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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Knowledge Tech | LSE:KTS | London | Ordinary Share | GB0003353371 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 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:7131S
Knowledge Technology Solutions PLC
12 March 2007
RNS Release
12 March 2007
KNOWLEDGE TECHNOLOGY SOLUTIONS PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
Knowledge Technology Solutions PLC (AIM: KTS), providers of market information
services in the finance sector, reports its unaudited results for the six months
ended 31 December 2006.
Financial and business highlights:
* Turnover of #555,884 (2005: #720,278)
* Group loss before tax of #580,283 (2005: #547,447)
* Progressed new growth strategy, including developing MiFID* and
MarketTerminal ON-SITE solutions
* Raised #1.8 million from share placings to fund growth
* Focused MarketTerminal on UK coverage only, reducing operating costs
* MiFID is the Markets in Financial Instruments Directive. This important EU
directive is aimed at creating transparency throughout the European Union for
market participants dealing in securities and is expected to become law from 1
November 2007.
Dr Marc Pinter-Krainer, Chief Executive of Knowledge Technology Solutions, said:
"We have responded to the continued challenges in the highly competitive
financial information subscription services market by implementing a new growth
strategy complementing our MarketTerminal data service with MarketTerminal
ON-SITE for institutional clients and by addressing the opportunities arising
out of the introduction of MiFID.
"Although it is early days, we have been encouraged by the response our new
strategy and products have generated from prospective customers."
Enquiries, please contact:
Dr Marc Pinter-Krainer Knowledge Technology Solutions PLC 020 7256 2300
Barrie Newton Corporate Synergy Plc 01225 424 666
Neil Boom/Laura Black Gresham PR Ltd 020 7404 9000
Chief Executive's review
In the six months ended 31 December 2006, KTS has built on the strength and
flexibility of the Company's technology to develop solutions that address the
requirements resulting from the forthcoming MiFID directive and the need for
investment banks to control and view data from many sources, both internal and
external. This will reduce the Company's dependency on revenues derived solely
from its market data subscription service, MarketTerminal, which addresses an
increasingly competitive marketplace.
MarketTerminal subscription business
As highlighted in previous statements, intense competition among vendors of UK
market data display applications has exerted pressure on turnover and profit
margins for our market data subscription service. As almost all revenues during
the period were derived from the MarketTerminal market data subscription
service, the continued competitive environment has contributed to an increase in
losses of #580,283 (2005: #547,447) and a fall in turnover to #555,884 (2006:
720,278).
We are continuing to market our MarketTerminal service with new sales
initiatives, but have discontinued overseas exchange coverage with effect from 1
January 2007. The associated reduction in data costs has already started to take
effect in the current half of this financial year. Following negotiations with
our data suppliers, data cost reductions are expected to generate an estimated
net saving in excess of #220,000 per annum.
MiFID
As part of the new strategy, a recent initiative has been the creation of
specific solutions which address the requirements directly arising from the
planned introduction of MiFID.
UK market participants will have requirements for MiFID specific solutions which
are wide-reaching, with a recent paper issued by the Financial Services
Authority (FSA) citing an estimated MiFID compliance cost impact on UK firms of
#1bn. Through our participation in MiFID implementation forums over the past 18
months and as a result of ongoing engagement with clients and partners, we
believe we have identified tangible opportunities among both the investment and
the securities' sales side of the financial marketplace.
These products, which are currently being specified and developed, are designed
to assist market participants with specific MiFID compliance solutions, whilst
enabling clients to secure the maximum business benefit beyond the initial
introduction of MiFID in November.
MarketTerminal ON-SITE
A further, separate part of our new strategy also leverages our proven
application technology to target new substantial growth opportunities. With the
recent introduction of MarketTerminal ON-SITE, we have a solution that addresses
the increasing need amongst global investment banks to create and deploy their
own customised viewing applications.
MarketTerminal ON-SITE uses the same proprietary technology platform as
MarketTerminal and integrates seamlessly with a bank's existing infrastructure.
It is designed to improve the interface between a bank's internally-originated
and derived information and the external data and prices sourced from a plethora
of third party suppliers. It is aimed at major international investment banks
operating in the City of London.
We have received encouraging feedback from a number of global investment banks
in response to MarketTerminal ON-SITE. The banks have recognised its ability to
allow them control of their own data viewing application. It also enables them
to benefit from the flexibility, reliability and potentially significant cost
reduction which can be achieved when a tailored version of our MarketTerminal
data display application is deployed within their organisation.
We are currently engaged in the evaluation and sales process with several large
institutions, including a global investment bank for which we have successfully
completed a 'proof of concept' initial installation of MarketTerminal ON-SITE.
Board Appointments
The recently announced appointment of two additional board directors, Richard
Last as Chairman and Louise Barton as a non-executive director, has resulted in
a stronger board that is able to take KTS through its next growth phase.
Outlook
We have responded to the continued challenges in the highly competitive
financial information subscription services market by building on the strength
and flexibility of our technology to create new products and by taking
appropriate cost saving measures.
Organic growth should arise primarily from the new MiFID and MarketTerminal
ON-SITE initiatives and may be complemented with growth resulting from potential
selective acquisitions. However, significant revenues from these new initiatives
are not expected until the next financial year due to the long sales cycles when
supplying large-scale solutions to global financial institutions. As a result,
we do not expect a significant change in trading performance for the full year
compared to the previous year.
We are pleased to have successfully raised an additional #1.8 million in new
funds in the period. This is reflected in the cash balance at the end of the
period of #1.94 million and leaves us with a suitably strong balance sheet to
pursue the significant opportunities we have identified with prospective banks
and other financial institutions.
Although it is early days, we have been encouraged by the response our new
strategy and products have generated from prospective customers.
Marc Pinter-Krainer
Chief Executive
12 March 2007
KNOWLEDGE TECHNOLOGY SOLUTIONS PLC
CONSOLIDATED PROFIT & LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
Period ended Period ended Year ended
31 December 31 December 30 June
2006 2005 2006
(unaudited) (unaudited) (audited)
Notes # # #
Turnover 3 555,884 720,278 1,417,063
Distribution costs (595,667) (718,626) (1,316,988)
Administrative costs (553,873) (583,210) (1,170,498)
Operating loss (596,356) (581,558) (1,070,423)
Interest receivable 16,073 34,111
54,257
Loss on ordinary activities
before taxation (580,283) (547,447) (1,016,166)
Taxation on loss on ordinary
activities 4 - - -
Loss on ordinary activities
after taxation (580,283) (547,447) (1,016,166)
Dividends 5 - - -
Retained loss (580,283) (547,447) (1,016,166)
Basic earnings per
ordinary share 6 (0.33)p (0.37)p (0.69)p
Diluted earnings per
ordinary share 6 (0.33)p (0.37)p (0.69)p
All of the results relate to continuing operations.
There are no recognised gains and losses other than the loss for the period.
KNOWLEDGE TECHNOLOGY SOLUTIONS PLC
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006
As at As at As at
31 December 31 December 30 June
2006 2005 2006
(unaudited) (unaudited) (audited)
Notes # # #
Fixed assets
Tangible fixed assets 140,523 154,519 158,527
Current assets
Debtors 253,929 173,633 229,059
Cash at bank and in hand 1,937,108 1,353,363 961,878
2,191,037 1,526,996 1,190,937
Creditors: amounts falling due
within one year (401,549) (426,055) (562,723)
Net current assets 1,789,488 1,100,941 628,214
Total assets less current liabilities 1,930,011 1,255,460 786,741
Capital and reserves
Called up share capital 332,532 148,275 148,275
Share premium account 6,316,870 4,777,574 4,777,574
Profit and loss account (4,719,391) (3,670,389) (4,139,108)
Equity shareholders' funds 9 1,930,011 1,255,460 786,741
KNOWLEDGE TECHNOLOGY SOLUTIONS PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
Period ended Period ended Year ended
31 December 31 December 30 June
2006 2005 2006
(unaudited) (unaudited) (audited)
Notes # # #
Net cash outflow from
operating activities 7 (759,096) (396,136) (778,952)
Returns on investment and
servicing of finance
Interest received 16,073 34,111 54,257
Net cash inflow from returns on
investments and servicing of finance 16,073 34,111 54,257
Taxation
Corporation tax refund - - -
Net cash inflow from taxation - - -
Capital expenditure
Disposal of fixed assets 1,044 - -
Purchase of tangible fixed assets (6,344) (665) (29,480)
Net cash outflow from capital
expenditure and financial investment (5,300) (665) (29,480)
Net cash outflow before financing (748,323) (362,690) (754,175)
Financing
Issue of share capital 1,842,571 - -
Expenses paid in connection with
share issues (119,018) - -
Net cash inflow from financing 1,723,553 - -
Increase/(decrease) in cash 8 975,230 (362,690) (754,175)
All cash flows relate to continuing operations.
KNOWLEDGE TECHNOLOGY SOLUTIONS PLC
NOTES TO THE INTERIM RESULTS FOR THE SIX MONTHS
ENDED 31 DECEMBER 2006
1 Basis of preparation
The interim financial information in respect of the six months ended 31
December 2006 is unaudited and has been prepared on the basis of the
accounting policies set out in the company's audited accounts for the year
ended 30 June 2006.
The financial information contained in this statement does not constitute
statutory accounts. Statutory accounts for the year ended 30 June 2006
received an unqualified audit report and have been filed with the Registrar
of Companies.
2 Continuing activities
All of the activities are continuing.
3 Turnover
All of the turnover arises in the United Kingdom.
4 Taxation
As a result of losses available no liability to corporation tax is expected
to arise.
5 Dividends
The Directors do not recommend the payment of an interim dividend.
6 Earnings per ordinary share
The basic earnings per ordinary share has been calculated by dividing the
loss on ordinary activities after tax attributable to shareholders by the
weighted average number of ordinary shares in issue during the period which
carry the right to receive a dividend.
The diluted earnings per ordinary share has been calculated as above on
the basis of full exercise of options and warrants.
7 Reconciliation of operating loss to net cash outflow from operating
activities
Period ended Period ended Year ended
31 December 31 December 30 June
2006 2005 2006
# # #
Operating loss (596,356) (581,558) (1,070,423)
Depreciation of fixed assets 23,796 26,173 50,979
Profit on disposal of fixed assets (492) - -
Increase in debtors (24,870) (10,707) (66,133)
(Decrease)/increase in creditors (161,174) 169,956 306,625
Net cash outflow from operating activities (759,096) (396,136) (778,952)
8 Reconciliation of net cash flow to movement of liquid funds
Period ended Period ended Year ended
31 December 31 December 30 June
2006 2005 2006
# # #
Net funds at start of period 961,878 1,716,053 1,716,053
Increase/(decrease) in cash for the period 975,230 (362,690) (754,175)
Net funds at end of period 1,937,108 1,353,363 961,878
Net funds at the end of the period relate to cash at bank and in hand.
9 Reconciliation of movement in shareholders' funds
Period ended Period ended Year ended
31 December 31 December 30 June
2006 2005 2006
# # #
Loss for the period (580,283) (547,447) (1,016,166)
New share capital issued less costs 1,723,553 - -
Net increase/(reduction) during the period 1,143,270 (547,447) (1,016,166)
Opening shareholders' funds 786,741 1,802,907 1,802,907
Closing shareholders' funds 1,930,011 1,255,460 786,741
This information is provided by RNS
The company news service from the London Stock Exchange
END
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