Smart Identity PLC

July 08, 2009 02:00 ET

Final Results


                                            Smart Identity PLC

                                              FINAL RESULTS
                                     FOR THE YEAR ENDED 31 MARCH 2009

The Board of Smart Identity PLC ("SMARTiD" or "the Company"), the software
development company that specialises in Identity Management Solutions, is
pleased to announce its final audited results for the twelve-month period to 31 March 2009.


* Turnover increased by 5% to £440,930 (2008: £421,425);
* Cash reserves up to £1,119,364 (2008 £1,014,366);
* EPS 0.37p (2008 1.02p);
* Operating profit down to £886 (2008: £87,378);

Commenting on the results, Scott Fletcher, Chairman of SMARTiD, said: "The Company has continued its
programme of investment in Sales and Product Development whilst maintaining a well capitalised balance
sheet. New products have been developed and a highly experienced Managing Director, Dave Nicholls, has 
been recruited to drive the strategy forward."

                                                  - ENDS -

The Directors of the Issuer accept responsibility for this announcement

Smart Identity PLC                          TEL: 0161 227 1000
Scott Fletcher, Chairman

Rivington Street Corporate Finance          TEL: 0207 562 3389
Leo Godsall / Monisha Varadan

MC2 (Manchester) Ltd                        TEL: 0161 236 1352
Claire Tennant


I am pleased to announce a solid set of results for the year ended 31 March 2009. The Company has invested
heavily in Sales and Product Development, most notably with the development of the SMARTiD Locator product.

We have a clear product strategy established, and have segmented our routes to market, focusing on NHS and
commercial sectors. As a result we have closely aligned our proposition with each sector's business goals,
which has resulted in continued success within the NHS and gradual notable progress in the commercial

Pilot projects in the emergency services sector, namely in police services, have also started to gain

To assist in the implementation of the product strategy and drive business growth we have appointed a
number of significant new channel partners to sell SMARTiD products and increase exposure to potential end


Significant progress has been made in the continual development of both existing and new products.

SMARTiD Locator enables an organisation to easily locate its valuable assets and key members of staff. The
results include increased levels of efficiency from staff not having to waste time locating the people and
tools required to fulfil their daily tasks. It also removes the costs associated with replacing expensive
equipment which is deemed 'lost' when, in actual fact, it cannot be located.

SMARTAD enables an organisation to ensure it has accurate information on its staff. An increasing number of
IT systems (such as VOIP telephone systems) are using the data in Active Directory as their primary source
of information. It is essential, therefore, that the data contained in the directory is accurate and up to

Door Entry
SMARTiD Physical Access is a solution which brings together Logical (Computer Access) and Physical (Door
Entry) Access into one solution. This provides an organisation with the benefit of administering both types
of access from one source whilst at the same time increasing security levels.


Despite 2008's turnover being enhanced by the receipt of a significant  £150,000 one-off order from North
Mersey Health Informatics Service, turnover in 2009 has continued to grow by 5% to £440,930. Recurring
revenues have also continued to rise and now stand at almost £260,000.

Overheads have risen by 32% due to the appointment of our new Managing Director and increased staff numbers
in the development team. The intellectual property payment to ANS Group PLC accounts for the second largest
overhead and is now fully paid so no further costs will be incurred.

An overall increase in costs has led to a fall in operating profit to £886. Profit before tax has also
fallen to £58,582 from £107,429 in 2008.

The cash has increased to £1,119,365 from £1,014,366 in 2008 and the balance sheet remains well capitalised
with no debt.


As announced in our interim statement, we will continue to invest in Sales and Product Development over the
coming months, which will result in a further increase in the cost base. This will put Smart iD in a strong
position to take advantage of any upturn in the economy whilst maintaining the integrity of the long-term
business plan.

The current state of the market has led to a decrease in valuations of complementary and competitor
businesses and the Board will continue to look for suitable acquisitions to further strengthen our position
in the market.

Scott Fletcher
Smart Identity PLC

Smart ID is a software development company specialising in Single Sign-On and Unified Communications
solutions. Operating within both the private and public sectors, it offers innovative software solutions in
four main areas:

* Single Sign-On
* Password Self-Service
* Location Tracking Solutions
* Solutions to link to the Government Gateway

Based at the Daresbury Innovation Centre, the company is partnered with leading technology solutions
specialists, ANS Group, Salford Software, SCC, Systems Group and Insight, allowing Smart ID to offer an
unrivalled level of expertise and capabilities in the multifaceted technology industry.

AUDITED  PROFIT AND LOSS ACCOUNT                                                     
YEAR ENDED 31ST MARCH 2009                                                           
                                                                         2009         2008
                                                                           £            £
Turnover                                                                 440,930     421,425
Cost of sales                                                             19,294      16,375

                                                                         -------     -------     
Gross profit                                                             421,636     405,050
Administrative expenses                                                  420,750     317,672

                                                                         -------     -------     
Operating profit                                                             886      87,378
Interest receivable and similar income                                    57,966      20,051

                                                                         -------     -------     
Profit on ordinary activities before taxation                             58,852     107,429
Tax on profit on ordinary activities                                      12,362      21,413
                                                                         -------     -------    
Profit for the financial year                                             46,490      86,016
                                                                         =======     =======          
Earnings per ordinary share                                                 0.37        1.02
Diluted earnings per ordinary share                                         0.35        0.96

AUDITED  BALANCE SHEET                                                               
31ST MARCH 2009                                                                      
                                                                          2009        2008
                                                                            £           £
Fixed assets                                                                             
Tangible assets                                                          10,647       1,209
Current assets                                                                     
Debtors                                                                 110,100     118,519
Cash at bank                                                          1,119,364   1,014,366
                                                                      ---------   ---------                
                                                                      1,229,464   1,132,885
Creditors: amounts falling due within one year                        (300,165)   (258,680)
                                                                      ---------   ---------          
Net current assets                                                      929,299     874,205
                                                                      ---------   ---------
                                                                      ---------   ---------
Total assets less current liabilities                                   939,946     875,414
                                                                      =========   =========             
Capital and Reserves                                                               
Called up share capital                                                 125,000     125,000
Share premium account                                                   648,353     648,353
Equity reserve                                                           31,659      13,617
Profit and loss account                                                 134,934      88,444

                                                                      ---------   ---------        
Shareholders' funds                                                     939,946     875,414
                                                                      =========   =========             

1.      The financial information set out in this announcement does not constitute statutory accounts.
        This financial information has been extracted from the audited full accounts of the Company.

2.      The  financial  statements  are prepared in accordance with applicable  United  Kingdom  
        Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

3.      The directors do not recommend the payment of a dividend.


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