Toumaz sees small decline in full year revenue

16th Jan 2013 13:23

Toumaz, which develops low cost, ultra-low power wireless technology, said Wednesday that its full year loss before interest, tax, depreciation and amortisation (BITDA) has risen on broadly flat revenues.The BITDA loss for the 12-month period will be in the region of £10.9m (2011: £6.1m), with an increase in costs resulting from higher investment in new chip development, one-off costs of acquiring Frontier Silicon and increased marketing spend to stimulate DAB demand in Germany. Full year revenues came in at £22.3m, compared to £24.8m in 2011 (excluding non-recurring revenues in 2011). On a statutory basis revenues for 2012 will be in the region of £8.5m.The company expects its cash levels at the end of the period to be no less than £15.2m. Anthony Sethill, Chief Executive, said: "With our market leading position in wireless radio chips, our focus is now on investment in new chip development across our core business units, healthcare (including sport and fitness), digital radio and network audio. "We continue to prove and roll-out our SensiumVitals healthcare monitoring system. This will be updated with the Sensium 2 integrated circuit which conforms to the latest industry standards for body area networks, as well as Bluetooth Smart. "The digital radio business will also benefit from a new range of highly-integrated, lower-cost and multi standard chips combining Toumaz and Frontier technologies, and in network audio, a new Bluetooth connected audio module will address the growing demand in the wireless audio connectivity space. "These research and development projects will strengthen and update our product range, ensuring we maintain our market position and are expected to bring significant revenue growth from 2015."The share price fell 14% to 5.38p by 13:38.NR