Final Results

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