3 Aug 2015 07:00
3 August 2015
Toumaz Limited
Half year trading update
Toumaz Limited (AIM: TMZ, 'Toumaz', or the 'Group'), a pioneer in low-power, wireless semiconductor technologies for digital audio and healthcare, provides the following trading update for the six months ended 30 June 2015.
Financial highlights
· Revenues up 30% at £14.0m (H1 2014: £10.8m)
· Gross profit up 40% to £6.3m (H1 2014: £4.5m)
· EBITDA loss £5.5m (H1 2014: loss £5.6m)
· R&D expenditure: £6.4m (H1 2014: £5.1m)
· As at 30 June 2015, the cash balance was £5.5m (31 December 2015: £12.5 million)
Overview
The Digital Audio division has performed strongly with revenues up 34% at £13.8m (£10.3m in H1 2014). Growth has been driven by the international expansion of digital radio and the rapid emergence of the connected audio market. Toumaz is well-positioned in both sectors and the recent co-development agreement with Google is a strong endorsement of the Group's forthcoming next generation connected audio solution.
In Healthcare, the commercial delivery of SensiumVitals® remains slow with revenues of £0.2m (£0.5m in H1 2014); but based on recent trials the Board remains confident that the fundamental economic and clinical value of the system will be demonstrated.
Anthony Sethill, CEO of Toumaz, commented:
"We are delighted with the growth of our Digital Audio business. Our co-development agreement with Google will be an important factor in further developing our position in connected audio.
"We are trialling SensiumVitals® in a number of hospitals, including the Queen Elizabeth Hospital Birmingham and St James's Hospital, Leeds. However, these complex systems for the healthcare environment need considerable amounts of data and trialling, which have delayed our commercial roll out.
"Overall, given the strong performance by Digital Audio, we remain on course to continue to grow the business in the second half of the year."
Enquiries:
Toumaz Limited | +44 (0)20 7391 0630 |
Anthony Sethill, Chief Executive Officer | |
Jonathan Apps, Chief Financial Officer | |
Peel Hunt LLP (Nominated Adviser and Broker) | +44 (0)20 7418 8900 |
Richard Kauffer/Euan Brown | |
Instinctif Partners | +44 (0)20 7457 2020 |
Adrian Duffield/Chantal Woolcock |
About Toumaz (www.toumaz.com)
Toumaz Limited is a pioneer in low-power, wireless semiconductor and software technologies for healthcare and digital audio. The company has two divisions, Sensium Healthcare and Frontier Silicon. Sensium Healthcare develops wireless solutions for patient monitoring. Frontier Silicon provides chips, modules and software for digital radio and connected audio devices.