From Meridian Financial Statement: (For the period ended 31 May 2016)

Business review:

Following the successful divestment of non-core activities in die previous year the business continued to implement its commercial strategy of focussing on business growth with hi-fidelity audio equipment and technology licensing.
To this end die business successfully recruited into its commercial teams in both the UK & die USA, launched a new Design & Specification Service for use by trade partners and made significant investment in its UK audio visual demonstration facilities.

Whilst the underlying market place for premium audio hardware remains very competitive the Group managed to post year on year growth in hardware sales of 7%.

Opportunities in the hardware sector continue to ends' and the Group will look to achieve growth by continuing to invest strongly in engineering and new product development in order to deliver innovative solutions and valued services, combined with investment in the commercial teams, to ensure the business
supports its trade partners to successfully specify, sell and install the companys product.

Revenue generation from Automotive & IP licensing contracts was down on last year which was driven by die managed exit from a key software licensing contract and a period of technology crossover between old and new infotainment platforms used by a key automotive customer. The business worked closely with its key customer on this transition and is now in a stronger position to grow. The business will continue to invest in order to provide a compelling automotive offering both in terms of technology and key customer support.

Other Income during the year consisted of property rental income & business service fees £360,000 (£519,000). There was no sale of Intellectual Property during the year (prior year £13.5m).

The business continues to invest significantly in research & development in order to create new technologies that can be commercialised at some future point. All research & development costs incurred throughout the year have been charged to the profit and loss account.

Key performance indicators
Financial
1 Turnover and gross margins are key measures of the group's performance. Sales for the period were £89 m (2015 - £1 0.1m or £8.8m excluding revenue from divested licensing business).

Gross margin was 45 % (201 5 - 50.0% or 43% excluding revenue from divested licensing business).

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