Vocalis Group PLC - Interim Results
23 November 1998 - 6:32PM
UK Regulatory
RNS No 233q
VOCALIS GROUP PLC
24th November 1998
VOCALIS GROUP PLC ("Vocalis" or the "Group")
INTERIM RESULTS
FOR THE SIX MONTHS TO 30 SEPTEMBER 1998
Vocalis, the speech recognition telephony company,
announces today its interim results for the six months to
30 September 1998.
Key Points:
* Increase in turnover up 33% to #1.3m (1997: #1m)
* Loss before tax of #1m (1997: #1.5m)
* Loss per share of 3.22p (1997: loss of 4.64p)
* Cash #2.5m
* New letter of intent for #2.5m order this year
The order book is currently #748k, with a letter of
intent received for a further #2.5m
Commenting on the results and future prospects:
"Vocalis continues to be a leading name in the global
speech recognition industry and our products are
delivering service to customers across all continents.
The directors continue to have confidence in the
fundamental worth and growth potential of your company."
Roy Cotterill, Chairman
For further information:
Charles Halle, CEO, Vocalis Group plc Tom Moriarty
Tel: 0171 600 2288 (on 24 November Tavistock Communications
1998) Limited
01223 846177 Tel: 0171 600 2288
Mike Styles
Credit Lyonnais Securities
Tel: 0171 214 5786
CHAIRMAN'S STATEMENT
Progress in the period
In the half year to 30 September 1998, sales were
#1,342,000, a 33% increase on the same period last year
(1997 #1,005,000). The operating loss was #1,139,000
(1997 loss #1,560,000) and the loss before tax was
#1,050,000 (1997 loss #1,490,000). The loss per share
was 3.22 pence (1997 4.64 pence).
Operating costs have been carefully controlled during the
period, ensuring that the resources of your company have
been wisely deployed. Cash balances at the end of the
period were #2,540,000.
Since the end of the reporting period, business has
increased and our order book currently stands at
#748,000. Additionally, Ericsson Telecom AB has provided
a letter of intent to Vocalis for a further major order,
valued in excess of #2.5m, to be delivered in the current
financial year.
Most importantly, Vocalis has continued to develop
expertise, skills and professionalism; this was
acknowledged recently by the award of ISO 9001
accreditation.
Sales of "SPEECHtel", our core product over the past
year, have been slower than we had hoped although, in the
main, prospective orders have been delayed rather than
lost. As an "Intelligent Peripheral", SPEECHtel is
dependent on the existence of global sales of Intelligent
Networks which have been less than forecast,
disappointing many of the world's leading
telecommunications infrastructure vendors. However, we
know that a number of leading network providers are
pursuing business cases for Intelligent Network
development, and there is good reason to expect this
market to advance again. We will continue to focus
strongly on these prospects.
Product review
In our Annual Report for 1998, we emphasised that there
were many enticing opportunities before us and that we
would select those which best fit our skills and
technology, while offering the potential for the highest
return on investment. In pursuing this strategy, we have
launched three new products that are attracting keen
interest in the marketplace.
"SpeechWare" is our brand for licensing Vocalis' core
speech recognition technology to other component
providers or systems integrators. Two market dominant
component players, Dialogic and Natural Microsystems,
have both signed partnership agreements with Vocalis.
"ENtelAgent" is our new branding for enterprise, or
corporate, solutions. Underpinned by successful
development work in a range of European Union projects,
several prospects are in active discussion. These will
build on our existing core of corporate call centre
customers, such as Abbey National, Anglian Water and
Yorkshire Electricity.
"SpeecHTML" is a novel product concept that has caught
the imagination of the press and a range of potential
partners. In summary, the product enables telephone
conversations - rather than keyboard interactions - with
web sites. SpeecHTML offers tremendous opportunities and
will be trialled with one of the largest Internet Service
Providers during the next few months.
Prospects
As I indicated in a statement issued in October, revenue
continues to be contingent on a small number of high
value orders, demonstrated by the recent letter of intent
from Ericsson. However, our product and distribution
strategies address the need to widen our business base.
Vocalis continues to be a leading name in the global
speech recognition industry and our products are
delivering service to customers across all continents.
The directors continue to have confidence in the
fundamental worth and growth potential of your company.
As our society demands improved technology at an ever
increasing pace, the potential for speech driven
solutions, replacing the relentless button pressing
needed to scroll through tone based system menus, is
truly unlimited.
Roy Cotterill
Chairman
24 November 1998
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months to 30 September 1998
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30.09.98 30.09.97 31.03.98
Note #000 #000 #000
Turnover 1,342 1,005 6,232
Cost of Sales (661) (496) (2,226)
Gross Profit 681 509 4,006
Other operating (1,820) (2,069) (4,063)
expenses
Operating Loss (1,139) (1,560) (57)
Investment income (bank interest) 89 70 129
(Loss) profit
on ordinary
activities
before tax
for the period (1,050) (1,490) 72
Taxation - - (40)
(Loss) profit on ordinary activities
after tax and retained (loss)
profit for (1,050) (1,490) 32
the period
(Loss) earnings 2 (3.22) (4.64) 0.10
per share -
pence
The accompanying notes form an integral part of this consolidated financial
information.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months to 30 September 1998
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30.09.98 30.09.97 31.03.98
#000 #000 #000
(Loss) profit (1,050) (1,490) 32
for the period
Gain on foreign
currency
translation 7 0 15
Total
recognised (1,043) (1,490) 47
(losses)
gains for the
period
CONSOLIDATED BALANCE SHEET
as at 30 September 1998
Unaudited Unaudited Audited
as at as at as at
30.09.98 30.09.97 31.03.98
#000 #000 #000
Fixed Assets
Intangible assets 117 - 126
Tangible assets 617 419 562
734 419 688
Current assets
Stock 299 438 408
Debtors 522 1,236 1,597
Short term cash
deposits 2,250 1,300 2,300
Cash at bank and
in hand 290 297 520
3,361 3,271 4,825
Creditors:
amounts falling (1,458) (1,806) (1,983)
due within one
year
Net current assets 1,903 1,465 2,842
Total assets
less 2,637 1,884 3,530
current
liabilities
Creditors:
amounts falling (152) - (55)
due
after one year
Net assets 2,485 1,884 3,475
Capital and reserves
Called up share capital 1,638 1,605 1,622
Share premium account 4,224 4,150 4,187
Other reserves 1,070 1,070 1,070
Profit and loss account (4,447) (4,941) (3,404)
Shareholders'
funds - equity interests 2,485 1,884 3,475
The accompanying notes form an integral part of this consolidated
financial information
CONSOLIDATED CASH FLOW STATEMENT
for the six months to 30 September 1998
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30.09.98 30.09.97 31.03.98
#000 #000 #000
Operating loss (1139) (1560) (57)
Depreciation charge 114 87 202
Amortisation charge 25 - 12
Decrease in stock 137 41 61
Decrease (increase) in debtors 1075 (638) (1000)
(Decrease) increase in creditors (575) 787 946
Net cash
(outflow) (363) (1,283) 164
inflow from
operating
activities
Returns on
investments
and
servicing of
finance
- interest received 89 70 129
- interest paid (3) - -
Capital
expenditure
and
financial
investment
purchase of tangible fixed assets (200) (91) (346)
purchase of intangible fixed - - (138)
assets
Cash outflow before
management of liquid
resources and financing (477) (1,304) (191)
Management of liquid resources
Decrease in short term deposit 50 1,400 400
Financing
New finance lease 144 - 55
Issue of ordinary shares 53 - 54
Net cash inflow from financing 197 - 109
(Decrease)
increase in cash (230) 96 318
in the period
The accompanying notes form an integral part of this consolidated
financial information.
NOTES TO THE INTERIM RESULTS
1 Basis of preparation
The foregoing financial information does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985.
The financial information for the six months ended 30 September 1998
is unaudited and has been prepared in accordance with the accounting
policies set out in the Annual Report for the year ended 31 March
1998. The financial information for the six months ended 30 September
1997 is also unaudited.
The financial information for the full preceding year is based on the
statutory accounts for the financial year ended 31 March 1998. Those
accounts, upon which the auditors issued an unqualified opinion, have
been delivered to the Registrar of Companies.
2 Loss/earnings per share
Loss/earnings per share is based on the loss/profit for the period
after tax divided by the weighted average number of equity shares
ranking for dividend in the period.
3 Circulation to shareholders
A copy of this report will be circulated to shareholders and copies
will be available on application to the company's registered office up
to 30 June 1999.
END
IR FCNCNFDDDNDB
Vision OP China (LSE:VOC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vision OP China (LSE:VOC)
Historical Stock Chart
From Jul 2023 to Jul 2024
