Innovision loss

Innovision Research and Technology has reported a £2.2m loss in revenue following delays to major projects in the financial year ending 31 March 2009.

According to the Gloucestershire-based group, the economic downturn has significantly affected the semiconductor industry leading to a shortfall in development programmes and a delay in licence revenue.

The group’s overall revenue was considerably lower at £1.2m compared with £3.4m in the previous year. As a result the company experienced a £2.9m loss before tax compared with £2.1m a year earlier. Cash deposits were at £3.6m and net cash outflow was at £2m against £2.5m in 2008.

Despite the drop in revenue, the company said that it would continue to recruit new engineers on the back of recent contract wins and is hopeful of a strong year ahead.

Strategic advances in deploying its Near Field Communications (NFC) and its introduction into the Chinese market has placed the group in a promising position for 2010.