I-design losses widen
Nov 26, 2009
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Despite saying back in October that full year results would be in line with expectations, the results of cash machine advertising specialist i-design still appeared to catch the market on the hop.
The shares plunged as the company declared a loss before tax of £1.11m for the year to 30 September, a deterioration from the loss of £0.54m the year before.
Revenue rose 14% to £2.37m from £2.07m, though the company had lower software revenues than the year before, which resulted in gross profit sliding to £0.47m from £0.8m in 2008.
'Financially, the Group's cash position is healthy, with negligible borrowings,' said chairman Jim Faulds. Net cash and cash equivalents at the company's year end was £1.7m, up from £1.6m the year before. Outstanding borrowings at the end of September was £0.03m, down from £0.05m the year before.
The company does not pay dividends.
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