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JSJS Designs PLC (JSJS)

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Wednesday 30 June, 2010

JSJS Designs PLC

Half Yearly Report

RNS Number : 4579O
JSJS Designs PLC
30 June 2010
 



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:




JSJS Designs Plc

www.jsjsdesigns.com

John Shermer, CEO

+44 (0) 1902 500 562 



WH Ireland Limited

www.wh-ireland.co.uk

Mike Coe / Marc Davies

+44 (0) 117 945 3470



SVS Securities Plc

www.svssecurities.com

Ian Callaway / Alexander Mattey

+44 (0) 20 7638 5600



 

 

 

CONSOLIDATED INCOME STATEMENT






For the Six Months Ended 31 March 2010












Note

6 ME 31/03/10 (Unaudited)

8 ME 31/03/09 (Unaudited)

14 ME 30/09/09 (Audited)








£

£

£

REVENUE






-

111,155

157,519

Cost of sales






-

(68,026)

(105,871)

GROSS PROFIT






-

43,129

51,648

Other income









Research and development fees




75,000

-

-








75,000

43,129

51,648

Administrative expenses





(423,888)

(371,249)

(793,864)

One-off listing costs





-

(167,362)

(167,362)

Charge in respect of share based payments



-

(26,887)

(26,887)

LOSS FROM OPERATIONS





(348,888)

(522,369)

(936,465)

Finance revenue






6

890

242

LOSS BEFORE INCOME TAX




(348,882)

(521,479)

(936,223)

Income tax credit






-

-

26,500

RETAINED LOSS FOR THE PERIOD




(348,882)

(521,479)

(909,723)











Basic loss per share





1

(0.16)

(0.36)

(0.54)











Diluted loss per share




1

(0.16)

(0.35)

(0.53)

 



 

CONSOLIDATED BALANCE SHEET







 

As at 31 March 2010








 








As at 31/03/10 (Unaudited)

As at 31/03/09 (Unaudited)

As at 30/09/09 (Audited)

 








£

£

£

 

ASSETS










 

Non-current assets








 

Intangible assets






-

1,700

-

 

Property, plant and equipment





11,000

15,500

13,250

 








11,000

17,200

13,250

 

Current assets









 

Inventories






-

2,000

-

 

Trade and other receivables





19,088

36,623

38,823

 

Cash and cash equivalents





1,663

114,121

5,462

 








20,751

152,744

44,285

 

Total assets






31,751

169,944

57,535

 

EQUITY AND LIABILITIES








 

Equity










 

Issued share capital






216,533

200,000

200,000

 

Unissued share capital





26,667

-

20,000

 

Share premium account





575,267

411,800

411,800

 

Reverse acquisition reserve





(100,616)

(100,616)

(100,616)

 

Retained losses






(1,164,011)

(412,956)

(815,130)

 

Total equity






(446,160)

98,228

(283,946)

 

Current liabilities








 

Trade and other payables





390,482

59,145

241,481

 

Short term borrowings





100,000

-

100,000

 

Corporation tax






(12,571)

12,571

-

 

Total liabilities






477,911

71,716

341,481

 











Total equities and liabilities




31,751

169,944

57,535

 



 

CONSOLIDATED CASH FLOW STATEMENT






For the Six Months Ended 31 March 2010













6 ME 31/03/10 (Unaudited)

8 ME 31/03/09 (Unaudited)

14 ME 30/09/09 (Audited)








£

£

£

Cash flow from operating activities






Profit/(Loss) before taxation





(348,882)

(521,479)

(936,465)











Adjusted for:









Finance revenue






(6)

(890)

-

Depreciation






2,250

2,500

4,750

Charge in respect of share based payments



-

26,887

26,887

Decrease in inventories





-

56,643

58,643

Increase in trade and other receivables




19,735

(30,655)

(28,927)

Decrease in trade and other payables




149,002

(78,042)

204,293

Corporation Tax






(12,571)

-

-

Unissued share capital





6,667

-

20,000

Cash absorbed by operations




(183,805)

(545,036)

(650,819)

Finance costs






-

-

(656)

Finance revenue






6

890

898

Income tax paid






-

-

(3,928)

Net cash outflow from operating activities



(183,799)

(544,146)

(654,505)











Cash flows from investing activities






Purchase of intangible fixed assets




-

(1,700)

-

Purchase of property, plant and equipment



-

(6,000)

(6,000)

Purchase of subsidiary undertakings




-

(100,620)

(620)

Net cash outflow from investing activities



0

(108,320)

(6,620)











Cash flows from financing activities






Proceeds from issue of shares





180,000

550,000

550,000

Shares issued for acquisition of subsidiary undertaking


-

100,000

-

Expenses of share issues





-

(38,200)

(38,200)

Net cash used in financing activities



180,000

611,800

511,800











Net decrease in cash and cash equivalents



(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



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.










6 ME 31/03/10

The weighted average number of shares were;






Weighted average number of ordinary shares





211,789,318

Effect of outstanding options shares






40,816

Deferred consideration to be settled in shares





-

Adjusted weighted average number of ordinary shares




211,830,134











Basic loss per share








(0.16)p

Diluted loss per share







(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.


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