Business
Preliminary Results
Preliminary Results.
About this update from Kendrick Resources Plc
[{"type":"text","content":"\n RNS Number : 6602L Kenetics Group Limited 11 May 2010 \n \n\n11 May 2010\n \n \nKenetics Group Limited\n(\"Kenetics\", the \"Group\" or the \"Company\")\n \nPreliminary Unaudited Results for the year ended 31 December 2009\n \nKenetics Group Limited (AIM:KEN), the Radio Frequency Identification (\"RFID\") group focussed on security and RFID systems and products, announces its Preliminary Unaudited Results for the year ended 31 December 2009.\n \nHighlights\n \n· Consolidated revenue increased by 156% to £1,42 million (2008: £556,397)\n \n· Operating expenses increased by 49% to £1.71 million (2008: £1.15 million)\n \n· Pre-tax loss for the year decreased by 65% to £204,594 (2008: £590,741)\n \n· The Singapore Land Transport Authority (LTA) Contactless Smart Card Readers (\"CSC Readers\") have been successfully commissioned in the Mass Rapid Transit subway rail system.\n \n· The CSC Readers are already in commercial operation across 16 stations with mass roll-out to begin in the second half of 2010.\n \n· The CSC Readers are certified by FCC and CE bodies for sale in the US and European markets respectively\n \n· Development of the LTA On board Bus Equipment and wireless local area network has been completed. Trials are on-going and production units are targeted to go on commercial trials from the second half of 2010 and are expected to be completed by the 3rd quarter of 2010.\n \nCommenting on the results, Ken Wong, Chairman of Kenetics said:\n \n\"The Singapore LTA contracts have provided Kenetics with the opportunity to enter the Automated Fare Collection Systems market. Development work for the rail and bus systems has been successfully completed and these systems are undergoing commercial trials. The Contactless Smart Card Readers have been installed in 16 stations of the new Circle Line and are now in commercial operation. We are expecting the mass roll-out of these readers for the whole subway system to begin in the second half of the year. The On Board Bus Equipment (OBE) is now ready for commercial trials, which are expected to begin in the second half of the year. S...