results30 Sep 2014 08:09
Nice:
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"The Company's revenues have increased by over 255% and losses last year have turned into positive earnings. This strong performance is fuelled by the combination of high demand for our consumables and the ongoing delivery of sensors to a G8 central bank, which underpins the use of our consumables for the next decade. Additionally, strong performances from the now fully integrated acquisitions in both physical and software based technologies continue and are expected to further support our expectation for a satisfactory year-end profit performance.
"In 2013 we introduced a new technology for cleaning soiled banknotes which has the potential to expand our business within the banknote industry through products which reduce cost and environmental disposal issues facing central banks. We have made steady progress working collaboratively with central banks to validate the technology and determine its suitability for various banknote designs and processing scenarios. Based on the continuing interest in the technology, we have selected a partner to develop a commercial product. In parallel, we have continued to file intellectual property to protect the technology and expect to have the first feedback on the earliest patents filed by close of 2014.
"Notwithstanding the strong performance in H1-2014, we have begun a cost cutting initiative which will be completed by year-end. This initiative will allow us to lower operating costs following the conclusion of the sensor manufacturing referred to above, while at the same time maintain our ability to respond to new opportunities.
"The Board believes that the various opportunities available to the Group will offset the sensor manufacturing revenues which are scheduled to conclude in H1-2015.
"The Board therefore believes that the Company, by achieving key business milestones, will continue to perform well for the remainder of 2014 and continues to have excellent prospects
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