Innovision is a 'technology solutions provider'. The group basically develops electronics-related technologies and applications for commercialisation. It then licenses the technology to clients who manufacture products utilising Innovision's applications.The company floated in April, after its year end, raising £9.3m net. For the year to 31 March, pre-tax profits came in lower at £355,000 (£653,000) on sales lifted 21% to £2.3m. Profits were curtailed by some heavy investment, with staff numbers boosted by 46% and research and development spend leaping 49% to £404,000. Seventeen new patents were applied for during the year and the company developed a silicon chip, 'Scout', which can be powered by touch. In addition, Innovision signed a technology agreement with the Defence Evaluation and Research Agency (DERA) in which it will use its commercialisation skills to exploit DERA's intellectual property. Chairman Barton Clarke explained that 'the foundations of our next stage of growth were firmly laid during the year'. The cash raised on flotation will be spent on the group's technology portfolio and to 'exploit technology partnerships' such as the one with DERA. At 121.5p, the company is fully valued.