Interim Results
27 Settembre 2005 - 2:15PM
UK Regulatory
RNS Number:8133R
CMS WebView PLC
27 September 2005
RNS Release
27 September 2005
Interim results for the six months ended 30 June 2005
CMS WebView plc, a leading provider of systems and software for real time data
distribution and management, announces interim results for the six months ended
30 June 2005.
Financial and business highlights:
*Turnover up 10% to #485,000 (H1 2004: #442,000)
*Losses before taxation reduced by 63% to #287,000 (H1 2004: #778,000
loss)
*Net cash position of #1,086,000 as at 30 June 2005
*Awarded a further contract from the CBOT to enhance its market data feed,
developed using CMS's TDI system
*Migrated internal processes to a TDI platform, reducing CMS costs and
enhancing the TDI Feed product
*Submitted proposals to organisations that would benefit from using CMS's
browser-based price reporting product PriceView
*Discussions underway with a number of larger organisations regarding
strategic partnership opportunities
Keppel Simpson, Chairman, said:
"It is encouraging to report that we have met our key strategic objectives which
were to reduce fixed costs substantially, while continuing to maintain a
high-quality service to clients. Moreover, we have been able to continue
developing our technology, as well as seeking new markets for our products,
including PriceView.
"Moving forward the Board is keen to exploit more fully the inherent value in
CMS's technology and products. In recent weeks, we have contacted a number of
larger organisations involved in market data distribution and processing.
Together we are discussing strategic partnership opportunities with the
objective of enhancing sales for TDI and our other products."
Enquiries:
Bob Antell (Chief Executive) Neil Boom/Rosemary Acfield
CMS WebView plc Gresham PR Ltd.
020 7744 7722 020 7404 9000
A diagram showing the typical use of TDI in organisations including major
exchanges, quote vendors and real-time data users can be found on
www.cms.co.uk/results/diagram
Chairman's statement
Results
It is three months since shareholders received my last statement that
accompanied the 2004 full-year results. In that statement I outlined a number of
cost cutting initiatives that were being implemented following the outcome of a
strategic review first reported in April 2005.
My last statement included estimates on the effect the cost cutting measures
would have on the Company's finances, as well as our ability to continue to
serve clients while still investing in our products.
I can report that the interim results covering the six-month period ended 30
June 2005 met our projections. We were able to increase turnover, which over the
period rose 10% to #485,000 (2004: #442,000), while substantially reducing losses,
which were dramatically lower at (#287,000), a reduction of 63% from (#778,000).
Business Review
The Company continued to supply and maintain mission-critical TDI systems to
futures exchanges, in particular the Chicago Board of Trade (CBOT). The CBOT and
the Chicago Mercantile Exchange, another CMS client, are the largest futures
exchanges in North America. Both exchanges use TDI as an essential software
system to collect, process and distribute their real-time data to many thousands
of users in countries around the world.
Another important aspect of our business is our own use of TDI. We use TDI
internally to collect futures and options data from key exchanges, which is then
sold as wholesale feeds to global clients. All of the Company's data feed
clients have now been successfully migrated to the TDI Feed product. The move
to a shared TDI software platform means we have enhanced and improved the
Feed, while also reducing CMS's fixed costs.
We are also pleased that we were awarded a further contract from the CBOT. This
contract is to enhance its market data feed which was developed using the
Company's TDI system. The latest contract follows the CBOT's decision to
upgrade its LIFFE CONNECT electronic trading platform to incorporate a range of
new trading types and data fields. It is a project involving members of CMS's
full-time development and technical project management staff. We are
particularly encouraged to be winning new projects from the CBOT, having first
established a business relationship in April 2003 when CMS was commissioned to
install its software as part of a much larger data infrastructure project. We
believe our continuing relationship is a strong endorsement of the quality of
services and support CMS has provided.
Following the start of a project to market more actively PriceView, the
Company's entry-level browser-based price reporting product, proposals have now
been submitted to a number of organisations that would benefit from using
PriceView but under their own brand.
Outlook
It is encouraging to report that we have met our key strategic objectives which
were to reduce fixed costs substantially, while continuing to maintain a
high-quality service to clients. Moreover, we have been able to continue
developing our technology, as well as seeking new markets for our products,
including PriceView.
Moving forward the Board is keen to exploit more fully the inherent value in
CMS's technology and products. In recent weeks, we have contacted a number of
larger organisations involved in market data distribution and processing.
Together we are discussing strategic partnership opportunities with the
objective of enhancing sales for TDI and our other products.
Keppel Simpson
Chairman
27 September 2005
Consolidated Profit and Loss Account
for the six months ended 30 June 2005
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2005 30 June 2004 31 December 2004
#'000 #'000 #'000
Turnover 485 442 839
Cost of sales 419 541 1,097
------------ ------------ -------------
Gross profit/(loss) 66 (99) (258)
Business development and
marketing 53 250 641
Administrative expenses 323 479 882
------------ ------------ -------------
Operating loss (310) (828) (1,781)
Interest receivable 23 50 88
------------ ------------ -------------
Loss on ordinary
activities before taxation (287) (778) (1,693)
Taxation - - -
------------ ------------ -------------
Loss on ordinary
activities after taxation (287) (778) (1,693)
Dividends - equity - - -
------------ ------------ -------------
Loss for the period (287) (778) (1,693)
============ =========== =============
Earnings per share (p) (0.359) (0.973) (2.116)
Dividends per share (p) - - -
There are no recognised gains or losses other than those as set out above.
Turnover is wholly derived from continuing activities.
The basis of calculation of Earnings per Share is set out in note 2.
Consolidated Balance Sheet
as at 30 June 2005
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2005 30 June 2004 31 December 2004
#'000 #'000 #'000
Fixed assets
Intangible assets - 29 14
Tangible assets 37 68 55
------------ ------------ --------------
37 97 69
Current assets
Debtors 150 246 147
Cash at bank and in hand 1,086 2,222 1,461
------------ ------------ --------------
1,236 2,468 1,608
Creditors: amounts
falling due within one
year 332 422 449
------------ ------------ --------------
Net current assets 904 2,046 1,159
------------ ------------ --------------
Total assets less current
liabilities 941 2,143 1,228
============ ============ =============
Capital and reserves
Called up share capital 160 160 160
Share premium account 4,615 4,615 4,615
Profit and loss account (3,834) (2,632) (3,547)
------------- ------------- -------------
Shareholders' funds 941 2,143 1,228
============= ============= =============
Consolidated Cash Flow Statement
for the six months ended 30 June 2005
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2005 30 June 2004 31 December 2004
#'000 #'000 #'000
Net cash outflow from
operating activities (396) (952) (1,905)
Returns on investments
and servicing of finance
Interest received 23 50 88
Taxation - 9 9
Capital expenditure and
financial investment
Purchase of tangible fixed
assets (2) (45) (60)
------------ ------------ --------------
Net cash flow from
capital expenditure and
financial investment (2) (45) (60)
Equity dividends paid - - -
Financing
Issue of ordinary shares - - -
Expenses paid in
connection with share issue - (169) -
------------ ------------ --------------
Net cash flow from
financing - (169) -
------------ ------------ --------------
Decrease in cash (375) (1,107) (1,868)
============ =========== =============
Notes to the Interim Statements
1. Preparation of the interim financial information
The financial information for each of the 6 month periods ended 30 June 2005 and
30 June 2004 is unaudited and does not constitute statutory accounts within the
meaning of the Companies Act 1985. It has been prepared using accounting
policies consistent with those set out in the accounts for the year ended 31
December 2004.
The financial information for the year ended 31 December 2004 has been extracted
from the group's statutory accounts for that year which contained an unqualified
audit report and which have been filed with the Registrar of Companies.
2. Earnings per share calculation
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2005 30 June 2004 31 December 2004
Loss attributable to equity
shareholders (#'000) (287) (778) (1,693)
Ordinary shares in issue
during the period (number) 80,000,000 80,000,000 80,000,000
------------ ------------ -------------
Earnings per share (p) (0.359) (0.973) (2.116)
============ ============ =============
3. Dividend
The Directors do not intend to recommend the payment of any dividends until they
consider it to be commercially prudent to do so, having regard to the need to
retain sufficient funds to finance the development of the group's activities
both organically and potentially by acquisition.
4. Reconciliation of operating loss to net cash flow from operating activities
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2005 30 June 2004 31 December 2004
#'000 #'000 #'000
Operating loss (310) (828) (1,781)
Depreciation 20 27 55
Amortisation of IT
Development costs 14 14 29
(Increase)/decrease in
debtors (3) (20) 79
(Decrease)/increase in
creditors (117) (145) (287)
------------ ----------- -------------
Net cash outflow
from operating
activities (396) (952) (1,905)
============ =========== =============
5. Reconciliation of net cash flow to movement in net funds
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2005 30 June 2004 31 December 2004
#'000 #'000 #'000
Decrease in cash in the
period (375) (1,107) (1,868)
Net cash at 1 January 1,461 3,329 3,329
------------ ----------- ------------
Net funds at end of
period 1,086 2,222 1,461
============ =========== ============
This information is provided by RNS
The company news service from the London Stock Exchange
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