We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
The Market Age | LSE:TMA | London | Ordinary Share | GB0009256867 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7529Z Market Age PLC 15 June 2004 Independent International Investment Research PLC (formerly The Market Age plc) Chairman and Chief Executive's review Highlights * Revenues up by #189K (78%) * Operating overheads down by #401K (36%) * EBITDA break-even (on a month by month basis) achieved in February * Re-branding complete * Positive signs from Bloomberg and FXCM relationships * Encouraging indications for equities research activity Chairman and Chief Executive's Review I am pleased to report on a year in which the Company has made much progress. Since publication of the Report and Accounts for 2003 and the Interim report for 2004. Financial Results Despite the substantial draw on management time over the year required by the re-organisation of Group finances, a focus on new business opportunities and continued attention to the cost base has generated substantial improvements in our performance. Turnover for the year to February 29, 2004 was #430K (2003: #241K). Operating loss for the year to February 29, 2004 was #386K (2003: #980K). Furthermore the net cash outflow in the year to February 29, 2004 was down to #25K (2003: #415K). The Balance Sheet has been strengthened through an agreement with the Group's loan note holders to reduce the amount due to them from #704K to #70K, in exchange for the transfer to them of some Ordinary Shares. The consolidated Balance Sheet deficiency as at February 29, 2004 was #19K (2003: #310K) and group net debt was #104K (2003: #718K). Operations I reported last time on good progress towards increasing revenues from key customers, and I was pleased to announce subsequently in February 2004 the first of a number of expected contract "wins" with a major global participant in the foreign exchange markets. Together with this client, we have designed and implemented a new level of service, "Pronet Premium", which provides all of the clients' sales and trading staff (and soon, selected customers as well) with access to a dedicated team of Pronet's expert FX analysts. In this way, the client is effectively out-sourcing its technical research requirement, to Pronet. The Group can accommodate a further two such clients before engaging any significant additional costs, and negotiations and sales discussions are underway. The impact of new revenues from this first Pronet Premium client is minimal during the year to February 29 2004 since it includes only two months of fees. Most of the benefit will be seen during the current financial year. I also reported last time that we have signed a contract with FXCM, one of the leading on-line currency transactions firms, who are offering their clients the facility of having their discretionary accounts managed according to trading strategies originated by Pronet. Work is still in progress to roll out the facility widely, and revenues generated so far are not significant but early indications were sufficiently positive for FXCM and Pronet to agree in April 2004 an extension of the collaboration to include Greater China and SE Asia. I reported last time that we had negotiated a variation to the exclusivity provision in the terms of contract for the supply of the TradeSmith service to our original client, releasing us from an exclusivity provision in the contract. We have commenced discussion with a major banking group who are evaluating the service with a view to sharing revenues with us. Finally, I indicated last time that the Group had received an approach from a major market data provider wishing to carry our service to its clients. I was pleased to subsequently report that we have signed agreements with Bloomberg LP and completed the initial implementation work. The Group anticipates that this will lead to new business revenues during the second half. Independent Financial Markets Research Ltd ("IFMR") During the year, WTV (Media) Ltd changed its name to properly reflect the core activity of the company. In late 2002, the New York Attorney General Elliot Spitzer, together with the SEC and NASD, announced an agreed settlement of conflict of interest charges against ten major broker-dealer firms (investment banks). As part of the settlement these ten firms alone are obligated to spend $432.5 million during the next five years to buy independent equities research which they will provide to their retail clients. This settlement is referred to as "the Global Research Analysts Settlement". Product development has continued in close association with key figures involved in implementation of the Global Research Analyst Settlement, and the market for this service has been fundamentally changed - for the better - by these events in the United States. Your board believes that the effect of the Settlement will impact on the industry generally and that many firms will need to embrace its provisions by supplying independent research to clients. Over time, this development is likely to cross the Atlantic and take hold in European investment banking culture as well. This effectively creates a new, enlarged market for independent research. IFMR is now reaching the final, but critical, stage in defining a substantial list of global companies on which it will provide research coverage for broker-dealers (investment banks) that fall both within and outside the Settlement. The Group has a key competitive advantage in supplying non-US company research coverage to the US investment community: through its Pronet unit, the Group has expertise to provide currency analysis so that investors can properly consider the risk (or opportunity) of buying and selling shares which are not denominated in US$. Current indications of our prospects in securing substantial contracts are positive, however the success of this activity depends upon final selection of the Group as a supplier. The Group expects to make a further announcement in due course. Staffing and other costs The continued operation of the group during a difficult year has been achieved largely through a very tight control over costs. The necessary reductions in staff levels were made during the previous year and the transformation of the Group's cost base was completed in September 2003 with a move to more affordable premises. As a result, the monthly run rate of costs (excluding depreciation and interest) was only #45,000 by February 2004, marginally below the gross profit earned being earned from revenues at that point. Post-balance sheet events In April 2004, The Smith Trust (which is the main shareholder) made a loan of #60,000 to the Group in order to redeem short term loan facilities, to provide working capital and a capacity to deal with unforecast expenses. Protection of intellectual property In our Trading Statement issued on 6 April 2004, it was noted that Google Inc. were intending to launch a service by the name of Gmail, and that the Group has had a similar service since 2002. The Group has been working together with a firm of London based solicitors with a highly regarded Intellectual Property department, and has recently written to the founding directors of Google on the subject. We await a response. Shane Smith Chairman 15 June 2004 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 29 FEBRUARY 2004 2004 2003 Notes # 000's # 000's Turnover 430 241 Cost of sales (115) (119) Gross profit 315 122 Administrative expenses (701) (1,102) Operating loss (386) (980) Gain on sale of intellectual property - 62 Gain on deemed disposal of part interest in subsidiary - 159 Loss on ordinary activities before interest (386) (759) Interest receivable and similar income 18 6 Interest payable and similar charges (5) (45) Loss on ordinary activities before taxation (373) (798) Tax on loss on ordinary activities - 124 Loss on ordinary activities after taxation (373) (674) Extraordinary item 2 663 - Minority interests 1 28 Profit/(Loss) for the financial year 291 (646) Loss per share - basic and diluted 1 2.4p 4.1p The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no recognized gains and losses other than those passing through the profit and loss account. BALANCE SHEET AS AT 29 FEBRUARY 2004 Group Group 2004 2003 Fixed assets Tangible assets 248 511 Investments - - 248 511 Current assets Debtors 111 96 Cash at bank and in hand 19 44 130 140 Creditors: amounts falling due within one year (294) (230) Net current (liabilities) (164) (90) Total assets less current liabilities 84 421 Creditors: amounts falling due after more than one year (103) (731) (19) (310) Capital and reserves Called up share capital 175 174 Share premium account 4,262 4,262 Other reserves 1,085 1,085 Profit and loss account (5,541) (5,832) Shareholders' funds - equity interests (19) (311) Minority interests - 1 (19) (310) CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2004 2004 2003 #000's #000's #000's #000's Net cash inflow/(outflow) from operating activities (43) (895) Returns on investments and servicing of finance Interest received 18 6 Interest paid (5) (45) Net cash inflow (outflow) from returns on investments and 13 (39) servicing of finance Taxation - 245 Capital expenditure and financial investment Payments to acquire tangible assets (3) (10) Receipts from sales of intangible assets - 62 Receipts from sales of tangible assets 13 2 Receipts from sales of investments - 188 Net cash inflow from capital expenditure 10 242 Net cash outflow before management of liquid resources (20) (447) and financing Financing New long term bank loan 25 50 Repayment of long term bank loan (19) (7) Capital element of hire purchase contracts (11) (11) Net cash inflow (outflow) from financing (5) 32 (Decrease)/increase in cash in the year (25) (415) Notes to the Preliminary Announcement for the Year Ended 29 February 2004 1. Profit/(Loss) per share The loss per share is based on the loss before Extraordinary Items of #273,000 (2003 - #646,000) and on 15,734,377 ordinary shares (2003 - 15,743,377) being the shares in issue excluding those owned by the Monument Trust Company Limited. The basic loss per share and the fully diluted loss per share are identical because the exercise of the share option would reduce the loss per share and is therefore anti-dilutive. 2. Extraordinary Item Following a resolution passed at a meeting of the Loan Note Holders on 2 December 2003, the terms of the loan note were varied with the effect of reducing the face value of the loan note from #703,890 to #70,389, with interest deferred for three years. In consideration of this 90% reduction in loan note value the Loan Note Holders have agreed to accept one Ordinary Share in the Company for every #4 of loan notes held. This restructuring, together with certain other creditors waiving their debts in consideration of shares being transferred to them, resulted in an extraordinary credit to the profit and loss account of #663k. 3. Basis of Preparation The financial information set out in this announcement does not constitute the company's statutory financial statements within the meaning of section 240 of the Companies Act 1985, for the years ended 29 February 2004 or 28 February 2003. The statutory financial statements for the year ended 29 February 2004 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's Annual General Meeting. The results for the year ended 28 February 2003 have been extracted from the full accounts for that year which have been delivered to the Registrar of Companies on which the auditors have given an unqualified report and which do not contain a statement under sections 237(2) or (3) of the Companies Act 1985. This announcement is prepared on the basis of the accounting policies as stated in the previous year's financial statements. 4. Availability of Announcement Copies of this announcement are available to members of the general public from the company's Registered Office at 30 City Business Centre, St. Olav's Court, London SE16 2XB. This information is provided by RNS The company news service from the London Stock Exchange END FR ZGGMVNDNGDZM
1 Year The Market Age Chart |
1 Month The Market Age Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions