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Knowledge Technology (ARC)

  Print      Mail a friend       Annual reports

Monday 27 March, 2006

Knowledge Technology

Interim Results

Knowledge Technology Solutions PLC
27 March 2006

RNS Release

Embargoed until 7am on Monday 27 March 2006

           Interim results for the six months ended 31 December 2005

Knowledge Technology Solutions PLC (KTS), the independent provider of real-time
market data services, reports its unaudited results for the six months ended 31
December 2005.

Financial and business highlights:

   • Turnover increased by 26% to £720,278 (2004: £572,283)

   • Continued investment in R&D and enhanced exchange coverage resulted in a
     loss before tax of £547,447 (2004: £419,898)

   • Cash position of £1.3 million as at 31 December 2005 (2004: £2.3

   • All live market data services successfully integrated under the
     MarketTerminal brand

   • Progress made on a number of revenue-enhancing initiatives to capture
     new market opportunities

Dr. Marc Pinter-Krainer, Chief Executive of KTS, said:

'This continues to be a challenging market in which to provide live market data
applications. KTS is responding positively to this challenge and we are pleased
that our initiatives to create additional income streams, currently at early
stages, are progressing well.'

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              Gresham PR Ltd                           020 7404 9000
David Pettet           

Chief Executive's statement

In the six months ended 31 December 2005, KTS has made encouraging progress in
seeking additional revenue streams from new initiatives.

As shareholders were previously informed, intense competition among vendors of
UK market data display applications has exerted pressure on profit margins and
turnover growth. Last year, the Board therefore decided to enhance growth by
seeking potential additional income streams which exploited KTS's core

Against a background of strong competition first half sales of MarketTerminal,
our live international market data display service, rose by 26% to £720,278
(2004: £572,283) and our subscriber base remained steady at 130 client

We have also maintained our commitment to develop our technology, customer
service and the quality and depth of data available on MarketTerminal. Further
investment in these areas led to higher pre-tax losses of £547,447 (2004:
£419,898). Our cash position as at 31 December 2005 was £1.3 million (2004: £2.3

In January, we successfully unified our live market data products into a single,
customisable solution - MarketTerminal. We are pleased that clients have
responded positively to this initiative and we have successfully migrated our
subscriber base to the new MarketTerminal service. We believe that our
MarketTerminal subscription service, that includes access to live share prices,
analytics and news from major markets around the world, and exchange rates for
more than 170 currencies, remains a highly attractive product.

As previously reported, our strategy is to complement the provision and further
development of our MarketTerminal subscription service with new growth
initiatives. These include indirect sales of MarketTerminal through
international resellers, the introduction of a fully integrated mobile market
data service for handheld devices and the seamless integration of our
MarketTerminal display application with clients' existing market data

In line with the current industry trend towards increased mobility we are
planning the launch of an end-to-end mobile handheld market data service within
the current financial year.

With regard to client data integration solutions, we have identified an
opportunity to license our proven MarketTerminal display application to clients
for integration with their existing market data infrastructure. This is
particularly relevant to larger financial institutions who will benefit from the
high level of customisation, ease of deployment and low cost of ownership which
a tailored implementation of the MarketTerminal display application provides.
The integrated MarketTerminal solution is particularly well suited for clients
to display their own internal quote data, without depending on third party quote

There has been considerable interest from a number of banks, one of which is
currently carrying out a proof of concept evaluation.


'This continues to be a challenging market in which to provide live market data
applications. KTS is responding positively to this challenge and we are pleased
that our initiatives to create additional income streams, currently at early
stages, are progressing well.'

Dr. Marc Pinter-Krainer
Chief Executive
27 March 2006

                   FOR THE SIX MONTHS ENDED 31 DECEMBER 2005

                                      Period ended   Period ended   Year ended
                                       31 December    31 December      30 June
                                              2005           2004         2005
                                       (unaudited)    (unaudited)    (audited)
                                Notes            £              £            £

Turnover                          3        720,278        572,283    1,250,474
Distribution costs                        (718,626)      (529,795)  (1,192,594)
Administrative costs                      (583,210)      (519,787)  (1,119,527)
                                           ---------    -----------  -----------
Operating loss                            (581,558)      (477,299)  (1,061,647)
Interest receivable                         34,111         57,401       95,111
                                           ---------    -----------  -----------

Loss on ordinary activities
before taxation                           (547,447)      (419,898)    (966,536)
Taxation on loss on
ordinary activities                4              -              -            -
                                           ---------    -----------  -----------
Loss on ordinary activities
after taxation                            (547,447)      (419,898)    (966,536)
Dividends                          5              -              -            -
                                           ---------    -----------  -----------
Retained loss                             (547,447)      (419,898)    (966,536)
                                           =========    ===========  ===========

Basic earnings per
ordinary share                    6          (0.37)p        (0.28)p      (0.65)p
                                           =========    ===========  ===========
Diluted earnings per
ordinary share                    6          (0.37)p        (0.28)p      (0.65)p
                                           =========    ===========  ===========

All of the results relate to continuing operations.

There are no recognised gains and losses other than the loss for the period.


                                              As at         As at        As at
                                        31 December   31 December      30 June
                                               2005          2004         2005
                                        (unaudited)   (unaudited)    (audited)
                                Notes             £             £            £

Fixed assets
Tangible fixed assets                       154,519       194,952      180,027
                                          -----------   -----------    ---------

Current assets
Debtors                                     173,633       162,419      162,926
Cash at bank and in hand                  1,353,363     2,270,839    1,716,053
                                          -----------   -----------    ---------
                                          1,526,996     2,433,258   1,878,9789

Creditors: amounts falling
due within one year                        (426,055)     (278,665)    (256,099)
                                          -----------   -----------    ---------

Net current assets                        1,100,941     2,154,593    1,622,880
                                          -----------   -----------    ---------

Total assets less current
liabilities                               1,255,460     2,349,545    1,802,907
                                          ===========   ===========    =========

Capital and reserves
Called up share capital                     148,275       148,275      148,275
Share premium account                     4,777,574     4,777,574    4,777,574
Profit and loss account                  (3,670,389)   (2,576,304)  (3,122,942)
                                          -----------   -----------    ---------

Equity shareholders' funds          9     1,255,460     2,349,545    1,802,907
                                          ===========   ===========    =========

                   FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
                                      Period ended   Period ended   Year ended
                                       31 December    31 December      30 June
                                              2005           2004         2005
                                       (unaudited)    (unaudited)    (audited)
                              Notes              £              £            £

Net cash outflow from
operating activities              7       (396,136)      (449,842)  (1,027,646)
                                           ---------    -----------  -----------

Returns on investment and
servicing of finance
Interest received                           34,111         57,401       95,111
                                           ---------    -----------  -----------

Net cash inflow from returns
on investments and servicing of
finance                                     34,111         57,401       95,111
                                           ---------    -----------  -----------


Corporation tax refund                           -              -            -
                                           ---------    -----------  -----------

Net cash inflow from                             -              -            -
taxation                                   ---------    -----------  -----------

Capital expenditure
Purchase of tangible fixed
assets                                        (665)       (50,953)     (65,645)
                                           ---------    -----------  -----------

Net cash outflow from
capital expenditure and financial
investment                                    (665)       (50,953)     (65,645)
                                           ---------    -----------  -----------

Net cash outflow before
financing                                 (362,690)      (443,394)    (998,180)
                                           ---------    -----------  -----------

Issue of share capital                           -         11,700       11,700
Expenses paid in connection
with share issues                                -              -            -
                                           ---------    -----------  -----------
Net cash inflow from
financing                                        -         11,700       11,700
                                           ---------    -----------  -----------

Decrease in cash                  8       (362,690)      (431,694)    (986,480)
                                           ---------    -----------  -----------

All cash flows relate to continuing operations.

                             ENDED 31 DECEMBER 2005
1 Basis of preparation
The interim financial information in respect of the six months ended 31 December
2005 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 2005.
The financial information contained in this statement does not constitute
statutory accounts. Statutory accounts for the year ended 30 June 2005 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

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
                                         2005              2004           2005
                                            £                 £              £

Operating loss                       (581,558)         (477,299)    (1,061,647)
Depreciation of fixed assets           26,173            29,066         58,682
Loss on disposal of fixed assets            -             2,612          2,613
Increase in debtors                   (10,707)          (48,833)       (49,340)
Increase in creditors                 169,956            44,612         22,046
                                      ---------       -----------    -----------
Net cash outflow from operating
activities                           (396,136)         (449,842)    (1,027,646)
                                      ---------       -----------    -----------

8 Reconciliation of net cash flow to movement of liquid funds
                                Period ended      Period ended      Year ended
                                 31 December       31 December         30 June
                                        2005              2004            2005
                                           £                 £               £

Net funds at start of period       1,716,053         2,702,533       2,702,533
Decrease in cash for the period     (362,690)         (431,694)       (986,480)
                                     ---------       -----------     -----------
Net funds at end of period         1,353,363         2,270,839       1,716,053
                                     ---------       -----------     -----------
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
                                             2005           2004         2005
                                                £              £            £

Loss for the period                      (547,447)      (419,898)    (966,536)
New share capital issued less costs             -         11,700       11,700
                                          ---------    -----------  -----------
Net reduction during the period          (547,447)      (408,198)    (954,836)
Opening shareholders' funds             1,802,907      2,757,743    2,757,743
                                          ---------    -----------  -----------
Closing shareholders' funds             1,255,460      2,349,545    1,802,907
                                          ---------    -----------  -----------

                      This information is provided by RNS
            The company news service from the London Stock Exchange