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(INN.L) Innovision Research & Technology PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 22-02-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 4651H
Innovision Research&Technology PLC
22 February 2010
INNOVISION RESEARCH & TECHNOLOGY PLC
BLOCK ADMISSION SIX MONTHLY RETURN
1. Name of Company Innovision Research &
Technology Plc
2. Name of Scheme Share options
3. Period of Return From 23 August 2009 - 22
February 2010
4. Number and class of securities 339,509 (i.e. balance
not issued under scheme b/fwd)
5. Number of securities issued 0
under scheme during period:
6. Balance under scheme not issued 339,509
at end of period:
7. Number and class of securities 1,000,000 on 22 February
originally admitted and date of 2005
admission;
500,000 on 22 August 2005
Contact for queries:
Name: Brian McKenzie
Telephone: 01285 888 200
This information is provided by RNS
The company news service from the London Stock Exchange
END
BLRGIGDDBUDBGGD
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| 25-01-10 | RNS |
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RNS Number : 0303G Innovision Research&Technology PLC 25 January 2010 Innovision Research and Technology plc (the "Company") Grant of Options Innovision Research and Technology plc announces that on 20 January 2010 a sub-committee of the Board approved the grant of options over ordinary shares of 1p each in the Company ("Ordinary Shares") to Mr David Wollen, Chief Executive; and Mr Brian McKenzie, Finance Director The options are exercisable at 18.50 pence per Ordinary Share with exercise rights starting on 20 January 2013 and continuing until 20 January 2020. Details are as follows:
For further information please contact:
David Wollen, Chief Executive Brian McKenzie, Finance Director KBC Peel Hunt Ltd (Nominated Adviser & Broker) Tel: 020 7418 8900 Jonathan Marren David Anderson This information is provided by RNS The company news service from the London Stock Exchange END
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| 14-12-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0195E
Innovision Research&Technology PLC
14 December 2009
ANNOUNCEMENT
INNOVISION RESEARCH & TECHNOLOGY PLC
Results for six months ending 30 September 2009.
Innovision Research & Technology plc today announces its interim results for the six months ending 30 September 2009.
Highlights:
* Progress made on new development programmes with Tier 1 suppliers into the mobile telecoms
industry - implementation remains the focus over the coming months;
* Delivered technology to first Chinese customer - early test results encouraging;
* Completed successful share placing raising £5.2m;
* Additional time and resource invested in Innovision's 1.8volt generation NFC IP* - remain on
track to deliver to customer volume production requirements and timescales.
* Progress in shipping Jewel® into transport ticketing applications.
Commenting on the results, David Wollen, Chief Executive said:
"The Company recently engaged with semiconductor industry leaders creating analogue and RF designs on state of the art processes. We continue to develop well in this environment meeting the challenges that present themselves in order to deliver to time and specification. The main focus of our activity is NFC and whilst the exact timing of volume deployment remains difficult to predict, we do expect shipments of combo devices with NFC to start in late 2011 or 2012".
Enquiries:
Innovision Research & Technology plc Tel: 01285 888 200
David Wollen, Chief Executive Officer
Brian McKenzie, Finance Director
* Near Field Communication Intellectual Property
See www.nfc-forum.org
The Chairman's and Chief Executive's Statement
This six-month period has been focused on the first phase of implementation of several major contracts with Tier 1 suppliers into the mobile telecoms industry. These contracts are for integration of Innovision's Near Field Communication (NFC) intellectual property (IP) into chips which combine several wireless functions onto one chip ("combo" chips). Completion of the 1.8volt generation of our NFC IP from the previous 3.3volt version has been more involved and taken longer than planned. Due to the timing of customer requirements to deliver initial test devices the intensity on their programmes has been raised, However, the Company remains on track to generate significant royalties arising from mobile handset shipments starting in 2011/12.
In China, we have delivered our technology to our first customer, and this has been incorporated into an initial chip. Early results from the initial testing and evaluation of samples have been encouraging. Once qualified, we expect royalties from product sales to begin in the second half of 2010.
In July, we completed a successful placing of 30 million shares raising £5.2m net of expenses. This funding is designated to support development of the NFC IP business until royalty flow, and, the development of the NFC product/tag business. On the back of the contracts won, we increased the engineering team headcount by 40% with a combination of shorter-term contract staff and planned permanent employees in order to fulfil the customer commitments and maintain the investment in our market leading NFC IP.
Results for the six months (unaudited)
The Company is still in the pre-royalty phase and therefore the majority of revenue again relates only to development services. Overall revenue was £1.0m (2008: £0.8m). Of the total revenue, 84% (2008: 98%) relates to design services provided to major semiconductor customers in order to customise our background IP for inclusion into their products.
As expected, gross profit on engineering has been impacted by the reduction in development funding available from customers. There has also been incremental engineering resource required to address the technical and customer-specific challenges earlier than planned, which has come at a higher effective man-day rate as we are using contractors to maintain flexibility through peak periods. These factors have contributed to the increase in direct costs to £1.1m (2008 £0.5m).
At 30 September 2009, we had cash deposits of £7.1m (2008: £4.3m) and additional net current assets of £0.4m (2008: £1.9m). Net cash outflow was £1.6m excluding the £5.2m net proceeds from the share placing (2008: £1.3m) and is in line with the loss for the period. The reduction in other net current assets reflects the timing of milestone payments on the major contracts.
We continued to invest in our background NFC IP and the new Emerald tag platform, spending £0.8m (2008: £1.0m) for the six months under review. This investment in background IP has been an important element in securing the NFC business and the major engineering focus over the last year. In the second half the focus will switch to the customisation of this IP directly for customers. Administrative overheads were in line with the same period last year at £1.7m (2008: £1.7m).
With the reduced gross margin and lower investment income as interest rates have fallen, the loss after tax for the 6 months to 30 September 2009 was £1.6m (2008: £1.1m).
Operations Review
Over the period, we have strengthened our IC design capability and maintained our position as a leading company in our field. This has included investment in transferring our IP to state of the art manufacturing processes.
The primary focus for our design team is the work on existing development programmes for our major customers and the continued development of our background IP to meet the market demands for existing and prospective customers. Good progress has been made in all areas though at the cost of additional resources. As a result, it is unlikely that we will take on major new in-house development programmes until next year. We are focussing on new projects that require less customisation by our engineering teams and, in due course, we expect this IP transfer model to become more prevalent.
In the tag area, we have made good progress both on technology development and production costs. We expect to start production for a specific large customer in the second half of 2010. The volume of NFC-related tag sales is starting to increase and we are investing now to take advantage of what we believe will be a very attractive market in the medium term.
We have completed the relocation of the system design facility in Wokingham and are actively reviewing cost effective options to move our Cirencester headquarters to more appropriate premises from which to manage the next stages of the company's development.
Current trading and outlook
Consumer handsets with NFC based on stand-alone controllers will be available from 2010/11 with fully integrated NFC handsets based on our IP following from 2011/12. We expect volumes to grow through 2012 to 2015. Once the "combo" chips are designed into devices, the company will generate revenue from licence fees, royalties based on the shipments of the combination chips and the sales of tags for use with these devices. The market for tags may ultimately be greater than the royalty stream from the devices themselves.
Our focus for the remainder of this financial year is moving forward with the implementation phases of our current development programmes and securing additional IP and product-based contracts for next year. We are entering a number of months of concentrated development effort to achieve our customers' aggressive goals. This additional effort and cost will continue to impact us for the rest of this year but it is encouraging that there is growing visibility of NFC in future mobile handsets and this gives us confidence in achieving our long-term goals.
Malcolm Baggott David Wollen
Chairman Chief Executive
11 December 2009 11 December 2009
INTERIM STATEMENT OF COMPREHENSIVE INCOME
30 September 2009 (unaudited)
Notes 6 months ended 30 6 months ended 30 12 months ended 31 March
September September 2009
2009 2008 £'000
£'000 £'000
Revenue 2 1,042 830 1,192
Cost of sales (1,105) (492) (600)
Gross profit (63) 338 592
Administrative expenses (1,737) (1,675) (3,731)
OPERATING LOSS (1,800) (1,337) (3,139)
Investment Income 45 142 216
LOSS BEFORE TAXATION (1,755) (1,195) (2,923)
Tax 3 126 100 334
LOSS FOR THE PERIOD (1,629) (1,095) (2,589)
Other comprehensive income for - - -
the period
TOTAL COMPREHENSIVE INCOME FOR (1,629) (1,095) (2,589)
THE PERIOD
LOSS PER SHARE Pence per share Pence per share Pence per share
Basic and diluted 4 (2.26) (1.78) (4.20)
The results were all derived from continuing operations.
The total comprehensive income for the period is wholly attributable to the equity shareholders of Innovision Research & Technology plc.
INTERIM STATEMENT OF FINANCIAL POSITION
30 September 2009 (unaudited)
As at 30 September As at 30 September As at
2009 2008 31 March
£'000 £'000 2009
£'000
Non-Current Assets
Property, plant & equipment 241 159 217
Intangible assets 1,063 412 646
Other receivables 2 3 2
1,306 574 865
Current Assets
Inventories 81 40 80
Trade and other receivables 692 2,343 1,125
Current tax asset 125 75 310
Cash and cash equivalents 7,100 4,274 3,585
7,998 6,732 5,100
TOTAL ASSETS 9,304 7,306 5,965
Current Liabilities
Trade and other payables 495 531 607
Provisions - 37 99
TOTAL LIABILITIES 495 568 706
NET ASSETS 8,809 6,738 5,259
Equity
Share Capital 915 615 615
Share Premium Account 26,596 21,735 21,735
Retained Earnings (18,702) (15,612) (17,091)
TOTAL EQUITY ATTRIBUTABLE TO
EQUITYSHAREHOLDERS
OF THE COMPANY 8,809 6,738 5,259
INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
for the six months ended 30 September 2009 (unaudited)
Share Capital Share Premium Retained Earnings Total
£'000 £'000 £'000 £'000
At 1 April 2008 615 21,735 (14,531) 7,819
Total comprehensive income for - - (1,095) (1,095)
the period
Share based payments - - 14 14
At 30 September 2008 615 21,735 (15,612) 6,738
Total comprehensive income for - - (1,494) (1,494)
the period
Share based payments - - 15 15
At 31 March 2009 615 21,735 (17,091) 5,259
Total comprehensive income for - - (1,629) (1,629)
the period
Share based payments - - 18 18
Issue of share capital 300 5,100 - 5,400
Share issue costs - (239) - (239)
At 30 September 2009 915 26,596 (18,702) 8,809
INTERIM STATEMENT OF CASH FLOWS
for the six months ended 30 September 2009 (unaudited)
Note 6 months ended 30 6 months ended 30 12 months ended 31 March
September September 2009
2009 2008 £'000
£'000 £'000
Cash utilised in operations 5 (1,195) (1,047) (895)
Tax credit received 311 160 160
Net cash outflow from (884) (887) (735)
operating activities
Investing activities
Interest received 117 112 209
Purchases of property, plant & (94) (25) (143)
equipment
Investment in intangible (785) (514) (1,334)
assets
Net cash outflow from (762) (427) (1,268)
investing activities
Financing activities
Proceeds on issue of shares 5,400 - -
Share capital issue costs (239) - -
Net cash from financing 5,161 - -
activities
Net increase / (decrease) in 3,515 (1,314) (2,003)
cash & cash equivalents
Cash & cash equivalents at the 3,585 5,588 5,588
beginning of the period
Cash & cash equivalents at the 7,100 4,274 3,585
end of the period
NOTES TO THE INTERIM FINANCIAL STATEMENTS
for the six months ended 30 September 2009 (unaudited)
1 BASIS OF PREPARATION
Innovision Research & Technology plc is a public limited company incorporated in the United Kingdom under the Companies Act 1985. The Company is domiciled in the United Kingdom and its ordinary shares are traded on the Alterative Investment Market (AIM).
The annual financial statements of Innovision Research & Technology plc are prepared in accordance IFRS as adopted by the European Union. These interim financial statements do not constitute statutory accounts within the meaning of section 434 Companies Act 2006. Statutory accounts for the year ended 31 March 2009 were approved by the Board of Directors on 10 June 2009 and delivered to the Registrar of Companies. The report of the auditor on those accounts was unqualified and did not contain a statement under section 237(2) or (3) Companies Act 1985.
The interim results, which have been reviewed but not audited, have been prepared using accounting policies consistent with those used in the preparation of the annual report and accounts for the year ended 31 March 2009.
In these interim financial statements the Company has implemented the revised IAS 1 "Presentation of Financial Statements" (2007), which became effective for accounting periods beginning on or after 1 January 2009. As a result the income statement, balance sheet and cash flow statement have been renamed as the statement of comprehensive income, statement of financial position and statement of cash flows. Comparative information has been re-presented on a consistent basis.
As permitted this interim report has been prepared in accordance with UK AIM listing rules and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully in compliance with IFRS.
The interim financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'000) except when otherwise indicated.
2 REVENUE
6 months ended 30 6 months ended 30 September 12 months ended 31 March
September 2008 2009
2009 £'000 £'000
£'000
By Type:
Development 873 810 906
Engineering
Licence fees & 122 - 195
Royalties
Product Sales 47 20 91
1,042 830 1,192
The Company has not implemented IFRS 8 "Operating Segments" in these interim financial statements and consequently Note 2 is not in accordance with this standard. IFRS 8 will be implemented in full in the financial statements for the year ended 31 March 2010.
3 TAXATION
Taxation for the six months to 30 September 2009 is based on the estimated tax credits for Research and Development.
4 LOSS PER SHARE
Basic loss per share has been calculated by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue during the period.
For diluted earnings 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 30 September 2009 the average market price of the company's ordinary shares was more than the exercise price of the options and consequently the shares in question are excluded from the diluted EPS calculation. There is therefore no dilution as a result of outstanding options.
6 months ended 30 6 months ended 30 12 months ended 31
September September March
2009 2008 2009
Loss for the period (£1,629,000) (£1,095,000) (£2,589,000)
Weighted average 72,070,415 61,556,121 61,556,121
number of shares
Loss per share (2.26) (1.78) (4.20)
(basic & diluted) -
pence per share
5 RECONCILIATION OF LOSS BEFORE TAX TO CASH UTILISED BY OPERATIONS
6 months ended 30 6 months ended 30 12 months ended 31
September September March
2009 2008 2009
£'000 £'000 £'000
Loss before tax (1,755) (1,195) (2,923)
Adjustments for:
Depreciation of 70 70 130
property, plant &
equipment
Loss on disposal of - 2 2
property, plant &
equipment
Amortisation of 368 304 890
intangible fixed
assets
Share based payments 18 14 29
Decrease / (99) (17) 45
(increase) in
provisions
Investment income (45) (142) (216)
Operating cash flows (1,443) (964) (2,043)
before movements in
working capital
Increase in (1) (34) (74)
inventories
Decrease in 361 37 1,232
receivables
Decrease in payables (112) (86) (10)
Cash utilised by (1,195) (1,047) (895)
operations
6 APPROVAL OF THE INTERIM FINANCIAL STATEMENTS
The interim financial statements set out above were approved and authorised for issue by the directors on 11 December 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFSRFTLLLIA
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| Date/Time | Subject | Author | ||
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| 12-02-10 |
BUY
Big volume buys
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Is there some news in the wind?
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| 15-01-10 | ||||
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this company is very quiet in terms of newsflow, last news was in December (interims). basically said progressing well , but will not get
royalties until 2011/12. Long term one |
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| 15-01-10 | ||||
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Saw on the news that Oxford is going this way. Looks like a trend. Not much news from INN lately. Anyone heard anything ?
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| 18-11-09 |
HOLD
Why the price rise ?
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Why has the price gone up on zero volume ?
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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