JSJS Designs have today announced their half year results for the six month period ending 31st March 2013.
Commenting, Mike Lord, Chairman and CEO said:
“This has been a formative six months for the business with significant progress on our base revenues, improvements in trading margins and a real focus on right-sizing the administrative costs in the business. This together with significant customer acquisition of big brands, positions the company for further improvements in the second half and to set an expectation of profitability in FY2014″.
The full report can be read all over the Internet including here:
My accounting skills are rusty, but that does not look promising. Looks like they are in quite a bit of debt and revenues are down. I am concerned about the company going bankrupt and having no replacement parts in the future. Hope I am wrong though.
Any company who can go to the open market and raise £500K cannot be all bad. Plus B&Q, Screwfix and Maplin would not have signed up to sell from a company that was going under. If they do go under, Siemens are likely to pick up the pieces as they have a licencing agreement. The bigger concern would be the Servers (100K users!); no servers, no remote access using the official channels.2 WiFi, 2 sockets, 11 light switches (7 single, 4 double), 2 mood controllers, 1 double wire free switch, 6 plug in on/off, 3 plug in dimmer, 2 PIR, 2 LED, 1 300W Inline relay, 2 signal booster, 1 Energy Monitor and 1 very patient wife. Also Heatmiser's Neo, Ring Bell, Ring Camera, Nest Protect, Canary...
I’m surprised the revenue numbers aren’t higher. Approx £1m annual t/o with 10,000 active users shows average £100 per head spend. Given the wifi link is £70 ish, that shows on average, customers aren’t buying a lot else.
I think there is a lot of potential there as they are good products. Boost the average spend per head and dial in some additional paid for concierge app purchases, (I’d pay for intelligent sequences and better apps) and you could easily treble these numbers.Lightwave switches, sockets, PIRs, contact sensors, LED strips & relays. Running on RaspberryPi with Domoticz to incorporate RF temperature sensors & IP cams. Still running WiFi link alongside!
Isn’t £1m income though? i.e. Sales – Expenses? Obviously it costs to manufacture the kit so that will need to come out of the pot or is that the cost of sales figure that is quoted.
Also, the 10K active users will not all be new users. I bought my kit some time ago so one assumes I am one of those users, but my sales won’t be reflected in the year end revenue. If there were concierge services available, these would be more interesting figures.
Yes they are in debt, but lots of companies are in debt and continue to trade. It’s all about managed debt isn’t it. Providing your debt is managed, you are solvent. Do you own a house? Do you have a mortgage on that house? Is the bank banging on your door threatening bankruptcy or are you paying them on schedule? (Hypothetically of course, I’m not asking you to publish your mortgage details )
No, the £476k 6 months revenue is headline Sales only. The Cost of Sales includes all the production costs of the units sold.
I was assuming that the Wifi link is relatively new so that the majority of the 10k users were at least in the last year. The debt isn’t of concern – you’d be more worried about cash generation which is currently negative.
I’m still confident that this is a good bet though!!Lightwave switches, sockets, PIRs, contact sensors, LED strips & relays. Running on RaspberryPi with Domoticz to incorporate RF temperature sensors & IP cams. Still running WiFi link alongside!
Yes, I’m not overly worried by silly things like servers. I understand they are hosted on Amazon EC2 and if JSJS went under, the Siemens product line loses a lot of its appeal too so I suspect they would end up taking it over (or they could throw it out to the community like they did their forum )
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