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re: next stage business vision Company Strategy
VSL sales fell 9% against the pcp in H104 to $64.6m and NPAT fell 41.6% to $4.8m as the effects of the rising Australian dollar impacted slightly rising local currency revenues. While not strong compared to the pcp, the result showed signs of improvement compared to H203. VSL operates three divisions comprising the core manufacturing and marketing Vision Fire and Security (VF&S) and Vision Biosystems businesses and the development engine of the group, Invetech. VF&S manufactures and markets early warning fire detection systems marketed under the VESDA brand and sophisticated video based surveillance and security systems marketed under the ADPRO brand. The emerging Biosystems business, combined with the newly acquired Novocastra Laboratories, is a provider of automated pathology instruments and reagents used in the detection of diseases such as cancer. Focus in the last few years has been the development of the Vision Biosystems instrument business and new product projects in VF&S. R&D of about $100m has been expensed in that time, with the majority of spending being funded from internal cash flow and the sale of VSLs interest in TTP Communications Plc in 2002. There is little net debt in the balance sheet. R&D expenditure should decline to about 15% of sales (down from 30%) going forward.
Company Details
Vision Systems Limited
Trading Status: Trading
Former Names: Vision Systems Limited (VSS), 09/11/1999.
ACN:008 050 093
Chairman:William Beischer
MD:James Fox


495 Blackburn Rd
Mount Waverley,VIC 3149


Tel:(03) 9211 7000
Fax:(03) 9211 7001
http://www.vsl.com.au


Dividend Reinvestment? Yes



Shareholder discounts: No

Investor relations phone:(03) 9265 8888


Principal Registry:
Name: ASX Perpetual Registrars Limited
Level 4, 333 Collins St
Melbourne, VIC 3000
Telephone: (03) 9205 4999
Fax: (03) 9615 9900
Internet: www.asxperpetual.com.au/index.asp
Email: [email protected]


Auditors: PricewaterhouseCoopers
Banker: NAB
Solicitor: Minter Ellison