Cutting edge sound systems drive sales for FeONIC
SOUND specialist FeONIC has seen a leap in half-year turnover as it moves from developing its innovative products to selling them worldwide.
The Hull-based audio technology company which makes products which can turn virtually any surface into an audio speaker, saw turnover for the six months to January 31 increase to more than the sales total for the previous 12 months.
Those growing sales helped the firm reduce its losses to £40,711 during the six months compared to £188,448 for the same period the previous year.
Chairman Brenda Hopkins said that the period saw FeONIC, which is listed on the Plus junior stock market, complete its investment in its F-Series product range and its production line and start selling it in the UK.
The F-Drive is an invisible audio sound system which is capable of turning almost any surface into a high quality loud speaker.
It can be used to create anything from surround sound in home stereo systems to improving the audio quality of airport and train station announcements.
FeONIC expects to bring in new developments for the F-Series, including wireless capability, later this year, along with a higher quality Soundbug product – which can turn a number of surfaces into a loudspeaker when connected with a device such as an MP3 player.
It said it had seen repeat sales of its products from newly appointed distributors and agents in Japan, Australia, Hungary and Brazil since last September and the first product sales through its associated company FeONIC SEA in Singapore, which is distributing products in Malaysia, Indonesia, Vietnam and the Philippines.
Mrs Hopkins said: “Despite the difficult global market conditions as a result of the credit crisis, the board anticipates the continuance of repeat and contracted sales in the second half of the financial year and the anticipation that sales will continue to exceed operating overhead. This excess is anticipated to enable an increased budget for marketing and communications.
“The board nevertheless remains confident that it can continue growing the company’s revenue whilst at the same time ensuring operating overheads do not
exceed sales revenue,” she added.
FeONIC was formed as a spin-out from Hull University in 1994.
The company – formerly Newlands Scientific – floated on OFEX in August 1999 raising just under £1m.
The company also developed the pioneering Whispering Window which uses glass panes as speakers and has been used by top retail chains including Marks & Spencer and John Lewis to attract customers.
