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Kenetics

  • BY: Andrew Hore |
  • POSTED: 16/09/2009 |

Radio Frequency Identification (RFID) technology developer Kenetics more than doubled its interim turnover. 

The Singapore-based company increased turnover from £235,000 to £570,000 in the six months to June 2009 and reduced its loss from £289,000 to £203,000 even thoughthere was a loss on foreign exchange. The cash outflow was reduced.

Kenetics is progressing with two contracts from the Singapore Land Transport Authority. Field trials of a contactless smart card reader will start in the second half of 2009.

Net debt, including loans from directors, was £1.02m at the end of June 2009. Kenetics has net liabilities. Kenetics is talking to its advisers about raising more cash.

At 4.5p a share, Kenetics is valued at £1.19m.

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