JSJS Designs widens annual loss, announces resignation of MD

JSJS Designs, which specialises in radio frequency technologies, announced the resignation of its Managing Director as it reported an annual loss. The company's Managing Director John Shermer, Chief Technical Officer John Sinclair and Sales Director Simon Lane are stepping down from the board.They will continue to serve on the firm's operational board.Losses for the year widened by £47,231 to £808,674 as the cost of sales increased.Sales for the year amounted to £1.05m, down from the prior year's £1.1m. Gross profit fell to £447,516 from £537,975. The company said it will continue to focus on cost control and will accelerate product and App development.A fundraising of £500,000 was completed in the year to finance the business alongside a debt repayment agreement with key supplier Veda Holdings."This, together with the working capital reduction due to the new distribution model, the much improved trading position during the first quarter of FY14 and the large forward order book together provided the necessary long term finance requirements for the business," the group said.The firm added that the financial outlook for the business is more positive and the business expects to show a profit in the current financial year. The current order book of £2.1m, together with first quarter invoicing of £759,000, is forecast to result in a minimum turnover of £2.6m in the full-year 2014, a 147% increase on 2013. Share fell 0.55% to 0.90p at 16:00 on Monday.RD