Source: ID Data
ID Data (AIM:IDD), the provider of secure, card-based transaction systems and services to the retail, government, bank and financial sectors, today reports its interim results for the six months ended 30 September 2005.
Highlights:
- Pre-tax loss more than halved to £1.2 million on turnover of £6.6 million
- Gross profit margin improved sharply to 6.2% from 1.35%
- Operating loss reduced to £1.0 million compared to £1.6 million last year
- Exceptional loss of £0.3 million in respect of UK rationalisation matched by an exceptional gain of £0.3 million on plant transferred to our manufacturing JV in Poland
- Balance sheet strengthened by £7.7 million from share issues and loan note conversion, with additional £1 million raised in October from share placement with Fidelity
- Strategy has focused on selling higher margin full card services and intellectual property, combined with the implementation of major fixed cost reductions
- The Polish manufacturing joint venture went live ahead of schedule
- The CardBASE Technologies business that was acquired last year achieved its first ever six month profit
- Second half is expected to show continued performance improvement