Interim Results

Knowledge Technology Solutions PLC 23 March 2005 RNS Release 23 March 2005 Interim results for the six months ended 31 December 2004 Knowledge Technology Solutions PLC (KTS), provider of professional financial information services, reports its unaudited results for the six months to 31 December 2004. Financial and business highlights: â€¢ Turnover up 92% to Â£572,283 (2003: Â£298,323) â€¢ Following continued investment in research & development and additional exchange coverage, losses before tax of Â£419,898 (2003: Â£432,656) â€¢ Strong cash position of Â£2.3 million (2003: Â£1.1 million) â€¢ Total number of client organisations now stands at 130 â€¢ Accessibility and ease of use continue to stimulate client demand for KTS QuoteTerminal and KTS MarketTerminal Dr. Marc Pinter-Krainer, Chief Executive of KTS, said: 'We have delivered strong revenue growth in the first six months reflecting the increasing penetration of KTS QuoteTerminal and KTS MarketTerminal. Our commitment to customers and improving our services means we are confident of continued growth in client numbers in the second half.' Enquiries, please contact: Dr. Marc Pinter-Krainer Knowledge Technology Solutions PLC 020 7256 2300 Oliver Scott KBC Peel Hunt Ltd 020 7418 8900 Neil Boom/Jenny Leahy Gresham PR Ltd 020 7404 9000 Chief Executive's Statement KTS has made further good progress in the first half of the year, including a doubling of client organisations subscribing to the professional financial market data services KTS QuoteTerminal and KTS MarketTerminal. As a consequence of this growth, turnover in the period reviewed rose by 92% to Â£572,283 (2003: Â£298,323). The increase in turnover reflects the growing subscriber base, which now stands at more than 130 organisations. Losses before tax on ordinary activities were Â£419,898 (2003: Â£432,656) reflecting continued investment in our technology, extended exchange coverage and service enhancements. Our cash position remains strong at Â£2.3 million (2003: Â£1.1 million). Both our services have seen a considerable number of refinements and new functions. New content has been added as part of the standard subscription fee, including news from AFX International Focus on KTS MarketTerminal, and AFX UK Focus news on KTS QuoteTerminal. Also new to KTS QuoteTerminal is data on the performance of funds from leading provider Financial Express. Subscribers can now access information on more than 8,000 funds including Unit Trusts and Open Ended Investment Companies. Development by our expanded technical team, headed by Stuart Calder, has included new bespoke versions of KTS MarketTerminal that will operate on handheld platforms including wireless Personal Digital Assistants (PDAs) such as the Blackberry. As in previous years, we have maintained accounting best practice by writing off development costs as incurred. In addition to improving our technology base and services, we have established a customer service team. The main attraction of KTS MarketTerminal and KTS QuoteTerminal is that they are very user-friendly and require no installation of infrastructure, hardware or software. They are based on our 'zero-client' application service technology and consequently are simplicity itself to deploy. The cost of ownership and ongoing support is attractive when compared to competing market data suppliers, and the application service is easily accessible from any location. These factors continue to stimulate increased client interest in our services. Following his involvement with KTS as non-executive chairman since 2003, Gavin Casey has indicated that he is looking to reduce his current commitments and as part of this he has advised the board that he intends to step down in due course. At the same time we are seeking an independent director to join the board. Gavin's skills and experience have been greatly appreciated and we extend our warm thanks and wish Gavin well for the future. Outlook We have delivered strong revenue growth in the first six months reflecting the increasing subscription levels of KTS QuoteTerminal and KTS MarketTerminal. Our commitment to customers and improving our services means we are confident of continued growth both in client numbers and revenues in the second half. Dr. Marc Pinter-Krainer Chief Executive 23 March 2005 KNOWLEDGE TECHNOLOGY SOLUTIONS PLC CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 Period ended Period ended Year ended 31 December 31 December 30 June 2004 2003 2004 (unaudited) (unaudited) (audited) Notes Â£ Â£ Â£ Turnover 3 572,283 298,323 770,185 Distribution costs (529,795) (289,443) (686,722) Administrative costs (519,787) (455,606) (1,062,895) ---------- ------------ ------------ Operating loss (477,299) (446,726) (979,432) Interest receivable 57,401 14,070 39,271 ---------- ------------ ------------ Loss on ordinary activities before taxation (419,898) (432,656) (940,161) Taxation on loss on ordinary activities 4 - - 92,071 ---------- ------------ ------------ Loss on ordinary activities after taxation (419,898) (432,656) (848,090) Dividends 5 - - - ---------- ------------ ------------ Retained loss (419,898) (432,656) (848,090) ========== ============ ============ Basic earnings per ordinary share 6 (0.28)p (0.38)p (0.71)p ========== ============ ============ Diluted earnings per ordinary share 6 (0.28)p (0.38)p (0.71)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 2004 As at As at As at 31 December 31 December 30 June 2004 2003 2004 (unaudited) (unaudited) (audited) Notes Â£ Â£ Â£ Fixed assets Tangible fixed assets 194,952 181,923 175,677 ----------- ----------- --------- Current assets Debtors 162,419 142,727 113,586 Cash at bank and in hand 2,270,839 1,107,486 2,702,533 ----------- ----------- --------- 2,433,258 1,250,213 2,816,119 Creditors: amounts falling due within one year (278,665) (178,417) (234,053) ----------- ----------- --------- Net current assets 2,154,593 1,071,796 2,528,066 ----------- ----------- --------- Total assets less current liabilities 2,349,545 1,253,719 2,757,743 =========== =========== ========= Capital and reserves Called up share capital 148,275 119,443 148,015 Share premium account 4,777,574 2,875,248 4,766,134 Profit and loss account (2,576,304) (1,740,972) (2,156,406) ----------- ----------- --------- Equity shareholders' funds 9 2,349,545 1,253,719 2,757,743 =========== =========== ========= KNOWLEDGE TECHNOLOGY SOLUTIONS PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 Period ended Period ended Year ended 31 December 31 December 30 June 2004 2003 2004 (unaudited) (unaudited) (audited) Notes Â£ Â£ Â£ Net cash outflow from operating activities 7 (449,842) (392,503) (809,156) --------- ----------- ----------- Returns on investment and servicing of finance Interest received 57,401 14,070 39,271 --------- ----------- ----------- Net cash inflow from returns on investments and servicing of finance 57,401 14,070 39,271 --------- ----------- ----------- Taxation Corporation tax refund - - 92,071 --------- ----------- ----------- Net cash inflow from taxation - - 92,071 --------- ----------- ----------- Capital expenditure Purchase of tangible fixed assets (50,953) (28,568) (53,598) --------- ----------- ----------- Net cash outflow from capital expenditure and financial investment (50,953) (28,568) (53,598) --------- ----------- ----------- Net cash outflow before financing (443,394) (407,001) (731,412) --------- ----------- ----------- Financing Issue of share capital 11,700 1,123,018 3,123,019 Expenses paid in connection withshare issues - (47,776) (128,319) --------- ----------- ----------- Net cash inflow from financing 11,700 1,075,242 2,994,700 --------- ----------- ----------- (Decrease)/Increase in cash 8 (431,694) 668,241 2,263,288 --------- ----------- ----------- All cash flows relate to continuing operations. KNOWLEDGE TECHNOLOGY SOLUTIONS PLC NOTES TO THE INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 1 Basis of preparation The interim financial information in respect of the six months ended 31 December 2004 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 2004. The financial information contained in this statement does not constitute statutory accounts. Statutory accounts for the year ended 30 June 2004 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 2004 2003 2004 Â£ Â£ Â£ Operating loss (477,299) (446,726) (979,432) Depreciation of fixed assets 29,066 31,594 62,869 Loss on disposal of fixed assets 2,612 - - (Increase)/Decrease in debtors (48,833) (53,723) (24,582) Increase in creditors 44,612 76,352 131,989 --------- ----------- ----------- Net cash outflow from operating activities (449,842) (392,503) (809,156) --------- ----------- ----------- 8 Reconciliation of net cash flow to movement of liquid funds Period ended Period ended Year ended 31 December 31 December 30 June 2004 2003 2004 Â£ Â£ Â£ Net funds at start of period 2,702,533 439,245 439,245 (Decrease)/Increase in cash for the period (431,694) 668,241 2,263,288 --------- ----------- ----------- Net funds at end of period 2,270,839 1,107,486 2,702,533 --------- ----------- ----------- 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 2004 2003 2004 Â£ Â£ Â£ Loss for the period (419,898) (432,656) (848,090) New share capital issued less costs 11,700 1,075,242 2,994,700 --------- ----------- ----------- Net (reduction)/additions during the period (408,198) 642,586 2,146,610 Opening shareholders' funds 2,757,743 611,133 611,133 --------- ----------- ----------- Closing shareholders' funds 2,349,545 1,253,719 2,757,743 --------- ----------- ----------- This information is provided by RNS The company news service from the London Stock Exchange

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