30 Jun 2010 07:00
JSJS DESIGNS PLC
("JSJS" or "the Company")
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH 2010
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 October 2009 to 31 March 2010.
Chairman's Statement
I am pleased to report that your company has made good progress in the first six months of the year as we move towards the commercial roll-out of our products and further our working relationship with Siemens
In my last statement I was able to report the winning of a $2.4 million contract with Electrium Sales Limited, a subsidiary of Siemens, for a range of innovative door chimes which are due to be marketed under the Siemens brand. I am pleased to report that this order has now been increased to $3 million and supply will commence in August 2010 and is due for completion in November 2010.
In addition to this, our range of room control products which use JSJS "lightwaveRF technology" is due to be launched this summer. It is anticipated that some of these products will also be marketed under the Siemens brand as well as the JSJS brand.
Financial Review
The focus on the development of a brand new product range has continued to be a drain on resources but we were pleased to raise an additional £300k in March 2010 at a premium to the share price.
The financial statements have been prepared in accordance with international financial reporting standards (IFRS) as adopted by the European Union. The financial statements include the results of JSJS Designs (Europe) Limited and the results of the Company from 1 October 2009 to 31 March 2010. The Group loss from operations for the period was £348,882 and the basic loss per share for the period amounted to 0.16p.
Outlook
The company is now reaching a critical transition period as it moves from development into commercial roll-out of its new product-range. We look forward to updating you further in due course.
Chairman
| Contacts: |
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| JSJS Designs Plc | www.jsjsdesigns.com |
| John Shermer, CEO | +44 (0) 1902 500 562 |
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| WH Ireland Limited | www.wh-ireland.co.uk |
| Mike Coe / Marc Davies | +44 (0) 117 945 3470 |
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| SVS Securities Plc | www.svssecurities.com |
| Ian Callaway / Alexander Mattey | +44 (0) 20 7638 5600 |
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CONSOLIDATED INCOME STATEMENT |
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| For the Six Months Ended 31 March 2010 |
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| Note | 6 ME 31/03/10 (Unaudited) | 8 ME 31/03/09 (Unaudited) | 14 ME 30/09/09 (Audited) |
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| £ | £ | £ |
| REVENUE |
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| - | 111,155 | 157,519 | |
| Cost of sales |
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| - | (68,026) | (105,871) | |
| GROSS PROFIT |
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| - | 43,129 | 51,648 | |
| Other income |
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| Research and development fees |
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| 75,000 | - | - | |||
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| 75,000 | 43,129 | 51,648 |
| Administrative expenses |
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| (423,888) | (371,249) | (793,864) | ||
| One-off listing costs |
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| - | (167,362) | (167,362) | ||
| Charge in respect of share based payments |
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| - | (26,887) | (26,887) | ||||
| LOSS FROM OPERATIONS |
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| (348,888) | (522,369) | (936,465) | ||
| Finance revenue |
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| 6 | 890 | 242 | |
| LOSS BEFORE INCOME TAX |
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| (348,882) | (521,479) | (936,223) | |||
| Income tax credit |
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| - | - | 26,500 | |
| RETAINED LOSS FOR THE PERIOD |
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| (348,882) | (521,479) | (909,723) | |||
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| Basic loss per share |
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| 1 | (0.16) | (0.36) | (0.54) | |
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| Diluted loss per share |
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| 1 | (0.16) | (0.35) | (0.53) | ||
| CONSOLIDATED BALANCE SHEET |
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| As at 31 March 2010 |
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| As at 31/03/10 (Unaudited) | As at 31/03/09 (Unaudited) | As at 30/09/09 (Audited) |
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| £ | £ | £ |
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| ASSETS |
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| Non-current assets |
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| Intangible assets |
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| - | 1,700 | - |
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| Property, plant and equipment |
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| 11,000 | 15,500 | 13,250 |
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| 11,000 | 17,200 | 13,250 |
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| Current assets |
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| Inventories |
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| - | 2,000 | - |
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| Trade and other receivables |
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| 19,088 | 36,623 | 38,823 |
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| Cash and cash equivalents |
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| 1,663 | 114,121 | 5,462 |
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| 20,751 | 152,744 | 44,285 |
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| Total assets |
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| 31,751 | 169,944 | 57,535 |
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| EQUITY AND LIABILITIES |
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| Equity |
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| Issued share capital |
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| 216,533 | 200,000 | 200,000 |
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| Unissued share capital |
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| 26,667 | - | 20,000 |
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| Share premium account |
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| 575,267 | 411,800 | 411,800 |
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| Reverse acquisition reserve |
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| (100,616) | (100,616) | (100,616) |
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| Retained losses |
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| (1,164,011) | (412,956) | (815,130) |
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| Total equity |
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| (446,160) | 98,228 | (283,946) |
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| Current liabilities |
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| Trade and other payables |
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| 390,482 | 59,145 | 241,481 |
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| Short term borrowings |
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| 100,000 | - | 100,000 |
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| Corporation tax |
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| (12,571) | 12,571 | - |
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| Total liabilities |
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| 477,911 | 71,716 | 341,481 |
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| Total equities and liabilities |
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| 31,751 | 169,944 | 57,535 |
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| CONSOLIDATED CASH FLOW STATEMENT |
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| For the Six Months Ended 31 March 2010 |
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| 6 ME 31/03/10 (Unaudited) | 8 ME 31/03/09 (Unaudited) | 14 ME 30/09/09 (Audited) |
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| Cash flow from operating activities |
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| Profit/(Loss) before taxation |
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| (348,882) | (521,479) | (936,465) | ||
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| Adjusted for: |
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| Finance revenue |
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| (6) | (890) | - | |
| Depreciation |
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| 2,250 | 2,500 | 4,750 | |
| Charge in respect of share based payments |
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| - | 26,887 | 26,887 | ||||
| Decrease in inventories |
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| - | 56,643 | 58,643 | ||
| Increase in trade and other receivables |
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| 19,735 | (30,655) | (28,927) | |||
| Decrease in trade and other payables |
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| 149,002 | (78,042) | 204,293 | |||
| Corporation Tax |
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| (12,571) | - | - | |
| Unissued share capital |
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| 6,667 | - | 20,000 | ||
| Cash absorbed by operations |
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| (183,805) | (545,036) | (650,819) | |||
| Finance costs |
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| - | - | (656) | |
| Finance revenue |
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| 6 | 890 | 898 | |
| Income tax paid |
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| - | - | (3,928) | |
| Net cash outflow from operating activities |
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| (183,799) | (544,146) | (654,505) | ||||
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| Cash flows from investing activities |
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| Purchase of intangible fixed assets |
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| - | (1,700) | - | |||
| Purchase of property, plant and equipment |
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| - | (6,000) | (6,000) | ||||
| Purchase of subsidiary undertakings |
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| - | (100,620) | (620) | |||
| Net cash outflow from investing activities |
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| 0 | (108,320) | (6,620) | ||||
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| Cash flows from financing activities |
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| Proceeds from issue of shares |
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| 180,000 | 550,000 | 550,000 | ||
| Shares issued for acquisition of subsidiary undertaking |
| - | 100,000 | - | |||||
| Expenses of share issues |
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| - | (38,200) | (38,200) | ||
| Net cash used in financing activities |
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| 180,000 | 611,800 | 511,800 | ||||
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| Net decrease in cash and cash equivalents |
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| (3,799) | (40,666) | (149,325) | ||||
| Cash and cash equivalents at start of period |
| 5,462 | 154,787 | 154,787 | |||||
| Cash and cash equivalents at end of period |
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| 1,663 | 114,121 | 5,462 | ||||
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.
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| 6 ME 31/03/10 |
| The weighted average number of shares were; |
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| Weighted average number of ordinary shares |
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| 211,789,318 | ||||
| Effect of outstanding options shares |
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| 40,816 | |||
| Deferred consideration to be settled in shares |
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| - | ||||
| Adjusted weighted average number of ordinary shares |
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| 211,830,134 | |||||
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| Basic loss per share |
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| (0.16)p | |
| Diluted loss per share |
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| (0.16)p | ||
In the period ended 31 March 2010, 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) The financial information shown for the six month period ended 31 March 2010 and the eight month period ended 31 March 2009 has not been audited or reviewed by the auditors, or extracted from audited information. The financial statement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
4) The directors have not declared a dividend for the period ended 31 March 2010.
This statement was approved by the Board of Directors on 29 June 2010. Copies of this statement will be available free of charge from the Company's Registered Office at 11-15 William Road, London, NW1 3ER and the Company's website.
The directors of JSJS Designs plc accept responsibility for this announcement.