LWRF.L Regulatory News (LWRF)

29 May 2009 07:00



29 May 2009

JSJS DESIGNS PLC

('JSJS' or 'the Company')

INTERIM RESULTS 

FOR THE EIGHT MONTHS ENDED 31 MARCH 2009

JSJS Designs Plc (AIM: JSJS), specialists in the design, development and manufacture of home automation systems to enable consumers to remotely operate everyday household appliances, today announces its interim results for the period from 1 August 2008 to 31 March 2009.

Highlights

* Acquisition of the entire issued share capital of JSJS Europe on 24 October 2008.

* Admission to trading on AIM on 27 November 2008

* Collaboration with Electrium Sales Ltd (a subsidiary of Siemens AG) to develop and launch a range of products, marketed under the Siemens brand. 

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 a very busy time for the Company 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 markets through larger distributors.

Review of Activities

Development agreements have been secured with manufacturing companies in China and Taiwan, allowing us to keep our capital requirements to a minimum whilst maximising our manufacturing capabilities.

On the distribution side our Spanish distributor, Greutor S.I., confirmed an initial order earlier this month. In addition several other distributors are currently in discussions with the Company to launch the latest product range into a number of new markets, including Singapore, Hong Kong, Macau and Scandinavia. A US distributor is also in discussions with the Company regarding the first range of products anticipated  to be launched there within the next 18 months.

Most exciting of all is the progress of our collaboration with Siemens AG ("Siemens"), the global electronics company.  A supplier agreement for a range of door chimes aimed at the retail markets in the UK and Europe is in its final stages and an initial order is expected soon. JSJS is also developing a wider range of home automation products, designed specifically for Siemens, a number of which are currently being evaluated by them for the UK and European markets. 

Financial Overview

In a year which saw challenging trading conditions, reflecting the general global economic and financial downturn, the Board implemented a number of cost cutting exercises in April 2009 and systems to monitor cash burn and believes that the Company has sufficient funds to meet its immediate requirements. In addition we continue to work hard to finalise the projects mentioned above.

Outlook

Whilst it is still early days in the Company's development we are on track with our planned strategy and the Board believes that JSJS has made significant progress in a number of key areas that will underpin future growth. Notwithstanding the current economic climate we are confident that the development of JSJS into a sustainable home automation business will continue to gather momentum.

Chairman

  CONSOLIDATED INCOME STATEMENT

For The Eight Months Ended 31 March 2009

CONSOLIDATED BALANCE SHEET

As at 31 March 2009

CONSOLIDATED CASH FLOW STATEMENT

For The Eight Months Ended 31 March 2009

Notes to the financial information

1. The basic loss per share is calculated by dividing the loss for the financial period 

attributable to shareholders by the weighted average number of shares in issue.

In the period ended 31 March 2009, the conditions attached to the deferred consideration shares were not met and as such there is no dilutive effect on the average weighted number of ordinary shares or the diluted loss per share.

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.

3. Negative goodwill arose on the acquisition of JSJS Designs (Europe) Limited as the cost of the acquisition was less than the fair value of the identifiable assets and liabilities of the acquired entity. In accordance with IFRS3, negative goodwill is recognised in the profit and loss account in the period in which it occurs.

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").

5. The Directors have not declared a dividend for the period ended 31 March 2009.

6. This statement was approved by the Board of Directors on 28 May 2008. Copies of this statement will be available free of charge from the Company's Registered Office at 33 Bennetts Hill, Birmingham B3 2LX and the Company's website. 

The directors of JSJS Designs plc accept responsibility for this announcement.