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JSJS Designs PLC (JSJS)

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Thursday 30 June, 2011

JSJS Designs PLC

Half Yearly Report

RNS Number : 3919J
JSJS Designs PLC
30 June 2011
 



JSJS DESIGNS PLC

("JSJS" or "the Company")

 

INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2011

 

JSJS (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 2010 to 31 March 2011.

 

Key Points

 

-     Three year licensing agreement with Electrium Sales Ltd, a subsidiary of Siemens AG;

-     Further interest stemming from Protocol LightWaveRF; and

-     Group loss of £358,867 (2010: Loss £348,882).

 

I am pleased to report that your company has made good progress in the first six months of the year and up to the date of this announcement.

 

The announcement in early May of the long awaited signing of a three year licensing agreement with Electrium Sales Ltd ("Electrium"), a subsidiary of Siemens AG, will see Electrium resell the JSJS product range, under the Siemens brand, exclusively into the Kingfisher Group of companies. 

 

In addition to the agreement with Electrium, there is further interest stemming from other buyers in the applications of our Protocol LightWaveRF™. It is encouraging to note that there are niche industries, which would welcome the protocol to control devices with the level of sophistication that we can deliver through sequencing using remote computers and Smartphones.

 

Development of new smart technology products continues unabated and we look forward to updating the market on these items in due course.

 

We have, for the first time, attended several trade and consumer exhibitions and the interest in the product range, coupled with the energy efficiencies of the individual products through our LightWaveRF™ technology, gives me much confidence in the future roll out.

 

In the Company's 2010 Final Results, the Board stated that JSJS had engaged its broker, SVS Securities Plc ("SVS"), to undertake a placing.  Throughout the Company's marketing roadshow, there has been a high level of interest shown in a proposed placing, however, not at the desired premium level to the market price per share that the Company was seeking. It is the Board's opinion that the current share price does not reflect the Company's value and they are not currently minded to issue further equity at a level which would dilute all existing shareholder interests.  The Board is now considering alternative methods of funding for the purpose of further product development and working capital requirements.

 

We have also recently moved our offices to The Birmingham Science Park Aston, Faraday Wharf, Holt Street, Birmingham B7 4BB and have built room sets to demonstrate how products actually work. Accordingly, our Registered Office has been changed to this address.

 

Financial Review

 

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 2010 to 31 March 2011. The Group loss from operations for the period was £358,867 (2010: Loss £348,882) and the basic loss per share for the period amounted to 0.142p. (2010: loss per share 0.16p).

 

Outlook

 

The Company has many sales avenues to explore and the challenge will be to convert them into firm contracts as soon as possible.  The agreement with Electrium is highly significant in the corporate history of JSJS and we expect to see the financial benefits starting to come through in the second half of this year.

 

Mike Lord

Chairman

 



 

CONSOLIDATED INCOME STATEMENT







For the Six Months Ended 31 March 2011










Note

6 Months 31/03/11 (Unaudited)


6 Months 31/03/10 (Unaudited)


Year Ended 30/09/10 (Audited)





£


£


£

TURNOVER



 2,116,416


 -  


 443,854

Cost of sales



(2,045,019)


 -  


(440,328)

GROSS PROFIT



 71,397


 -  


 3,526










Other income



 -  


 75,000


 75,000





 71,397


 75,000


 78,526

Administrative expenses


(424,929)


(423,888)


(923,550)

LOSS FROM OPERATIONS


(353,532)


(348,888)


(845,024)

Net Finance (Expense)/Revenue



(5,335)


 6


(8,099)

LOSS BEFORE INCOME TAX


(358,867)


(348,882)


(853,123)

Income tax credit



 -


 -


 27,518

RETAINED LOSS FOR THE PERIOD


(358,867)


(348,882)


(825,605)










Basic loss per share


1

(0.00142)


(0.00165)


(0.00365)










Diluted loss per share

1

(0.00142)


(0.00165)


(0.00365)

 



 

CONSOLIDATED BALANCE SHEET


6 Months 31/03/11 (Unaudited)


6 Months 31/03/10 (Unaudited)


Year Ended 30/09/10 (Audited)

As at 31 March 2011















£


£


£

ASSETS









Non-current assets







Intangible assets



 -  


 -


 -

Property, plant and equipment


 8,750


 11,000


 11,375





 8,750


 11,000


 11,375

Current assets








Inventories



 73,474


 -


 -  

Trade and other receivables


 71,827


 19,088


 465,698

Cash and cash equivalents


 260,650


 1,663


 139,927





 405,951


 20,751


 605,625










Total assets



 414,701


 31,751


 617,000










EQUITY AND LIABILITIES







Equity









Issued share capital



 255,233


 216,533


 252,533

Unissued share capital


 -  


 26,667


 50,000

Share premium account


 1,191,567


 575,267


 1,149,267

Reverse acquisition reserve


(100,616)


(100,616)


(100,616)

Retained losses



(1,999,601)


(1,164,011)


(1,640,735)

Total equity



(653,417)


(446,160)


(289,551)










Current liabilities







Trade and other payables


 1,068,118


 390,482


 806,551

Short term borrowings


 -  


 100,000


 100,000

Corporation tax



 -  


(12,571)


 -

Total liabilities



 1,068,118


 477,911


 906,551










Total equities and liabilities


 414,701


 31,751


 617,000










 



 

CONSOLIDATED CASH FLOW STATEMENT

6 Months 31/03/11 (Unaudited)


6 Months 31/03/10 (Unaudited)


Year Ended 30/09/10 (Audited)

For the Six Months Ended 31 March 2011













£


£


£

Cash flow from operating activities







Profit/(Loss) before taxation



(353,532)


(348,882)


(920,025)










Adjusted for:








Finance (Expense)/Revenue





(6)


 -

Depreciation




 2,625


 2,250


 4,875

(Increase)/Decrease in inventories


(73,474)


 -


 -  

(Increase)/Decrease in trade and other receivables

 393,871


 19,735


(426,875)

Increase/(Decrease) in trade and other payables

 261,569


 149,002


 565,070

EFG Loan Repayment



(100,000)


 -  


 -  

Corporation Tax



 -  


(12,571)


 -  

Unissued share capital



(50,000)


 6,667


 30,000

Cash absorbed by operations


 81,059


(183,805)


(746,955)

Finance costs




(5,348)


 -


(8,131)

Other Operational Income





 6


 75,000

Income Tax Set-Off/(Paid)



 -


 -


 27,518

Net cash outflow from operating activities

 75,711


(183,799)


(652,568)










Cash flows from investing activities







Purchase of property, plant and equipment


 -  


 -  


(3,000)

Finance Revenue



 12


 -  


 33

Net cash outflow from investing activities

 12


 -  


(2,967)










Cash flows from financing activities







Proceeds from issue of shares



 45,000


 180,000


 790,000

Expenses of share issues



 -  


 -


 -  

Net cash used in financing activities


 45,000


 180,000


 790,000










Net decrease in cash and cash equivalents

 120,723


(3,799)


 134,465

Cash and cash equivalents at start of period

 139,927


 5,462


 5,462

Cash and cash equivalents at end of period

 260,650


 1,663


 139,927

 



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 Months 31/03/11 (Unaudited)


6 Months 31/03/10 (Unaudited)


Year Ended 30/09/10 (Audited)






















The weighted average number of shares were;






Weighted average number of ordinary shares


253,311,721


211,789,318


225,752,511

Effect of outstanding options shares


208,955


40,816


726,790

Deferred consideration to be settled in shares


-


-


-

Adjusted weighted average number of ordinary shares

253,520,677


211,830,134


226,479,301










Basic loss per share



(0.00142)


(0.00165)


(0.00365)

Diluted loss per share



(0.00142)


(0.00165)


(0.00365)

 

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 2011 and the six month period ended 31 March 2010 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 2011.

 

This statement was approved by the Board of Directors on 29 June 2011.  Copies of this statement will be available free of charge from the Company's Registered Office at The Birmingham Science Park Aston, Faraday Wharf, Holt Street, Birmingham B7 4BB 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
 
END
 
 
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