Servision PLC Regulatory News (SEV)

30 Jun 2006 11:24

SerVision plc30 June 2006 SERVISION PLC FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005 I am pleased to announce the Company's audited results for the year to 31December 2005. Turnover for the period was US$1.88 million compared to US$1.04 Million for theprevious year. Trading for the first quarter of 2006 has demonstrated furthergrowth, with first quarter sales exceeding US$740,000 compared to US$406,000 forthe first quarter of 2005. During the year your Company successfully completed the development of its SVGseries products and made further strides in the development of its IVG and TVGseries products. During the last quarter of 2005, the first commercial installations of the IVGproduct were successfully made on some cash distribution vehicles in the UK.Other sales of the IVG product were achieved in continental Europe, where yourCompany sees considerable further growth potential. The IVG product won severalawards in security trade-shows during 2005 and the management of SerVisionbelieves that the IVG product is widely perceived in the security market as abest-of-breed product. The official launch and first successful installations of the new TVG seriesproducts (the HVG 200) during the first quarter of 2006, have also createdinterest among communications and security equipment distributors. Your Companyis currently cooperating with a large cellular provider in Israel fordistribution of the HVG product through its distributions channels. The Company is currently negotiating the signing of a number of majordistribution agreements for its SVG, IVG and HVG products. SerVision is gratified to note that its products were exhibited by three majorUS distributors at the recent ISC West security trade show in Las Vegas and wehave further learned that at the IFSEC show in the UK in May 2006, our productswere demonstrated by GE Security and initial orders were received. This month, the company has completed a US$1.53 million placing for cash toprovide working capital for the continuing operation and progress of thecompany. Both Non-Executive director, Chaim Levy and I participated in thisplacing. Your Board believes that SerVision has made steady progress towards achievingits goals and we hope to announce encouraging contract news in the near futureas the company is now well positioned going forward. On a personal note, I wouldlike to thank all of our dedicated staff for their loyalty and hard work overthe last year. Gidon TahanChairman and Chief Executive Officer29 June 2006 Copies of the accounts have been posted to shareholders today, 30 June 2006 and are also available from the offices of HB Corporate at 40 Marsh Wall, London, E14 9TP. SERVISION PLCCONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2005 2005 2004 Notes US$'000 US$'000 TURNOVER 1,2 1,882 1,041 Cost of sales (1,443) (815) ------------- -------------GROSS PROFIT 439 226 Administrative (3,026) (3,085)expensesOther income 1 - 242 ------------- -------------OPERATING LOSS 3 (2,587) (2,617) Interest payable andsimilar 6 (18) (179)charges ------------- -------------LOSS ON ORDINARYACTIVITIES BEFORE (2,605) (2,796)TAXATIONTax on loss on ordinary 7 - -activities ------------- -------------RETAINED LOSS (2,605) (2,796) ====== ====== LOSS PER SHAREBasic and diluted 17 (14.55c) (20.05c) ====== ====== All activities arose from continuing activities. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2005 2004 US$'000 US$'000 Loss for the financial year (2,605) (2,796)Exchange rate movements (488) (112) ------------- -------------Total recognised losses relating to (3,093) (2,908)the year ====== ====== SERVISION PLCCONSOLIDATED BALANCE SHEETAT 31 DECEMBER 2005 Notes 2005 2004 US$'000 US$'000 FIXED ASSETS Tangible assets 9 181 189 ------------ ------------CURRENT ASSETS Stock 11 601 613Debtors 12 269 662Cash at bank 231 2,386 ------------ ------------ 1,101 3,661CREDITORS: amountsfallingdue within one year 13 (1,446) (992) ------------ ------------NET CURRENT (LIABILITIES)/ (345) 2,669ASSETS ------------ ------------TOTAL ASSETS LESS CURRENT (164) 2,858LIABILITIES ====== ===== CAPITAL AND RESERVES Called up share capital 15 339 337Share premium account 16 5,241 5,172Merger reserve 16 1,979 1,979Profit and loss account 16 (7,723) (4,630) ------------- ----------EQUITY SHAREHOLDERS' (DEFICIT) (164) 2,858/FUNDS ====== ====== SERVISION PLCCONSOLIDATED CASH FLOW STATEMENTFOR THE YEAR ENDED 31 DECEMBER 2005 2005 2004 US$'000 US$'000 Operating loss (2,587) (2,617)Depreciation 64 40Decrease/(increase) in debtors 393 (323)Decrease/(increase) in stock 12 (536)(Decrease)/increase in creditors (117) 667 -------------- --------------CASH OUTFLOW FROM OPERATING (2,235) (2,769)ACTIVITIES RETURN ON INVESTMENT AND SERVICINGOF FINANCEInterest payable (18) (179) CAPITAL EXPENDITURE AND FINANCIALINVESTMENTPurchase of fixed assets (56) (118)Proceeds for the sale of fixed - 4assets -------------- --------------CASH OUTFLOW BEFORE FINANCING (2,309) (3,062) FINANCINGIssue of shares in Servision Plc(net of 71 5,278issue costs)Issue of shares in Servision Ltd - 161Net loans undertaken/(repaid) 302 (180) ------------- --------------(DECREASE)/INCREASE IN CASH IN THE (1,936) 2,197YEAR ====== ======RECONCILIATION OF NETCASH FLOW TO NETFUNDS/(DEBT) 2005 US$'000 Decrease in cash in theyear (1,936)Loans undertaken in theyear (302)Exchange differences (488) -------------Movement in net fundsin the year (2,726) Net funds at beginningof year 2,319 -------------Net debt at end of year (407) ====== ANALYSIS OF At 1 Cash Exchange At 31 DecemberCHANGES IN January 2005NET FUNDS/(DEBT) 2005 flows differences US$'000 US$'000 US$'000 US$'000 Cash at bankand in 2,386 (1,667) (488) 231handBank (67) (269) - (336)overdraft --------- ---------- --------- --------- 2,319 (1,936) (488) (105)Loans - (302) - (302) --------- ---------- --------- --------- 2,319 (2,238) (488) (407) ====== ====== ====== ====== This information is provided by RNS The company news service from the London Stock Exchange