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ID Data halves H1 losses

23 November 2005  |  2175 views  |  0 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

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