JSJS To Change Name, Forecasts Profit For 2014 As 2013 Loss Widens

LONDON (Alliance News) - Home automation system developer JSJS Designs PLC Monday predicted that it will swing to a profit in 2014, as it reported a widened pretax loss due to lower revenues in 2013.

JSJS also announce in a separate statement Monday that it plans to change its name to LightwaveRF PLC, as much of its product range is through the LightwaveRF brand. The name change is subject to shareholder approval, which it is hoping for at its annual general meeting on April 2.

The company provides technology for 'smart homes', part of the growing internet-of-things trend. These technologies allow home automation like dimmer switches and security sensors that can be controlled via a smart phone.

JSJS posted a pretax loss of GBP808,674 for 2013, widened from a pretax loss of GBP761,443 in 2012, as revenue declined to GBP1.05 million from GBP1.11 million.

However, it was more positive for this year, saying it expects to show a profit and a minimum revenue of GBP2.6 million. It is basing its prediction on its current order book of GBP2.1 million plus first-quarter invoicing of GBP759,0000.

The company completed a fund-raising of GBP500,000 during the period to finance its business, alongside a debt repayment agreement with its key supplier Veda Holdings. It reduced its overheads to GBP985,731 from GBP1.09 million in the previous year. It said that this had improved its trading position during the first quarter.

However, although cost control remains a priority for the company, it said it expects to expense new product development costs as it accelerates its product and application development over time.

The group also announced a reorganisation to the board of its directors. It said that Managing director John Shermer, Chief Technical officer John Sinclair and Sales Director Simon Lane and non-executive director Mike Hughes will all be stepping down from the board but will continue to serve on the company's operational board.

Only Executive Chairman Michael Lord and Finance Director Frank Tiller will continue on at the board out of the existing directors. Barry Gamble, who took part in the fundraising, has been appointed as a non-executive director. Tom Sykes has been appointed chief operations officer.

Alongside its proposed name change, JSJS is proposing to consolidate its share capital. It proposed that every 50 existing ordinary shares of 0.1 pence will be consolidated into one new ordinary share of 5 pence. This consolidation is also subject to shareholder approval at the company's annual general meeting.

Shares in JSJS were trading up 6.1% at 0.960 pence Monday.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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