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29 May 2009 07:00
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29 May 2009
JSJS DESIGNSΒ PLC
('JSJS' or 'the Company')
INTERIMΒ RESULTSΒ
FOR THEΒ EIGHT MONTHSΒ ENDEDΒ 31Β MARCHΒ 2009
JSJS Designs PlcΒ (AIM: JSJS),Β specialistsΒ in the design, development and manufacture of home automation systems to enable consumers to remotely operate everyday household appliances,Β today announces its interim results for the period fromΒ 1 AugustΒ 2008Β to 31Β March 2009.
Highlights
*Β Acquisition of the entire issued share capital of JSJS Europe on 24 October 2008.
*Β Admission to trading on AIM on 27 November 2008
* CollaborationΒ with Electrium Sales Ltd (a subsidiary of Siemens AG)Β to develop and launch a range of products, marketed under the Siemens brand.Β
Chairman's Statement
I am pleased to be able to make this report to you as Chairman of the Company and of the Group. This has been aΒ very busy time for the CompanyΒ as we have sought to build on our success in 2008. In the period we have continued to focus on developing and enhancing our range of home automation products in preparation of expanding sales to wider marketsΒ throughΒ larger distributors.
Review of Activities
Development agreements have been secured with manufacturing companies inΒ ChinaΒ andΒ Taiwan, allowingΒ us to keep ourΒ capital requirements to a minimum whilst maximising our manufacturing capabilities.
On the distribution sideΒ our Spanish distributor, Greutor S.I.,Β confirmed an initialΒ orderΒ earlier this month. In additionΒ severalΒ otherΒ distributorsΒ areΒ currently in discussions with the CompanyΒ toΒ launchΒ theΒ latestΒ product range into a number of new markets, includingΒ Singapore, Hong Kong, Macau andΒ Scandinavia. AΒ US distributor is also in discussions with the Company regarding the first range of productsΒ anticipatedΒ Β to be launched thereΒ within the next 18 months.
Most exciting of all is theΒ progressΒ ofΒ our collaboration with Siemens AGΒ ("Siemens"), the global electronicsΒ company.Β Β A supplier agreementΒ for a range of door chimes aimed at the retail markets in theΒ UKΒ andΒ EuropeΒ is in its final stagesΒ and anΒ initial order is expected soon. JSJS is alsoΒ developing a wider range ofΒ home automationΒ products,Β designedΒ specificallyΒ for Siemens, a number of which are currently being evaluatedΒ by them for theΒ UKΒ and European markets.Β
Financial Overview
In a year which sawΒ challengingΒ trading conditions, reflecting theΒ generalΒ global economic and financial downturn,Β the Board implemented a number of cost cutting exercises in April 2009 and systems to monitor cash burnΒ andΒ believes that the Company has sufficient funds to meet its immediate requirements. In additionΒ we continueΒ toΒ work hard to finalise the projects mentionedΒ above.
Outlook
Whilst it is still early days in the Company's developmentΒ we are on track with our planned strategy andΒ the Board believes thatΒ JSJSΒ hasΒ made significant progress in a number of key areasΒ that will underpin future growth. Notwithstanding the current economic climate we areΒ confident that the developmentΒ ofΒ JSJSΒ into a sustainableΒ home automationΒ business will continue toΒ gather momentum.
Β
Chairman
Β Β CONSOLIDATED INCOME STATEMENT
ForΒ TheΒ EightΒ MonthsΒ EndedΒ 31 March 2009
|
Note |
Eight months ended 31.03.09 |
|
|
(Unaudited) |
||
|
Β£ |
||
|
REVENUE |
111,155 |
|
|
Cost of sales |
(68,026) |
|
|
________ |
||
|
GROSSΒ PROFIT |
43,129 |
|
|
Administrative expenses |
(331,869) |
|
|
One-off listing costs |
(167,362) |
|
|
________ |
||
|
LOSS FROM OPERATIONS |
(456,102) |
|
|
Finance revenue |
890 |
|
|
________ |
||
|
RETAINEDΒ LOSS FOR THEΒ PERIOD |
(455,212) |
|
|
________ |
||
|
BasicΒ lossΒ per share |
1 |
(0.31)p |
|
DilutedΒ lossΒ per share |
1 |
(0.31)p |
Β
Β
CONSOLIDATEDΒ BALANCE SHEET
As atΒ 31 March 2009
|
Note |
As at 31.03.09 |
|
|
(Unaudited) |
||
|
Β£ |
||
|
ASSETS |
||
|
Non-current assets |
||
|
Intangible assets |
1,700 |
|
|
Property, plant and equipment |
15,500 |
|
|
________ |
||
|
17,200 _______ |
||
|
Current assets |
||
|
Inventories |
2,000 |
|
|
Trade and other receivables |
36,623 |
|
|
Cash and cash equivalents |
114,121 |
|
|
________ |
||
|
152,744 |
||
|
________ |
||
|
Total assets |
169,944 |
|
|
________ |
||
|
EQUITY AND LIABILITIES |
||
|
Equity |
||
|
Issued share capital |
200,000 |
|
|
Share premium account |
411,800 |
|
|
Reverse acquisitionΒ Reserve |
(139,996) |
|
|
Retained losses |
(373,576) |
|
|
________ |
||
|
Total equity |
98,228 ________ |
|
|
Current liabilities |
||
|
Trade and other payables |
59,145 |
|
|
CorporationΒ Tax |
12,571 _______ |
|
|
Total liabilities |
71,716 |
|
|
________ |
||
|
Total equity and liabilities |
169,944 |
|
|
________ |
||
Β
Β
CONSOLIDATEDΒ CASH FLOW STATEMENT
For TheΒ EightΒ Months Ended 31 March 2009
Β
|
Eight months ended 31.03.09 |
||
|
(Unaudited) |
||
|
Β£ |
||
|
Cash flow from operating activities |
||
|
Profit/(loss)Β before taxation |
(455,212) |
|
|
Adjusted for: |
||
|
FinanceΒ revenue |
(890) |
|
|
Depreciation |
2,500 |
|
|
Negative goodwill credit |
(39,380) |
|
|
Decrease in inventories |
56,643 |
|
|
Increase in trade and other receivables |
(30,655) |
|
|
Decrease in trade and other payables |
(78,042) |
|
|
________ |
||
|
Cash absorbed by operations |
(545,036) |
|
|
Finance revenue |
890 |
|
|
________ |
||
|
Net cash outflow from operating activities |
(544,146) |
|
|
________ |
||
|
Cash flows from investing activities |
||
|
Purchase of intangible fixed assets |
(1,700) |
|
|
Purchase of property, plant & equipment |
(6,000) |
|
|
Purchase of subsidiary undertakings |
(100,620) |
|
|
________ |
||
|
Net cashΒ outflowΒ from investing activities |
(108,320) |
|
|
________ |
||
|
Cash flows from financing activities |
||
|
Proceeds from issue of shares |
550,000 |
|
|
Shares issued for acquisition of subsidiary undertaking |
100,000 |
|
|
Expenses of share issues |
(38,200) |
|
|
________ |
||
|
Net cash used in financing activities |
611,800 |
|
|
________ |
||
|
Net decrease in cash and cash equivalents |
(40,666) |
|
|
Cash and cash equivalents at 01.08.08 |
154,787 |
|
|
________ |
||
|
Cash andΒ cash equivalents atΒ 31.03.09 |
114,121 |
|
|
________ |
Β
Notes to theΒ financial information
1. The basicΒ lossΒ per share is calculated by dividing the loss for the financial periodΒ
attributable to shareholders by the weighted average number of shares in issue.
|
Period ended 31.03.09 |
|||
|
The weighted average number of shares were: |
Number |
||
|
Weighted average number of ordinary shares |
147,101,676 |
||
|
Effect of outstanding optionsΒ shares |
1,393,939 |
||
|
Deferred consideration to be settled in shares |
- |
||
|
________ |
|||
|
Adjusted weighted average number of ordinary shares |
148,495,616 |
||
|
________ |
|||
|
BasicΒ lossΒ per share |
(0.31)p |
||
|
Diluted loss per share |
(0.31)p |
Β
In the period endedΒ 31 March 2009,Β theΒ conditions attached to the deferred considerationΒ shares were not met and as such there is no dilutive effect on the average weighted number of ordinary sharesΒ or theΒ dilutedΒ loss per share.
Β
2. While the financial information included in this announcement has been computed in
accordance with International Financial Reporting Standards (IFRS), this announcement does not itself contain sufficient information to comply with IFRS. The full financial statements of the company will be prepared in accordance with IFRS, International Accounting Standards and their interpretations issued or adopted by the International Accounting Standards Board as adopted for use in the European Union.
Β
3. Negative goodwill arose on the acquisition ofΒ JSJS Designs (Europe) Limited as theΒ costΒ of the acquisition was less than the fair value of the identifiableΒ assetsΒ andΒ liabilities of the acquired entity. In accordance with IFRS3,Β negativeΒ goodwill is recognised in the profit and loss account in the period in whichΒ it occurs.
Β
4. The financial information has not been audited or reviewed by the auditors, or extracted from audited information. This financial statement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 (the "Act").
Β
5. The Directors have not declared a dividend for theΒ period ended 31 March 2009.
Β
6. This statement was approved by the Board of Directors onΒ 28 May 2008. Copies of this statement will be available free of charge from the Company's Registered Office atΒ 33 Bennetts Hill,Β BirminghamΒ B3Β 2LX and the Company's website.Β
The directors ofΒ JSJS DesignsΒ plc accept responsibility for this announcement.
Β
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