News blog
i-design
- BY: Andrew Hore |
- POSTED: 11/07/2010 |
Cash machine advertising technology developer i-design is winning new contracts but is still some way from profitability.
A lack of software licence revenues and lower advertising sales revenues meant that overall group revenues dipped from £1.38m to £911,000 in the six months to March 2010. The licence deals in the US and South America will come through in the second half. If there are no new licence deals this year then revenues could be near to the £2.4m generated in 2008-09.
The interim loss increased from £368,000 to £660,000 but there was also a £153,000 tax rebate relating to R&D tax credits.
The new contracts will increase the cash machines using i-design’s technology from 5,600 to 9,100. The US contract with Cardtronics also covers 800 cash machines operated by Bank Machine in the UK. Cardtronics has many more cash machines so there is scope for widening the contract. The i-design management is still talking with UK banks but it is difficult to say when they will turn their minds to generating revenues from cash machines when they have other things to think about.
Net cash was £1.02m at the end of March 2010. There will continue to be a cash outflow in the second half. The company will still have cash at the end of September 2010 but if it does not start generating cash then it might have to raise more cash.
At 15.5p a share, i-design is valued at £2.19m.
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