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Knowledge Technology (ARC)

  Print      Mail a friend       Annual reports

Monday 29 October, 2001

Knowledge Technology

Final Results

Knowledge Technology Solutions PLC
29 October 2001

                      Knowledge Technology Solutions PLC

    Preliminary Results for the period from incorporation to 30 June 2001

                             Chairman's Statement


The Directors are pleased to report that the Group has achieved satisfactory
results in a period that included its debut on the Alternative Investment
Market. We have continued our investment in product development, while
continuing to keep a control of costs. MarketTerminal, a real-time financial
information system for market professionals, is on schedule for launch this
year. Development has continued on, the company's investor
information website for the retail market. New features have been added to the
Sharepages site, which have increased its range of services and depth of UK
equity coverage.

In line with our obligations at the time of flotation I welcome the
appointment of Michael Levy FCA as our Group Financial Director during the

Cognita Technologies Limited - MarketTerminal

The launch of MarketTerminal is targeted for the end of the year. We are
optimistic that the product will serve a high value niche among financial
institutions, who will take out subscriptions in addition to or instead of
existing financial vendors. One of the differentiators of MarketTerminal,
being an ASP solution, is its low cost in comparison to many other premium
financial information providers. We believe that the current volatility of the
UK equity markets, and the lack of City merger and acquisition activity, has
led decision makers in our target markets to review their information
technology budgets. So there is an immediate requirement for prospective
clients to cut their fixed costs. This should help sales of MarketTerminal.

We are pleased to report that a number of the leading names in financial news
and data have signed agreements to provide content feeds for MarketTerminal.
These include Standard & Poor's Comstock, JCF Group, Hemscott, Dow Jones
Newswires, AFX Focus UK and PR Newswire. Currently, MarketTerminal is being
trialed by several financial institutions.

It is worthy of note that the Group has made a substantial planned investment
in developing Cognita's technologies. In line with the Board's conservative
accounting policy, the costs relating to software development have been
written off as incurred and therefore the value of our software is not
reflected in the balance sheet.

The UK launch of MarketTerminal is intended to establish Knowledge Technology
Solutions as a leading provider of financial information applications. Limited continues to be a key independent investor website providing UK
market information. Sharepages provides an excellent window to display the
technological capabilities of Cognita Technologies, its fellow subsidiary.
Cognita's technology enables Sharepages to collect data from financial
providers with a low cost base. Revenue streams from Sharepages cover its
direct running costs and therefore Sharepages has long-term benefits as a
self-financing technology demonstrator.


As stated in our Offer for Subscription in December 2000, the directors intend
to achieve capital growth and to reinvest any profits and, therefore, do not
envisage declaring a dividend in the short to medium term.


Encouraging interest has been shown in MarketTerminal. We are therefore
optimistic that MarketTerminal will produce revenues in the coming year. We
have carefully managed shareholders' funds, and have ensured that research and
development monies have been wisely spent in carefully structured programmes.
We go forward with a healthy cash position and look forward to a year of
continued progress. Longer-term we remain confident there will be other
opportunities for further applications of our core information management

Bernard R Fisher


29 October 2001

For further information, please contact:
Dr Marc Pinter-Krainer     Chief Executive Officer           020 8795 2700
Bernard R Fisher           Chairman                          020 8795 2700
Roland Cornish             Beaumont Cornish Limited          020 7628 3396
Neil Boom                  Gresham PR                        020 7329 7555

Copies of this statement are available from the Group's office, Wembley Point,
1 Harrow Road, Wembley, Middlesex HA9 6DE, or from Gresham PR, Third Floor 78
Queen Victoria Street, London EC4N 4SJ.

                     Consolidated Profit and Loss Account

                For the period 24 August 2000 to 30 June 2001


                                                             Period ended
                                                             30 June 2001

Turnover                                         1                150,583
Cost of sales                                                     (54,531)

Gross profit                                                       96,052
Administrative costs                                             (295,242)

Operating loss                                                   (199,190)
Interest receivable                                                 5,329

Loss on ordinary activities before taxation                      (193,861)
Taxation                                         2                      -

Loss on ordinary activities after taxation                       (193,861)
Dividends                                        3                      -
Retained loss for the period                                     (193,861)

Earnings per share                               4                 (0.38p)

Diluted earnings per share                       4                 (0.38p)

All of the results relate to operations either acquired or commenced in the

There are no recognised gains or losses other than the loss for the current

                          Consolidated Balance Sheet

                              As at 30 June 2001


                                                             30 June 2001

Fixed assets
Tangible assets                                                    16,601
Investments                                                             -

Current assets
Debtors                                                            61,081
Cash at bank and in hand                                          440,946

Creditors: amounts falling due within one year                    (83,549)

Net current assets                                                418,478

Net assets                                                        435,079

Capital and reserves
Called up share capital                                            70,342
Share premium account                                             558,598
Profit and loss account                                          (193,861)

Equity shareholders' funds                                        435,079

Approved on behalf of the Board on 26 October 2001 by:

Bernard Fisher                                   Michael Levy

Chairman                                        Group Finance Director

                       Consolidated Cash Flow Statement

                For the period 24 August 2000 to 30 June 2001


                                                                      30 June


Net cash outflow from operating activities                           (169,302)

Returns on investments and servicing of finance
Interest received                                                       5,329

Net cash inflow from returns on investments and servicing of            5,329

Capital expenditure and financial investment
Purchase of tangible fixed assets                                      (2,462)

Net cash outflow from capital expenditure and financial                (2,462)

Acquisitions and disposals
Net cash acquired with subsidiary undertakings                         57,737

Net cash inflow from acquisitions and disposals                        57,737

Net cash outflow before financing                                    (108,698)

Issue of share capital                                                796,906
Expenses paid in connection with share issues                        (247,262)

Net cash inflow from financing                                        549,644

Increase in cash in the period                                        440,946

All cash flows relate to continuing operations.

                      Notes to the Preliminary Statement


1    Turnover

     Turnover principally relates to advertising and sponsorship revenue
     of Limited.

2    Taxation on loss on ordinary activities

     As a result of the losses available, no liability to UK corporation tax
     arose on the ordinary activities for the period ended 30 June 2001.

3    Dividends
     The Directors do not recommend the payment of a dividend.

4    Earnings per ordinary share

    The earnings per ordinary share have been calculated by dividing the loss
    on ordinary activities after tax attributable to shareholders by
    50,455,544, being the weighted average number of ordinary shares in issue
    during the period, which carry the right to receive a dividend. The
    diluted earnings per share calculation is the same as the basic earnings
    per share calculation. No dilution arises as a result of the share
    warrants in issue, as the exercise value at which they were granted has
    been in excess of the average market price throughout the period and
    therefore no warrants would be exercised.

5   Annual report and accounts

    The foregoing financial information does not amount to full accounts
    within the meaning of Section 240 of the Companies Act 1985 and has not
    been reported on but has been agreed with the Company's auditors. The
    Annual Report and Accounts will be filed at Companies House following the
    annual general meeting and will be posted to shareholders shortly. Copies
    will be available from the Company Secretary at Wembley Point, 1 Harrow
    Road, Wembley, Middlesex, HA9 6DE.

6   Annual General Meeting

    The AGM will be held at Wembley Point, 1 Harrow Road, Wembley, Middlesex,
    HA9 6DE, on Friday 30 November 2001 at 1.00 p.m.