report we announced that Marc Borrett, co-founding Director,
intended to leave the Company for personal reasons to pursue other interests and
in August Marc left. He has made a major contribution to the development of the
Company over the years and we wish him well for the future.
Current trading and outlook
We remain focussed on the NFC market where we believe we have unrivalled IP for
SoC solutions as evidenced by the recent contract wins with the major suppliers
in this market. We have a roadmap in place to maintain this position. NFC market
expectations are becoming more solid however the general outlook for the
semiconductor industry and the broader handset market is tempering our
expectations. We expect mass market consumer handsets with fully integrated NFC
to start shipping in late 2010 and for volumes to grow through 2011 to 2015. Our
influence on the market has been further enhanced with our election to the Board
of the NFC Forum which gives us direct knowledge of upcoming changes and an
opportunity to discuss these with the important organisations in the value chain
such as handset manufacturers and payment processors.
The business model for the company in NFC remains to propagate its IP with major
semiconductor vendors for use in "combo" and other chips designed for the mobile
handset and consumer device market. "Combo" chips are a major growth area in
handsets and combine multiple wireless functions such as a combination of
Bluetooth, WiFi, FM and GPS on a single chip. We are implementing this model in
partnership with three leading vendors and expect to progress these to fully
integrated designs during 2010.
We are working towards securing a number of additional contracts for our NFC IP
with major semiconductor vendors under a similar business model and also through
our recent joint marketing agreement with NXP, which represents an opportunity
to access markets we are not in a position to service directly but would still
provide a significant licence and royalty stream. Once the "combo" chips are
designed into the devices, the company will both earn a licence fee and
royalties based on the shipments of the "combo" chips, and sell tags for use
with these devices.
We believe the potential for the tag market may ultimately be greater than the
royalty stream from the devices themselves. Each device will create a market for
multiple tags in applications such as smart posters, business cards, quick
texting, staff location, music downloads, easy pairing of devices,
loyalty/top-up cards, anti-counterfeiting and website redirection. The list is
likely to extend rapidly as new applications are conceived and brought online so
we have invested in the development of the EmeraldTM platform designed to allow
us to create optimised tag ICs for individual applications cost effectively.
This leaves us well placed to respond quickly to new use cases and attack this
market with a series of niche products. Further developments in this area may
include creating tags with additional features such as temperature or pressure
sensors, or extra memory capacity.
As a complement to NFC, we continue to build on our expertise within the
broader RFID market. In particular we have focussed sales and marketing effort
on the market in China which is an exciting potential opportunity for us and,
having secured our first significant design win, we expect to show further
results with customer engagements during the next year. During the year we were
also pleased to have reported a significant order for complete Jewel tickets
including antenna, paper, and custom printing alongside the IC into mass
transport systems. The market for limited use contactless ticketing is
continuing to develop and we are maximising the opportunity to obtain a return
from this area by moving up the value chain. Our priority however remains to
secure existing NFC business.
Despite the prevailing uncertain climate, there is no doubt we have made major
progress in being selected as the best technical solution to provide NFC IP to
some major semiconductor companies. The focus for the next year is the
successful implementation of the recent contracts, continued investment until
they deliver royalties and securing new programmes with new customers in both
NFC and China.
+--------------------------------------+--------------------------------------+
| Malcolm Baggott | David Wollen |
| Chairman | Chief Executive Officer |
| 11 June 2009 | 11 June 2009 |
| | |
+--------------------------------------+--------------------------------------+
+---------------------------------------------+---------+--+----------+
| INCOME STATEMENT | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| Revenue | 1,192 | | 3,400 |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| Cost of sales | (600) | | (1,623) |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| Gross profit | 592 | | 1,777 |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| Administrative expenses | (3,731) | | (4,150) |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| OPERATING LOSS | (3,139) | | (2,373) |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| Investment Income | 216 | | 298 |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| LOSS BEFORE TAXATION | (2,923) | | (2,075) |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| Income Tax | 334 | | 119 |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| LOSS FOR THE YEAR ATTRIBUTABLE TO THE | (2,589) | | (1,956) |
| EQUITY | | | |
+---------------------------------------------+---------+--+----------+
| SHAREHOLDERS OF THE COMPANY | | | |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| LOSS PER SHARE | Pence | | Pence |
| | per | | per |
| | share | | share |
+---------------------------------------------+---------+--+----------+
| | | | |
+---------------------------------------------+---------+--+----------+
| Basic and diluted | (4.20) | | (3.41) |
+---------------------------------------------+---------+--+----------+
The operating loss for the year arises from the Company's continuing operations.
+---------------------------------------------+----------+--+----------+
| BALANCE SHEET | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+---------------------------------------------+----------+--+----------+
| Non-Current Assets | | | |
+---------------------------------------------+----------+--+----------+
| Property, plant & equipment | 217 | | 206 |
+---------------------------------------------+----------+--+----------+
| Intangible assets | 646 | | 202 |
+---------------------------------------------+----------+--+----------+
| Other receivables | 2 | | 238 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| | 865 | | 646 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| Current Assets | | | |
+---------------------------------------------+----------+--+----------+
| Inventories | 80 | | 6 |
+---------------------------------------------+----------+--+----------+
| Trade and other receivables | 1,125 | | 2,115 |
+---------------------------------------------+----------+--+----------+
| Current tax asset | 310 | | 135 |
+---------------------------------------------+----------+--+----------+
| Cash and cash equivalents | 3,585 | | 5,588 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| | 5,100 | | 7,844 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| TOTAL ASSETS | 5,965 | | 8,490 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| Current Liabilities | | | |
+---------------------------------------------+----------+--+----------+
| Trade and other payables | 607 | | 617 |
+---------------------------------------------+----------+--+----------+
| Provisions | 99 | | 35 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| | 706 | | 652 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| Non-Current Liabilities | | | |
+---------------------------------------------+----------+--+----------+
| Provisions | - | | 19 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| | - | | 19 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| TOTAL LIABILITIES | 706 | | 671 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| NET ASSETS | 5,259 | | 7,819 |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| Equity | | | |
+---------------------------------------------+----------+--+----------+
| Share Capital | 615 | | 615 |
+---------------------------------------------+----------+--+----------+
| Share Premium Account | 21,735 | | 21,735 |
+---------------------------------------------+----------+--+----------+
| Retained Earnings | (17,091) | | (14,531) |
+---------------------------------------------+----------+--+----------+
| | | | |
+---------------------------------------------+----------+--+----------+
| TOTAL EQUITY ATTRIBUTABLE TO EQUITY | 5,259 | | 7,819 |
+---------------------------------------------+----------+--+----------+
| SHAREHOLDERS OF THE COMPANY | | | |
+---------------------------------------------+----------+--+----------+
+---------------------------------------------+---------+--+---------+
| STATEMENT OF CHANGES IN SHAREHOLDERS' | 2009 | | 2008 |
| EQUITY | GBP'000 | | GBP'000 |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| At beginning of year | 7,819 | | 3,481 |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Loss for the year | (2,589) | | (1,956) |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Total recognised income and expense for the | (2,589) | | (1,956) |
| year | | | |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Issue of share capital | - | | 6,502 |
+---------------------------------------------+---------+--+---------+
| Share issue costs | - | | (275) |
+---------------------------------------------+---------+--+---------+
| Employee share option scheme | 29 | | 67 |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| At end of year | 5,259 | | 7,819 |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
There are no gains or losses recognised directly in equity.
+---------------------------------------------+---------+--+---------+
| CASH FLOW STATEMENT | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Operating activities | | | |
+---------------------------------------------+---------+--+---------+
| Cash used in operations | (895) | | (2,038) |
+---------------------------------------------+---------+--+---------+
| Tax credit received | 160 | | 120 |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Net cash used in operating activities | (735) | | (1,918) |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Investing activities | | | |
+---------------------------------------------+---------+--+---------+
| Interest received | 209 | | 282 |
+---------------------------------------------+---------+--+---------+
| Purchases of property, plant & equipment | (143) | | (61) |
+---------------------------------------------+---------+--+---------+
| Investment in intangible assets | (1,334) | | (778) |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Net cash used in investing activities | (1,268) | | (557) |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Financing activities | | | |
+---------------------------------------------+---------+--+---------+
| Proceeds on issue of shares | - | | 6,502 |
+---------------------------------------------+---------+--+---------+
| Share capital issue costs | - | | (275) |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Net cash from financing activities | - | | 6,227 |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Net (decrease) / increase in cash & cash | (2,003) | | 3,752 |
| equivalents | | | |
+---------------------------------------------+---------+--+---------+
| Cash & cash equivalents at the beginning of | 5,588 | | 1,836 |
| the year | | | |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| Cash & cash equivalents at the end of the | 3,585 | | 5,588 |
| year | | | |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
| | | | |
+---------------------------------------------+---------+--+---------+
Notes
1. The figures for the year ended 31 March 2009 and 2008 do not constitute
statutory accounts within the meaning of S.240 of the Companies Act 1985. The
figures for the year ended 31 March 2009 have been extracted from the statutory
accounts for that year which have yet to be delivered to the Registrar of
Companies and on which the auditor has issued an unqualified audit report. The
figures for the year ended 31 March 2008 have been extracted from the statutory
accounts for that year, which have been delivered to the Registrar of Companies
and on which the auditor has issued an unqualified audit report. No statement
has been made by the auditor under Section 237(2) or (3) of the Companies Act
1985 in respect of either of these sets of accounts. This announcement was
approved by the board of directors on 11 June 2009.
2. The financial statements have been Prepared in accordance with International
Financial Reporting Standards adopted by the International Accounting Standards
Board ("IASB") and interpretations issued by the International Financial
Reporting Interpretations Committee of the IASB (together "IFRS") as endorsed by
the European Union. The information in this preliminary announcement has been
extracted from the audited financial statements for the year ended 31 March 2009
and as such, does not contain all information required to be disclosed in the
financial statements prepared in accordance with International Financial
Reporting Standards ("IFRS").
The financial statements have been prepared on a going concern basis. The
Directors believe that the going concern basis is appropriate, despite the
current economic outlook, for the following reasons.
The Company's forecasts and financial projections, taking account of reasonably
possible changes in trading performance, show that the Company will be able to
operate within the level of its current cash balances of GBP3.5m at 31 March
2009 for at least the next twelve months from the date of approval of these
financial statements. The Board reviews the forecasts and projections on an at
least quarterly basis and would take steps to raise further finance or put
facilities in place should these forecasts show a potential future shortfall.
The Company has a robust policy towards treasury risk and cash flow
management. Cash flows are monitored on a day to day basis within the Company's
finance function, with emphasis on good working capital management. Recent
contract wins mean that the Company is adequately placed to manage its business
risks successfully despite the current uncertain economic outlook and
challenging macro economic conditions.
These financial statements are presented in sterling as that is the currency of
the primary economic environment in which the Company operates.
3. Loss per share
Basic loss per share is calculated by dividing the loss for the year
attributable to ordinary shareholders for by the weighted average number of
shares in issue during the year. For diluted loss per share, the weighted
average number of ordinary shares in issue is adjusted to assume conversion of
all dilutive potential ordinary shares. Dilutive potential ordinary shares arise
from employee share options. At 31 March 2009 no share options (2008: nil) had
an exercise price less than the current share price and consequently the shares
related to share options are excluded from the diluted earnings per share
calculation and there is no dilution in the earnings per share as a result of
outstanding options.
+----------------------------------------------------+------------+------------+
| | 2009 | 2008 |
| | GBP'000 | GBP'000 |
| | | |
+----------------------------------------------------+------------+------------+
| Loss for the year | 2,589 | 1,956 |
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
| | Number | Number |
| | of | of |
| | shares | shares |
+----------------------------------------------------+------------+------------+
| Weighted average number of shares - basic and | 61,556,121 | 57,298,652 |
| diluted | | |
+----------------------------------------------------+------------+------------+
4. Notes to the Cash Flow Statement
+--------------+---------+--------+---------+
| | 2009 | | 2008 |
| | GBP'000 | | GBP'000 |
+--------------+---------+--------+---------+
| | | | |
+--------------+---------+--------+---------+
| Loss | (2,923) | | (2,075) |
| before | | | |
| tax | | | |
+--------------+---------+--------+---------+
| Adjustments | | | |
| for: | | | |
+--------------+---------+--------+---------+
| Depreciation | 130 | | 164 |
| of property, | | | |
| plant & | | | |
| equipment | | | |
+--------------+---------+--------+---------+
| Loss | 2 | | - |
| on | | | |
| disposal | | | |
| of | | | |
| property, | | | |
| plant & | | | |
| equipment | | | |
+--------------+---------+--------+---------+
| Amortisation | 890 | | 596 |
| of | | | |
| intangible | | | |
| assets | | | |
+--------------+---------+--------+---------+
| Share | 29 | | 68 |
| based | | | |
| payments | | | |
+--------------+---------+--------+---------+
| Increase | 45 | | (35) |
| / | | | |
| (Decrease) | | | |
| in | | | |
| provisions | | | |
+--------------+---------+--------+---------+
| Investment | (216) | | (298) |
| income | | | |
+--------------+---------+--------+---------+
| | | | |
+--------------+---------+--------+---------+
| Operating | (2,043) | | (1,580) |
| cash | | | |
| flows | | | |
| before | | | |
| movements | | | |
| in | | | |
| working | | | |
| capital | | | |
+--------------+---------+--------+---------+
| (Increase) | (74) | | 9 |
| / decrease | | | |
| in | | | |
| inventories | | | |
+--------------+---------+--------+---------+
| Decrease | 1,232 | | (325) |
| / | | | |
| (increase) | | | |
| in | | | |
| receivables | | | |
+--------------+---------+--------+---------+
| Decrease | (10) | | (142) |
| in | | | |
| payables | | | |
+--------------+---------+--------+---------+
| | | | |
+--------------+---------+--------+---------+
| Cash | (895) | | (2,038) |
| used | | | |
| in | | | |
| operations | | | |
+--------------+---------+--------+---------+
| | | | |
+--------------+---------+--------+---------+
| | | | |
+--------------+---------+--------+---------+
5. Copies of the 2009 Annual Report and Accounts will be available to
shareholders in July from the company's website or may be obtained by contacting
the Company Secretary at registered office. The annual general meeting is to be
held at the registered office on 2 September 2009.
About Innovision Research & Technology plc
We are leading the way in providing RFID semiconductor intellectual property
(IP) to customers for integration into and across their product range. Our GemTM
IP allows customers to offer Near-Field Communications (NFC) as a feature and
compete in this market which is primarily targeted at the next generation of
mobile handsets and consumer electronic devices.
The NFC activity builds on and extends our existing business supplying
innovative RFID and UHF IC solutions, utilising skills, expertise and IP
developed over many years and across a diverse range of applications worldwide.
The Company's primary product is semiconductor IP, which our customers licence
for integration into their own ICs and end system products. To achieve the
ultimate goal of licence and royalty income we undertake pre-engineering
studies, custom silicon chip design, the building of prototypes and complete
development through to production.
Our licensing approach has significant benefits both in reducing marketing,
manufacturing and distribution costs and, through its royalty structure,
ensuring participation in successful end products in selected markets.
To complement the semiconductor IP we have developed a range of tickets using
our Jewelchips and complete NFC tags using our own Topazchips for use as smart
points, in smart posters, and within consumer and other devices. We also sell
these chips to distributors for manufacture, printing and onward sale.
The majority of our technology developments come from in-house custom chip
design and R&D capability, with a particular strength in mixed-signal and RF
CMOS design. The Company is listed on the Alternative Investment Market (AIM) of
the London Stock Exchange and continues to invest in the development of new
technologies and the enhancement and commercialisation of its near-field data
communications product range.
For further information, visit our website at www.innovision-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR CKDKKABKDKAD
Innovision Research&technology (LSE:INN)
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Innovision Research&technology (LSE:INN)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
