We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| 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 |
Hot Features
Premium
RNS Number:4547J
CMS WebView PLC
26 September 2006
RNS Release
26 September 2006
CMS WebView plc
Interim results for the six months ended 30 June 2006
Financial and business highlights:
* Turnover of #306,000 (2005: #485,000)
* Losses before tax of #569,000 (2005: (#287,000))
* Major cost reduction programme implemented
* Successful disposal of data sales operation to Tenfore Systems Ltd in May
* New marketing model for TDI
Keith Young, Chairman of CMS WebView plc, commented:
"It is four months since shareholders received the Chairman's statement that
accompanied the 2005 full-year results. In that Statement a number of key
actions were outlined aimed at cutting costs and maximising returns from
investment in our proprietary TDITM software system. I am pleased to report that
the clear majority of the actions have now been fully implemented. This has
resulted in the Company operating with substantially reduced overheads and able
to progress a new marketing strategy for TDITM. Having achieved a major
corporate restructuring, we are now also well positioned to explore other
business opportunities."
Enquiries, please contact:
Bob Antell Neil Boom
Chief Executive Gresham PR Ltd.
CMS WebView plc 020 7404 9000
020 7744 7722
Justin Lewis
Corporate Synergy Plc
020 7448 4400
Chairman's statement
It is four months since shareholders received the Chairman's statement that
accompanied the 2005 full-year results. In that Statement a number of key
actions were outlined aimed at cutting costs and maximising returns from
investment in our proprietary TDITM software system. I am pleased to report that
the clear majority of the actions have now been fully implemented. This has
resulted in the Company operating with substantially reduced overheads and able
to progress a new marketing strategy for TDITM. Having achieved a major
corporate restructuring, we are now also well positioned to explore other
business opportunities.
Results
I can report that for the six-month period ended 30 June 2006, CMS had turnover
of #306,000 (2005: #485,000) and pre-tax losses of #569,000 (2005: #287,000).
While the losses are significant, we calculate that #268,000 were one-off costs
relating to rationalisation. During this period we were also in the process of
serving out notice on certain cancelled supplier contracts, therefore the full
extent of the savings will not come into effect until the second half of the
year.
Business Review
The Company continued to supply and maintain its wholly-owned TDITM system to
futures exchanges in their mission-critical business applications, in particular
the Chicago Board of Trade (CBOT), which is one of the largest future exchanges
in the world.
As previously reported to shareholders, CMS and CBOT agreed that the support
element of this contract be cancelled with effect from the 30 June 2006.
The CBOT continues to use TDITM under an agreed separate licence arrangement
with CMS for the distribution of data from other organisations on a bureau-type
basis. This includes three other North American exchanges (MGE, KCBT and the
WCE) and, as described in the outlook section, we had expected at this time to
be able to report an extension to include JADE, the CBOT's new Singapore joint
venture. The CBOT also uses TDITM for the distribution of Dow Jones Indexes.
A key development during the review period was the identification of a purchaser
for the data sales part of our business. The disposal of this part of our
operation to Tenfore Systems Ltd was completed in May and we are pleased to
report that the transfer of CMS data sales clients to Tenfore has proceeded
smoothly. Under the client transfer process Tenfore is to operate a TDITM based
ticker plant under licence from CMS.
As reported in May 2006, it was critical we cancel suppliers whose services were
not contributing positively to the Company's performance or would not be
necessary to achieve CMS's current business objectives. The fact that a number
of suppliers were still serving out their contract termination periods during
the first half will mean a further reduction in costs will be realised in the
second half of 2006.
The new marketing strategy for TDITM is to sell the intellectual property (i.e.
the computer source code of our data management software) to companies that wish
to have full control of TDITM within their own organisation rather than depend
on CMS for its support and development.
We expect this new approach to have the benefit of removing a substantial
barrier to any potential TDITM sale, which is the fact that almost all large
organisations prefer not to depend on smaller suppliers for mission critical
functions.
The new TDITM marketing model leaves CMS free to negotiate individual
intellectual property (IP) licences, and enables purchasing organisations to
retain control of their data distribution applications and to develop the
software using their in-house IT function.
The merit of this approach is that organisations will have the benefit of owning
a branded and proven product, and will only need to customise it to suit their
particular needs. We believe that this should enable purchasers to substantially
reduce the lead times for launching major new data distribution projects.
Marketing of this new model commenced in July 2006 and a number of discussions
have taken place. We will report further on this matter as and when appropriate.
As a consequence of the major structural changes to CMS it was necessary to
reduce the size of the board of directors and to part company reluctantly with
Keppel Simpson, our Non-Executive Chairman, who kindly volunteered to resign (as
reported on 11th July 2006).
In assuming the role as Non-Executive Chairman (previously Non-Executive Vice
Chairman) I should like to take the opportunity to thank Kep for his
contribution over the years and his pragmatic approach to the needs of CMS.
Outlook
The Company continues to progress the new marketing model for TDITM and ensure
that the value we have created developing our software is fully protected and
used for the maximum benefit of shareholders. With a new lower cost company
structure in place, we are now also able to explore other new business
opportunities.
The marketing of the new TDITM model as detailed in the business review is
underway. While there have been no orders yet, discussions have resulted in a
series of follow up meetings and commercial proposals being submitted by CMS.
We will continue this new marketing approach until the end of 2006 and then
review its effectiveness. At the same time a range of other new business
opportunities is being considered which, should they progress positively, will
be reported to shareholders.
I had expected to be able to report at this time an Agreement with the CBOT to
extend its licence rights to TDITM for the CBOT's use of TDITM in its the new
Joint Asian Derivatives Exchange (JADE) - a Singapore-based commodities market
which is a joint venture between the CBOT and the Singapore Exchange that went
live on the 25th September 2006.
Unfortunately, the discussions have been protracted and have still to reach a
conclusion. To try to reach a satisfactory outcome for both parties, CMS
recently submitted a document to the CBOT which we believed reflected accurately
a recent oral agreement. As the issue unfortunately has not been resolved, we
felt it necessary to update shareholders, some of whom have enquired about this
important commercial issue regarding the CBOT's use of TDITM in other exchanges.
Keith Young
Chairman
25 September 2006
Profit and Loss Account
for the six months ended 30 June 2006
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2006 30 June 2005 31 December
2005
#'000 #'000 #'000
Turnover 306 485 934
Cost of sales 294 419 744
------------ ------------ -------------
Gross profit/(loss) 12 66 190
Business development and
Marketing 8 53 86
Administrative expenses 344 323 696
Redundancy costs 268 - -
Initial income from disposal
of data sales business 28 - -
------------ ------------ -------------
Operating loss (580) (310) (592)
Interest receivable 11 23 39
------------ ------------ -------------
Loss on ordinary
activities before taxation (569) (287) (553)
Taxation - - -
------------ ------------ -------------
Loss on ordinary
activities after taxation (569) (287) (553)
Dividends - equity - - -
------------ ------------ -------------
Loss for the period (569) (287) (553)
============ =========== =============
Earnings per share (p) (0.711) (0.359) (0.691)
Dividends per share (p) - - -
There are no recognised gains or losses other than those as set out above.
Turnover includes #145,000 which is derived from operations which have been sold
or terminated during the period.
The basis of calculation of Earnings per Share is set out in note 2.
Balance Sheet
as at 30 June 2006
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2006 30 June 2005 31 December
2005
#'000 #'000 #'000
Fixed assets
Intangible assets - - -
Tangible assets 5 37 24
------------ ------------ --------------
5 37 24
Current assets
Debtors 26 150 125
Cash at bank and in hand 323 1,086 844
------------ ------------ --------------
349 1,236 969
Creditors: amounts
falling due within one
year 243 338 313
------------ ------------ --------------
Net current assets 106 898 656
------------ ------------ --------------
Total assets less current
liabilities 111 935 680
============ ============ =============
Capital and reserves
Called up share capital 160 160 160
Share premium account 4,615 4,615 4,615
Share option reserve 11 - 11
Profit and loss account (4,675) (3,840) (4,106)
------------- ------------- -------------
Shareholders' funds 111 935 680
============= ============= =============
Cash Flow Statement
for the six months ended 30 June 2006
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2006 30 June 2005 31 December
2005
#'000 #'000 #'000
Net cash outflow from
operating activities (532) (396) (654)
Returns on investments
and servicing of finance
Interest received 11 23 39
Taxation - - -
Capital expenditure and
financial investment
Purchase of tangible fixed
assets - (2) (2)
------------ ------------ --------------
Net cash flow from
capital expenditure and
financial investment - (2) (2)
Equity dividends paid - - -
Financing
Issue of ordinary shares - - -
Expenses paid in
connection with share issue - - -
------------ ------------ --------------
Net cash flow from
financing - - -
------------ ------------ --------------
Decrease in cash (521) (375) (617)
============ =========== =============
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 2006 and
30 June 2005 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 2005.
The financial information for the year ended 31 December 2005 has been extracted
from the Company's statutory accounts for that year which contained an
unqualified audit report and which have been filed with the Registrar of
Companies.
The Company has adopted FRS 20 "Share-based payment" for the first time. FRS 20
requires the recognition of share-based payments at fair value at the date of
grant. In accordance with the transitional provisions of FRS 20, the standard
has been applied retrospectively, resulting in an additional charge against
income of #11,000 for the year ended December 2005. There were no share-based
payments during the six months ended June 2006.
The Company's wholly owned subsidiary, CMS WebView Inc., has not traded since 31
December 2004. Accordingly, therefore, the financial statements reflect the
results of the parent company only.
2. Earnings per share calculation
Unaudited six Unaudited six Audited twelve
months to months to months to
30 June 2006 30 June 2005 31 December
2005
Loss attributable to equity
shareholders (#'000) (569) (287) (553)
Ordinary shares in issue
during the period (number) 80,000,000 80,000,000 80,000,000
------------ ------------ -------------
Earnings per share (p) (0.711) (0.359) (0.691)
============ ============ =============
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 2006 30 June 2005 31 December
2005
#'000 #'000 #'000
Operating loss (580) (310) (592)
Depreciation 19 20 33
Amortisation of IT
Development costs - 14 14
Decrease/(increase) in
Debtors 99 (3) 22
(Decrease)/increase in
creditors (70) (117) (142)
Share option charge - - 11
------------ ----------- -------------
Net cash outflow
from operating
activities (532) (396) (654)
============ =========== =============
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 2006 30 June 2005 31 December
2005
#'000 #'000 #'000
Decrease in cash in the
period (521) (375) (617)
Net cash at 1 January 844 1,461 1,461
------------ ----------- ------------
Net funds at end of
period 323 1,086 844
============ =========== ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKPKKFBKDOCB
1 Year CMS Webview Chart |
1 Month CMS Webview 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
