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JSJS Designs PLC (JSJS)

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Friday 29 May, 2009

JSJS Designs PLC

Half Yearly Report

RNS Number : 9860S
JSJS Designs PLC
29 May 2009
 



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 appliancestoday 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 downturnthe 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





Note

Eight months

ended

31.03.09



(Unaudited)



£




REVENUE


111,155




Cost of sales


(68,026)



________




GROSS PROFIT


43,129




Administrative expenses


(331,869)

One-off listing costs


(167,362)



________




LOSS FROM OPERATIONS


(456,102)




Finance revenue


890



________




RETAINED LOSS FOR THE PERIOD


(455,212)



________







Basic loss per share

1

(0.31)p




Diluted loss per share

1

(0.31)p

 

 

CONSOLIDATED BALANCE SHEET

As at 31 March 2009



Note

As at

31.03.09



(Unaudited)



£

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 acquisition Reserve


(139,996)

Retained losses


(373,576)



________

Total equity


98,228

________




Current liabilities



Trade and other payables


59,145

Corporation Tax



12,571

_______

Total liabilities


71,716




________




Total equity and liabilities


169,944



________




 

 

CONSOLIDATED CASH FLOW STATEMENT

For The Eight Months Ended 31 March 2009

 



Eight months

ended

31.03.09



(Unaudited)



£

Cash flow from operating activities



Profit/(loss) before taxation


(455,212)




Adjusted for:



Finance 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 cash outflow 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 and cash equivalents at 31.03.09


114,121



________


 

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.




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 options shares


1,393,939


Deferred consideration to be settled in shares  


-




________






Adjusted weighted average number of ordinary shares


148,495,616




________






Basic loss per share


(0.31)p






Diluted loss per share


(0.31)p

 

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.


 









 





This information is provided by RNS
The company news service from the London Stock Exchange
 
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