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Knowledge Technology (ARC)

  Print      Mail a friend       Annual reports

Monday 04 December, 2006

Knowledge Technology

Final Results

Knowledge Technology Solutions PLC
04 December 2006



Knowledge Technology Solutions PLC (AIM: KTS), provider of market information
services in the finance sector, reports its unaudited results for the year ended
30 June 2006.

Financial and business highlights:

•        Turnover increased to £1.4m (2005: £1.25m)

•        Group loss before tax of £1.0m (2005: £1.0m)

•        Currently undertaking share placings to raise up to £1.8m in additional
         working capital

•        Launched MarketTerminal ON-SITE, a bespoke service for major investment

•        Adding Plus Markets and Virt-X coverage to standard MarketTerminal

•        In October 2006, signed first stockbroker client for MarketTerminal
         Mobile Messenger

Dr Marc Pinter-Krainer, Chief Executive of Knowledge Technology Solutions, said:

'Following an encouraging initial response from prospective clients for both
MarketTerminal ON-SITE and from our MiFID initiatives we expect to report
further revenue progress this trading year. Together with improved financial
results from our existing MarketTerminal subscription business, this should
strengthen our trading performance in the future.'

Enquiries, please contact:

Dr Marc Pinter-Krainer             Knowledge Technology Solutions PLC                 020 7256 2300
Barrie Newton                      Rowan Dartington & Co. Limited                     01225 424 666
Emily Morgan                       Corporate Synergy Plc                              0117 933 0020
Neil Boom/Laura Black              Gresham PR Ltd                                     020 7404 9000

Chief Executive's review

During the year, sales increased resulting in a year-end turnover of £1.4
million, an increase of 12% compared with the previous year (2005: £1.25m).
Pre-tax losses of £1.0 million are similar to the losses for the previous year.
Going forward, we expect to strengthen our trading performance by focusing
MarketTerminal on domestic markets. Accordingly, we will be discontinuing
overseas exchange coverage from 1 January 2007, from which we expect to generate
an estimated net saving in excess of £0.5 million per annum.

Last year there was sustained competition among desktop data providers which led
to KTS introducing a new company strategy aimed at building a broader, higher
margin revenue base.  KTS's new strategy will be focussed more specifically on
the strength and flexibility of our proprietary technology and will capitalise
on the positive reputation gained by KTS's principal business as a provider of a
professional market data display application.

I am pleased to report in the year under review we have made considerable
progress in the delivery of this new strategy, particularly in two new high
growth markets.

The first high growth market is driven by demand from global investment banks to
have a customised viewing application that improves the interface between their
own internally originated and derived information and the external data and
prices sourced from a plethora of third party suppliers.

To address this need we have introduced a new product branded MarketTerminal
ON-SITE. This uses the same proprietary technology platform as MarketTerminal
and integrates seamlessly with the bank's existing infrastructure. It is being
sold on a licence model and aimed at a new market for KTS - mid-tier users
within major international investment banks operating in the City of London.

Our MarketTerminal ON-SITE highly-tailored solution offers banks far greater
control over the presentation and manipulation of their own data, and also
considerable cost savings by reducing their dependence on the large data vendors
supplying this market.

To date, the response to MarketTerminal ON-SITE has been very encouraging. We
are now at an advanced stage with several banks, including having successfully
completed a 'proof of concept' phase with one global investment bank.

There is also significant interest from other banks, albeit at an earlier stage.
Banks are responding positively to our proposition, and are welcoming a new
competitor that challenges the dominance of larger established vendors such as

The commercial revenue model for MarketTerminal ON-SITE is based on initially
granting the bank a technology licence for a one-off fee.  We expect to also
generate annually recurring maintenance fees, together with a professional
services revenue stream arising from consultancy, customisation and support

The second new market where we can report progress is in the creation of
specific solutions addressing the market requirements arising from the planned
introduction of MiFID. MiFID is an EU directive aimed at creating transparency
throughout the European Union for market participants dealing in securities and
is expected to become law from 1 November 2007.

Our response to MiFID has been to design particular solutions that assist market
participants in securing the maximum business benefit and comply with its
introduction next year. We know this new market well, having actively
participated in MiFID implementation forums over the last 15 months.
Accordingly, our MiFID solutions, all available on MarketTerminal, are designed
to help users commercially benefit from its introduction, and also be intuitive
to use. For example, we have added to MarketTeminal the ability to concurrently
display quotes or orders from multiple transaction venues, and easy-to-use
functionality that analyses post-trade transactions.

To further capitalise on MiFID and other opportunities, the Company has recently
announced that it has raised £242,571 by way of a placing of new ordinary shares
in order to provide additional working capital. The Company is currently in the
process of undertaking a further placing of new ordinary shares for cash to
raise up to £1.6 million, details of which are expected to be announced shortly.

The new MiFID solutions are not the only additions to MarketTerminal. In July,
in collaboration with Microsoft, Hewlett-Packard and T-Mobile we launched
MarketTerminal Mobile Messenger, a new real-time financial information service
accessed from a mobile-connected Personal Digital Assistant.

We believe this product will be increasingly important in helping retain
existing MarketTerminal users, many of whom now require live market data, news,
analytics and email access while out of the office. A new stockbroker client was
signed up in October 2006 as a direct result of MarketTerminal Mobile
Messenger's introduction.

As part of our focus on the UK, from early next year we will be adding real-time
equity prices, news and other company data from two exchanges (Virt-x and Plus
Markets) that are becoming increasingly established within the UK trading
community.  Virt-x and Plus Markets will be added to MarketTerminal at no
additional subscription costs to users.


Following an encouraging initial response from prospective clients for both
MarketTerminal ON-SITE and from our MiFID initiatives, we expect to report
further revenue progress this trading year. Together with improved financial
results from our existing MarketTerminal subscription business, this should
strengthen our trading performance in the future.

Marc Pinter-Krainer

Chief Executive

4 December 2006

Consolidated Profit and Loss Account

For the year ended 30 June 2006
                                                                          Note     Year ended       Year ended
                                                                                 30 June 2006     30 June 2005
                                                                                            £                £

Turnover                                                                   1        1,417,063        1,250,474
Distribution costs                                                                (1,316,988)      (1,192,594)
Administrative costs                                                              (1,170,498)      (1,119,527)
Operating loss                                                                    (1,070,423)      (1,061,647)
Interest receivable                                                                    54,257           95,111
Loss on ordinary activities before taxation                                       (1,016,166)        (966,536)
Taxation                                                                   2                -                -
Loss on ordinary activities after taxation                                        (1,016,166)        (966,536)
Dividends                                                                  3                -                -
Retained loss for the year                                                        (1,016,166)        (966,536)
Loss per share                                                             4          (0.69)p          (0.65)p
Diluted loss per share                                                     4          (0.69)p          (0.65)p

All of the results relate to continuing operations.

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

Consolidated Balance Sheet

As at 30 June 2006
                                                                                     30 June           30 June
                                                                                        2006              2005
                                                                                           £                 £

Fixed assets
Tangible assets                                                                      158,527           180,027
Investments                                                                                -                 -
                                                                                     158,527           180,027
Current assets
Debtors                                                                              229,059           162,926
Cash at bank and in hand                                                             961,878         1,716,053
                                                                                   1,190,937         1,878,979
Creditors: amounts falling due within one year                                     (562,723)         (256,099)
Net current assets                                                                   628,214         1,622,880
Net assets                                                                           786,741         1,802,907
Capital and reserves
Called up share capital                                                              148,275           148,275
Share premium account                                                              4,777,574         4,777,574
Profit and loss account                                                          (4,139,108)       (3,122,942)
Equity shareholders' funds                                                           786,741         1,802,907

Approved on behalf of the board on 4 December 2006 by:

Marc Pinter-Krainer                          Michael Levy
Chief Executive Officer                      Group Finance Director

Consolidated Cash Flow Statement

For the year ended 30 June 2006
                                                                                   Year ended          Year ended
                                                                                 30 June 2006        30 June 2005
                                                                                            £                   £

Net cash outflow from operating activities                                           (778,952)     (1,027,646)
Returns on investments and servicing of finance
Interest received                                                                       54,257          95,111
Net cash inflow from returns on investments and servicing of finance                    54,257          95,111
Corporation tax refund                                                                       -               -
Net cash inflow from taxation                                                                -               -
Purchase of tangible fixed assets                                                     (29,480)        (65,645)
Net cash outflow from capital expenditure and financial investment                    (29,480)        (65,645)
Net cash outflow before financing                                                    (754,175)       (998,180)
Issue of share capital                                                                       -          11,700
Expenses paid in connection with share issues                                                -               -
Net cash inflow from financing                                                               -          11,700
Decrease in cash in the year                                                         (754,175)       (986,480)

All cash flows relate to continuing operations.

Notes to the Preliminary Statement

1    Turnover

Turnover is attributable to the principal activities of the Group being the sale
of real-time data and analysis services, together with advertising and
sponsorship revenue.  All turnover arises within the UK.

Income is recognised over the contract period.

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 year ended 30 June 2006.

3    Dividends

The Directors do not recommend the payment of a dividend.

4    Loss per ordinary share

The loss per Ordinary Share has been calculated by dividing the loss on
ordinary activities after tax attributable to shareholders by 148,274,732 (2005:
148,256,472), being the weighted average number of Ordinary Shares in issue
during the year, which carry the right to receive a dividend.

5    Post balance sheet events

There were no events since the balance sheet date, which materially affect
the position of the Group.

6    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 8th Floor, Finsbury Tower, 103-105 Bunhill Row,
London, EC1Y 8LZ.

7    Annual General Meeting

The AGM will be held at the offices of Corporate Synergy Plc, 30 Old Broad
Street, London EC2N 1HT, on 29 December 2006 at 12.30 pm.

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