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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cms Webview | LSE:CWV | London | Ordinary Share | GB0009580027 | ORD 0.2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:1555X
CMS WebView PLC
24 May 2007
RNS Release
24 May 2007
CMS WebView plc
Final results for the year ended 31 December 2006
Financial and business highlights:
* Turnover of #697,000 (2005: #934,000)
* Loss before tax of #399,000 (2005: loss of #553,000)
* Major cost cutting exercise completed
* Implemented new outsourced marketing and IT support model
* Successfully disposed of data sales operation to Tenfore Systems Ltd.
* Appointed David Hardy, former Chief Executive of LCH.Clearnet, as an
adviser to the Company
* Created 'clean' company structure
Keith Young, Chairman of CMS WebView plc, commented:
"Feedback from many of the meetings indicates that the new model may have the
potential to deliver future revenues, and that it would be sensible for CMS to
verify this possibility by continuing to meet potential TDI customers over the
short term.
"However, while TDI sales are being actively pursued, the board also recognises
that CMS's current cash position requires other corporate actions to be
considered at the same time. Acting in the best interests of shareholders, CMS
directors are open to corporate deal opportunities with companies that might
find significant value in CMS's 'clean' balance sheet and our proven TDI product
or in realising the value of CMS's intellectual property assets."
Enquiries, please contact:
Bob Antell Neil Boom
Chief Executive Gresham PR Ltd.
CMS WebView plc 020 7404 9000
020 7744 7722
William Vandyk
Blue Oar Securities
020 7448 4400
Chairman's statement
We made substantial changes to CMS in 2006, the most significant of which
followed a wholesale review of the business resulting in the outsourcing of our
sales, marketing and IT support functions to partner firms, the successful
disposal of our data sales operation, and the introduction of a new business
model for our lead software product TDI.
As a consequence of these changes, not only has CMS's fixed cost base been
substantially reduced but also a new corporate structure created that has the
flexibility to allow the board to consider a number of options.
In revenue terms, 2006 was disappointing, with no new client sales of our
wholly-owned TDI software solution being reported apart from an extension to its
licence to the CBOT. The performance should be taken in the context of the
company's transition to the new model during the year.
Results
I can report that turnover for the year ended 31 Dec 2006 fell by 25% to
#697,000 (2005: #934,000) while losses before taxation were reduced by 28% to
#399,000 compared with #553,000 in 2005. The fall in losses should be reviewed
in the context of all redundancy costs having already been incurred and that
overheads have been reduced going forward. The losses prior to redundancy costs
were #112,000. At the year end we had cash in the bank and in hand of #382,000
(2005: #844,000).
Business Review
CMS continued to market its wholly-owned TDI product to futures exchanges but
also repositioned TDI as a self-supported development tool that would appeal to
a broader range of organisations involved in financial data management.
As part of the new sales and marketing model, clients are offered individual
licences to the source code. By putting clients in charge of their own destiny,
we hope to have removed the concerns clients may have on being dependent on a
small supplier.
A thorough reorganisation of the sales and IT support functions was successfully
completed in the second half of 2006. We are pleased to report that all the
costs have been met associated with staff redundancies and delivering the new
marketing and business plans.
As previously reported in September 2006, our data sales business was disposed
to Tenfore. This was undertaken in a way to ensure a smooth client transfer
process.
In terms of ongoing TDI usage, the Chicago Board of Trade (CBOT), one of the
world's largest futures exchanges, continues to use TDI for the collection,
processing and distribution of its data.
Under a separate licence agreement the CBOT is also still using TDI for the
distribution of other North American exchanges (Minneapolis Grain Exchange,
Kansas City Board of Trade and the Winnipeg Commodity Exchange) in conjunction
with Dow Jones Indexes. This licence, which includes recurring revenues, was
further extended in 2006 to include the Joint Asian Derivatives Exchange (JADE),
a Singapore-based commodities joint venture between the CBOT and the Singapore
Exchange. JADE commenced operations in September.
In line with the reorganisation previously reported to shareholders, CMS and the
CBOT agreed that the support element of this contract be cancelled with effect
from 30 June 2006.
Outlook
This year, the board has focussed on reducing central costs to a minimum, while
maintaining an outsourced sales and IT support function with the potential to
maximise returns on the sizeable investment already made in TDI.
In terms of new TDI sales, to date, our sales partners have arranged more than
30 first appointments with the heads of IT and key data management at
appropriate financial data organisations.
At the meetings completed so far, CMS has presented how TDI's flexible modular
software could be 'bolted' into existing market data infrastructure, enabling
purchasers to process, distribute or archive live financial data with
significantly increased efficiency and at relatively low expense.
Although sales meetings are still ongoing, the board wishes to stress that no
new TDI sales have yet resulted. However, feedback from many of the meetings
indicates that the new model may have the potential to deliver future revenues,
and that it would be sensible for CMS to verify this possibility by continuing
to meet potential TDI customers over the short term.
However, while TDI sales are being actively pursued, the board also recognises
that CMS's current cash position requires other corporate actions to be
considered at the same time.
Acting in the best interests of shareholders, CMS directors are open to
corporate deal opportunities with companies that might find significant value in
CMS's 'clean' balance sheet and its proven TDI product or in realising the value
of CMS's intellectual property assets.
A further update will be made to shareholders at the AGM which is to be held on
28 June 2007.
Keith Young
Chairman
23 May 2007
Profit and Loss Account for the year ended 31 December 2006
Notes 2006 2005
#'000 #'000
Turnover 697 934
Cost of sales 323 744
------------------------- ------- ----------- -----------
Gross profit/(loss) 374 190
Business development and marketing 45 86
Administrative expenses 564 696
Redundancy costs 287 -
Income from disposal of data sales business 107 -
------------------------- ------- ----------- -----------
Operating loss (415) (592)
Interest receivable 16 39
------------------------- ------- ----------- -----------
Loss on ordinary activities before taxation (399) (553)
Taxation - -
------------------------- ------- ----------- -----------
Loss on ordinary activities after taxation (399) (553)
Dividends - equity - -
------------------------- ------- ----------- -----------
Retained loss for the year (399) (553)
------------------------- ------- ----------- -----------
Earnings per share (p) 1 (0.499) (0.691)
Dividends per share (p) - -
Turnover includes #147,000 which is derived from operations which have been sold
or terminated during the year.
Statement of total recognised gains and losses
Notes 2006 2005
#'000 #'000
Loss for the financial year (399) (553)
Prior year adjustment (11) -
------------------------- ------- ----------- -----------
Total recognised gains and losses since last
financial statements (410) (553)
------------------------- ------- ----------- -----------
Balance Sheet as at 31 December 2006
Notes 2006 2005
#'000 #'000
Fixed assets
Intangible assets - -
Tangible assets - 24
Investments - -
------------------------- ------- ----------- -----------
- 24
Current assets
Debtors 15 125
Cash at bank and in hand 382 844
------------------------- ------- ----------- -----------
397 969
Creditors: amounts falling due within one 116 313
year
------------------------- ------- ----------- -----------
Net current assets 281 656
------------------------- ------- ----------- -----------
Total assets less current liabilities 281 680
------------------------- ------- ----------- -----------
Capital and reserves
Called up share capital 160 160
Share premium account 4,615 4,615
Share option reserve 11 11
Profit and loss account (4,505) (4,106)
------------------------- ------- ----------- -----------
Shareholders' funds 2 281 680
------------------------- ------- ----------- -----------
Approved and signed on behalf of the Board on 23 May 2007.
K Young
R E Antell
Cash Flow Statement for the year ended 31 December 2006
Notes 2006 2005
#'000 #'000
Net cash outflow from operating activities 3 (483) (654)
Returns on investments and servicing of
finance
Interest received 16 39
Taxation - -
Capital expenditure and financial investment
Purchase of intangible fixed assets - -
Purchase of tangible fixed assets - (2)
Proceeds of sale of tangible fixed assets 5 -
------------------------- ------- ------------ ---------
Net cash flow from capital expenditure and
financial - (2)
investment
Equity dividends paid - -
------------------------- ------- ------------ ---------
Financing
Issue of ordinary shares - -
------------------------- ------- ------------ ---------
Net cash flow from financing - -
------------------------- ------- ------------ ---------
Decrease in cash 4 (462) (617)
------------------------- ------- ------------ ---------
Notes to the final results for the year ended 31 December 2006
1. Earnings per share
2006 2005
Weighted average number of shares in issue during
the year and used to calculate:
Loss attributable to equity shareholders (#'000) (399) (553)
Ordinary shares in issue during the year 80,000,000 80,000,000
Earnings per share (p) (0.499) (0.691)
------------------------ ---------- ----------
2. Reconciliation of moments in shareholders' funds
2006 2005
#'000 #'000
Loss for the financial year (399) (542)
Ordinary dividends - -
New share capital issued - -
Net premium on shares issued - -
--------------------- ------------ ---------
Net reductions from shareholders' funds (399) (542)
Shareholders' funds at the start of the year 680 1,228
--------------------- ------------ ---------
Shareholders' funds at the end of the year 281 680
--------------------- ------------ ---------
3. Reconciliation of operating loss to net cash flow from operating activities
2006 2005
#'000 #'000
Operating loss (415) (592)
Depreciation 19 33
Amortisation of IT Development costs - 14
Profit on sale of investments - -
Decrease in debtors 110 22
Decrease in creditors (197) (142)
Share option charge - 11
------------------------- ------------ ---------
Net cash outflow from operating activities (483) (654)
------------------------- ------------ ---------
4. Reconciliation of net cash flow to movement in net funds
2006 2005
#'000 #'000
Decrease in cash in the year (462) (617)
Net cash at 1 January 844 1,461
---------------------- ------------ ---------
Net cash at 31 December 382 844
---------------------- ------------ ---------
5. Copies of the Report and Accounts for the year ended 31 December 2006 will be
sent to shareholders in due course and will be available from Blue Oar
Securities, 30 Old Broad Street, London EC2N 1HT.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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