29th May 2009 07:00
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 appliances, today 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 downturn, the 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 |
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(Unaudited) |
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|
£ |
||
|
REVENUE |
111,155 |
|
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Cost of sales |
(68,026) |
|
|
________ |
||
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GROSS PROFIT |
43,129 |
|
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Administrative expenses |
(331,869) |
|
|
One-off listing costs |
(167,362) |
|
|
________ |
||
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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) |
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|
£ |
||
|
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 |
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Equity |
||
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Issued share capital |
200,000 |
|
|
Share premium account |
411,800 |
|
|
Reverse acquisition Reserve |
(139,996) |
|
|
Retained losses |
(373,576) |
|
|
________ |
||
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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) |
|
|
________ |
||
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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.
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