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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:1048D
CMS WebView PLC
17 May 2006
RNS Release
17 May 2006
CMS WebView plc
Final results for the year ended 31 December 2005
CMS WebView plc, provider of software systems for real-time financial data
distribution and management, reports its final results for the year ended 31
December 2005.
Highlights:
* Turnover of #934,000 (2004: #839,000)
* Loss before taxation of #542,000 (2004: #1,693,000)
* Net cash position of #844,000 at 31 December 2005
*CMS WebView will be focusing on finding a purchaser for the IPR of its
TDI product either on an exclusive basis or for certain market sectors.
Target companies to include exchanges and quote vendors
* Ensure that the Company continues with minimal ongoing overheads whilst
exploring further business options.
Enquiries, please contact:
Bob Antell Neil Boom
Chief Executive Gresham PR Ltd.
CMS WebView plc 020 7404 9000
020 7744 7722
Luke Ahern
Corporate Synergy Plc
020 7448 4400
Chairman's statement
Results
CMS had another disappointing year in which sales fell short of the expectations
of the Company. As first reported in April 2005, a number of cost cutting
initiatives were put in place during the year with the objective of ensuring our
2005 financial losses would be limited to a maximum of the #550,000 target
published in the 2004 accounts.
These cost cutting measures were undertaken in a manner to achieve the financial
targets and at the same time continuing to serve clients while still investing
in our products where appropriate.
I can report that in the year ended 31 December 2005, turnover increased by 11%
to #934,000 (2004: #839,000) and losses before taxation were reduced by 68% to
#542,000 (2004: #1,693,000). Therefore, the targeted losses as reported in June
2005 were achieved despite the lack of improvement in sales. The Company's
balance sheet remained comparatively strong with a net cash position of #844,000
as of 31 December 2005.
Business Review
The Company continued to supply and maintain its wholly-owned proprietary TDI
system to futures exchanges for use in their mission-critical business
applications. In particular the Chicago Board of Trade (CBOT) which, together
with the Chicago Mercantile Exchange (CME), another user of TDI during 2005, are
the largest futures exchanges in North America.
For both exchanges TDI was an essential element in enabling these exchanges to
collect, process and distribute their real-time trading data to many thousands
of users in countries around the world. In the case of the CBOT they also
continued to use TDI for the distribution of data from other organisations on a
bureau-type basis. This included three other North American exchanges
(Minneapolis Grain Exchange, Kansas City Board of Trade and the Winnipeg
Commodity Exchange) under a separate licence arrangement with CMS. The CBOT also
uses TDI for the distribution of Dow Jones Indexes which it uses on an exclusive
basis.
CMS continued to use TDI internally for the purposes of collecting real-time
futures and options data from key exchanges, which is then sold as wholesale
feeds to global clients. During the year all of the Company's data feed clients
were successfully migrated to the TDIFeed product. The resulting move to a
shared TDI software platform both enhanced and improved the Feed, while also
reducing CMS's fixed costs. Our internal application of TDI is also used as the
data source for PriceView, the Company's entry level browser-based price
reporting product. While a number of marketing initiatives were undertaken
during the year, new data sales-related business (i.e. the wholesale data feed
and PriceView) was disappointing. The wholesale data feed market has become
increasingly competitive, and we have been faced with rising costs attached to
servicing and attempting to win new clients.
However, the Company was awarded a further contract from the CBOT to enhance its
market data feed which was developed using CMS's TDI system. The contract
followed CBOT's decision to upgrade its LIFFE CONNECT electronic trading
platform to incorporate a range of new trading types and data fields. The
project, which involved members of CMS's full-time development and technical
project management staff, was successfully completed on time and on budget.
While TDI continued to be marketed to exchanges, no new sales were achieved
during 2005. This followed the trend in 2004 when substantial investment,
particularly in the area of sales and marketing, was undertaken in an attempt to
build on the success of selling TDI to both the CBOT and CME (and previously the
London Metal Exchange).
At the end of 2005 CME ceased using TDI, which was understood to be as part of
its decision to bring essential software systems in-house. CMS's struggle to
achieve major TDI sales can be reasonably attributed to the relatively small
size of our company when compared to the size of potential new clients, and the
mission critical nature of the business for which TDI would have been used.
Given this difficulty of securing new TDI orders with major clients, we
initiated discussions with a number of larger and well-established organisations
who were suppliers in this industry sector but without a solution like TDI.
We aimed to form strategic partnerships, to both boost sales of TDI and to
exploit more fully the inherent value in CMS's technology as mentioned in my
September 2005 statement.
Outlook
There is a combined ongoing lack of new TDI system sales and new data client
sales, together with the associated pressure on the Company's resources in
supporting products and services. Consequently, this has resulted in the
decision to undertake a number of significant actions to ensure the best
interests of the Company and shareholders are served. Such actions have also
taken into account the lack of success to date in finding a suitable strategic
partner despite certain previous protracted negotiations reaching advanced
stages.
The following key points reflect the actions being put in place:
*Supplier obligations have been cancelled for elements of the Company's
business that are not contributing in a positive manner to the Company's
performance and are not required to achieve the other objectives outlined
below.
*CMS and CBOT have agreed to cancel the TDI support contract with effect
from 30 June 2006.
*A purchaser of the data sales part of our business has been identified
that would continue to provide a service to associated clients.
*The Company will be focusing on finding a purchaser for the IPR of its
TDI product either on an exclusive basis or for certain market sectors.
Target companies are to include exchanges, quote vendors etc.
*Ensure that the Company continues with minimal ongoing overheads whilst
exploring further business options.
*The ongoing infrastructure is to be such that CMS's rights to TDI are
protected.
Lastly, shareholders were aware that CMS had announced on 7 April 2006 that the
Company was in very preliminary talks with a potential purchaser and
subsequently on 24 April 2006 it was announced that such talks had ceased.
Following a number of understandable questions from shareholders, I should like
to confirm that this was a different company to the potential acquisition as
reported in my June 2005 statement. We were obliged to make the
7 April 2006 announcement under the rules of the London Stock Exchange due to a
coincidental rise in share price. In conjunction with our nominated advisors CMS
sought further information and a formal offer from the other party to enable the
Board to consider the offer in the best interests of the CMS shareholders. This
information and a formal offer did not materialise and hence the 24 April 2006
notice confirming that talks had ceased was issued.
Keppel Simpson
Chairman
16 May 2006
Consolidated profit and loss account
for the year ended 31 December 2005
Notes 2005 2004
#'000 #'000
Turnover 934 839
Cost of sales 744 1,097
------- -------
Gross profit/(loss) 190 (258)
Business development and marketing 86 641
Administrative expenses 685 882
------- -------
Operating loss (581) (1,781)
Interest receivable 39 88
------- -------
Loss on ordinary activities before taxation (542) (1,693)
Taxation - -
------- -------
Loss on ordinary activities after taxation (542) (1,693)
Dividends - equity - -
------- -------
Retained loss for the year (542) (1,693)
======= =======
Earnings per share (p) 1. (0.678) (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.
Balance sheets
as at 31 December 2005
Group Company
Notes 2005 2004 2005 2004
#'000 #'000 #'000 #'000
Fixed assets
Intangible assets - 14 - 14
Tangible assets 24 55 24 55
Investments - - - -
------- ------ ------ -------
24 69 24 69
Current assets
Debtors 125 147 125 147
Cash at bank and in hand 844 1,461 844 1,461
------- ------ ------ -------
969 1,608 969 1,608
Creditors: amounts falling
due
within one year 307 449 313 455
------- ------ ------ -------
Net current assets 662 1,159 656 1,153
------- ------ ------ -------
Total assets less current
liabilities 686 1,228 680 1,222
======= ====== ====== =======
Capital and reserves
Called up share capital 160 160 160 160
Share premium account 4,615 4,615 4,615 4,615
Profit and loss account (4,089) (3,547) (4,095) (3,553)
------- ------ ------ -------
Shareholders' funds 2. 686 1,228 680 1,222
======= ====== ====== =======
Approved and signed on behalf of the Board on 16 May 2006
K M Simpson
R E Antell
Consolidated cash flow statement
for the year ended 31 December 2005
Notes 2005 2004
#'000 #'000
Net cash outflow from operating activities 3. (654) (1,905)
Returns on investments and servicing of
finance
Interest received 39 88
Taxation - 9
Capital expenditure and financial
investment
Purchase of intangible fixed assets - -
Purchase of tangible fixed assets (2) (60)
-------- ---------
Net cash flow from capital expenditure
and financial investment (2) (60)
Equity dividends paid - -
-------- ---------
Financing
Issue of ordinary shares - -
-------- ---------
Net cash flow from financing - -
-------- ---------
(Decrease)/increase in cash 4. (617) (1,868)
======== =========
Notes to the final results for the year ended 31 December 2005
1. Earnings per share
2005 2004
Weighted average number of shares in issue during the
year and used to calculate:
Loss attributable to equity shareholders (#'000) (542) (1,693)
Ordinary shares in issue during the year 80,000,000 80,000,000
-------- --------
Earnings per share (p) (0.678) (2.116)
======== ========
2. Reconciliation of movements in shareholders' funds
2005 2004
#'000 #'000
Loss for the financial year (542) (1,693)
Ordinary dividends - -
New share capital issued - -
Net premium on shares issued - -
-------- --------
Net additions to/(reductions from) shareholders' funds (542) (1,693)
Shareholders' funds at the start of the year 1,228 2,921
-------- --------
Shareholders' funds at the end of the year 686 1,228
======== ========
3. Reconciliation of operating loss to net cash flow from operating activities
2005 2004
#'000 #'000
Operating loss (581) (1,781)
Depreciation 33 55
Amortisation of IT Development costs 14 29
Profit on sale of investments - -
Increase/(decrease) in debtors 22 79
(Decrease)/increase in creditors (142) (287)
-------- ---------
Net cash outflow from operating activities (654) (1,905)
======== =========
4. Reconciliation of net cash flow to movement in net funds
2005 2004
#'000 #'000
Decrease in cash in the year (617) (1,868)
Net cash at 1 January 1,461 3,329
-------- ---------
Net cash at 31 December 844 1,461
======== =========
5. Copies of the Report and Accounts for the year ended 31 December 2005 will be
sent to shareholders in due course and will be available from Corporate Synergy
Plc, 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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