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Knowledge Technology (ARC)

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Tuesday 02 March, 2004

Knowledge Technology

Interim Results

Knowledge Technology Solutions PLC
02 March 2004

2 March 2004

                       Knowledge Technology Solutions PLC

             Interim results for the six months to 31 December 2003

Knowledge Technology Solutions PLC, the provider of market data services for
financial professionals, reports its unaudited results for the six months to 31
December 2003.

Financial and business highlights:

• Gavin Casey, former CEO of the London Stock Exchange, appointed

• Turnover increased to £298,232 (31 December 2002: £44,652)

• Losses before tax on ordinary activities of £432,656 (31 December 2002:

• Annualised contracted managed service revenue now exceeds £850,000 up
  70% since publication of annual results in October 2003

• UK-only QuoteTerminal service now making a positive contribution, with
  strong uptake from existing service clients for additional seats

• MarketTerminalTM now being trialled by a number of customers

• Cash position of £1,107,486 (31 December 2002: £221,440)

Commenting on the results, Gavin Casey, Chairman, said:

'Our contracted annualised revenue has grown to £0.85 million which is 70%
higher than the level reported in October. The Group's advanced technology and
dedication to good customer service will continue to differentiate our market
data services from those of other suppliers and should lead to increasing
revenues in our target markets.'

For more information, please contact:

Dr Marc Pinter-Krainer    Knowledge Technology Solutions PLC    020 8795 2700
Neil Boom/Jenny Leahy     Gresham PR Ltd.                       020 7404 9000
Oliver Scott              KBC Peel Hunt Ltd                     020 7418 8900

Professional users have the opportunity to review QuoteTerminal or
MarketTerminalTM? by telephoning 020 7623 3399 and requesting a free trial.


Chairman's statement

It is very pleasing in this my first interim statement to shareholders as
Chairman to be able to report that Knowledge Technology Solutions ('KTS') has
made significant progress in the half year to 31 December 2003. We are
progressing towards our goal of building a strong service business with healthy
gross profit margins supported by substantial long-term recurring revenue

Results in brief

Sales of the QuoteTerminal service, which provides financial data on the UK
market, have grown strongly and have now reached more than 80 individual client
organisations to which KTS has established itself as a reliable, quality
supplier. We estimate that from a standing start we now have in excess of three
per cent of the market data terminal market (in terms of number of subscriber
seats) in the UK.

Total revenue during the first half rose to £0.3 million from £45,000 reflecting
the Group's conservative revenue recognition policy. It is important to note
that our policies mean that while sales and marketing expenses are written off
as incurred, cash received from customers is spread over the full term of the

Contracted annualised revenue currently stands at £0.85 million which is 70%
higher than that announced at the time of the preliminary announcement last
October. The pre-tax loss was £0.43 million during the period.


Development of MarketTerminalTM?, our international market data application
service, is complete, covering major US and European exchanges. The completion
of MarketTerminalTM? achieves the first of a number of strategic aims for KTS. It
is a solution based on the same unique proprietary technology platform that
delivers QuoteTerminal and is therefore robust and scalable. It will be
leveraging a shared infrastructure and enables us to provide a cost-effective
alternative to traditional providers.

The platform is widely recognised as being advanced and will provide market data
solutions for the whole of the equity market data services industry and should
support our longer term strategy of broadening the customer base by extending
into-adjacent market sectors, on a considered basis.

In the short term, KTS will:

• Further increase the cash flow generation from QuoteTerminal; and

• Start to build UK market share for MarketTerminalTM? addressing a
significantly larger market segment that requires international data coverage.

Gavin Casey


Chief Executive's review


We are pleased that our QuoteTerminal service on a standalone basis started to
make a positive contribution in the second quarter, some months ahead of the
target expected by analysts last year. QuoteTerminal is now maturing, and
therefore requires less central overhead to manage it although we continue to
refine and add to the product's rich functionality. As a result of our current
sales position, the marginal profit on incremental accounts is good and the cost
of servicing an individual customer is relatively low. Notwithstanding that,
within our overall costs we continue to carry the costs for further developing
the international MarketTerminalTM? service as we move this product towards
completion. These costs comprise mainly software development, IT and market data
expenses. MarketTerminalTM? did not generate revenues during the first half when
it entered Beta trials but is positioned for broader customer deployment during
the second half of this year.

The introduction of MarketTerminalTM? is expected to extend the addressable market
for KTS to $2.7bn per annum (source: Inside Market Data Reference 2002).

Board changes

We are delighted to have appointed Gavin Casey, former CEO of the London Stock
Exchange, to be Chairman of the Board. Gavin has considerable experience in the
introduction of mission critical software systems in the financial data markets,
having overseen the introduction of similar systems while at the London Stock
Exchange. Moreover, he has many business contacts among our target market of
first-tier financial institutions which will benefit KTS when MarketTerminalTM? is
due for launch.

Paul McGroary will step down as a director with immediate effect. Paul has
significant business commitments elsewhere which now require that he place his
attention there. I would like to take this opportunity to thank Paul for his
very valuable contribution.


QuoteTerminal is expected to continue to trade well and we remain focussed on
introducing MarketTerminalTM? as soon as we can. Looking beyond the current year,
our proprietary technology offers exciting prospects. Our positive outlook could
not have been delivered without the dedication of our staff and the Board thanks
them for their contribution during the first half of this year.

Marc Pinter-Krainer

Chief Executive

2 March 2004

MarketTerminalTM? is a registered trademark of Cognita Technologies Limited,
wholly-owned subsidiary.



                   FOR THE SIX MONTHS ENDED 31 DECEMBER 2003

                                    Period ended    Period ended    Year ended
                                     31 December     31 December       30 June
                                            2003            2002          2003
                                     (unaudited)     (unaudited)     (audited)
                          Notes                £               £             £

Turnover                       3         298,323          44,652       160,708
                                        (289,443)       (104,380)     (303,031)
Distribution costs
                                        (455,606)       (265,260)     (572,949)
Administrative costs
                                       -----------    ------------  ------------
Operating loss                          (446,726)       (324,988)     (715,272)
Interest receivable                       14,070           3,403         9,621
                                       -----------    ------------  ------------

Loss on ordinary
before taxation                         (432,656)       (321,585)     (705,651)

Taxation on loss on
activities                     4               -               -        41,837
                                       -----------    ------------  ------------

Loss on ordinary
after taxation                          (432,656)       (321,585)     (663,814)
                                       -----------    ------------  ------------
                               5               -               -             -
                                       ===========    ============  ============
                                        (432,656)       (321,585)     (663,814)
Retained loss
                                       ===========    ============  ============

Basic earnings per
ordinary share                 6           (0.38)p         (0.39)p       (0.73)p
                                       ===========    ============  ============
Diluted earnings per
ordinary share                 6           (0.38)p         (0.39)p       (0.73)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
                                              2003           2002         2003                        
                                       (unaudited)    (unaudited)    (audited)
                             Notes               £              £            £

Fixed assets
Tangible fixed assets                      181,923         48,063      184,949
                                         -----------    -----------    ---------

Current assets
Debtors                                    142,727         51,127       89,004
Cash at bank and in hand                 1,107,486        221,440      439,245
                                         -----------    -----------    ---------
                                         1,250,213        272,567      528,249

Creditors: amounts falling
within one year                           (178,417)       (94,713)    (102,065)
                                         -----------    -----------    ---------

Net current assets                       1,071,796        177,854      426,184
                                         -----------    -----------    ---------

Total assets less current                1,253,719        225,917      611,133
liabilities                              ===========    ===========    =========

Capital and reserves
Called up share capital                    119,443         84,256      109,256
Share premium account                    2,875,248      1,107,748    1,810,193
Profit and loss account                 (1,740,972)      (966,087)  (1,308,316)
                                         -----------    -----------    ---------

Equity shareholders' funds        9      1,253,719        225,917      611,133
                                         ===========    ===========    =========



                   FOR THE SIX MONTHS ENDED 31 DECEMBER 2003

                                    Period ended    Period ended    Year ended
                                     31 December     31 December       30 June
                                            2003            2002          2003
                                     (unaudited)     (unaudited)     (audited)
                          Notes                £               £             £

Net cash outflow from
operating activities           7        (392,503)       (234,861)     (630,020)
                                         ---------     -----------   -----------

Returns on investment
servicing of finance
Interest received                         14,070           3,403         9,621
                                         ---------     -----------   -----------

Net cash inflow from
returns on
investments and servicing                 14,070           3,403         9,621
of finance                               ---------     -----------   -----------


Corporation tax refund                         -               -        41,837
                                         ---------     -----------   -----------

Net cash inflow from                           -               -        41,837
taxation                                 ---------     -----------   -----------

Capital expenditure
Purchase of tangible                     (28,568)        (19,176)     (181,712)
fixed assets                             ---------     -----------   -----------

Net cash outflow from
expenditure and financial                (28,568)        (19,176)     (181,712)
investment                               ---------     -----------   -----------

Net cash outflow before                 (407,001)       (250,634)     (760,274)

Issue of share capital                 1,123,018         106,000       856,000
Expenses paid in
connection with
share issues                             (47,776)              -       (22,555)
                                         ---------     -----------   -----------
Net cash inflow from                   1,075,242         106,000       833,445
financing                                ---------     -----------   -----------

Increase/(Decrease) in         8         668,241        (144,634)       73,171
cash                                     ---------     -----------   -----------

All cash flows relate to continuing operations.



1    Basis of preparation

      The interim financial information in respect of the six months ended 31
December 2003 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

      The financial information contained in this statement does not constitute
statutory accounts. Statutory accounts for the year ended 30 June 2003 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

                                    Period ended    Period ended    Year ended
                                     31 December     31 December       30 June
                                            2003            2002          2003
                                               £               £             £

Operating loss                          (446,726)       (324,988)     (715,272)
Depreciation of fixed assets              31,594           7,901        33,551
(Increase)/Decrease in debtors           (53,723)         69,681        31,804
Increase in creditors                     76,352          12,545        19,897
                                         ---------     -----------   -----------
Net cash outflow from operating         (392,503)       (234,861)     (630,020)
activities                               ---------     -----------   -----------

8 Reconciliation of net cash flow to movement of liquid funds

                                               Period ended    Period ended    Year ended
                                                31 December     31 December       30 June
                                                       2003            2002          2003
                                                          £               £             £

Net funds at start of period                        439,245         366,074       366,074
Increase/(Decrease) in cash for the period          668,241        (144,634)       73,171
                                                    ---------     -----------   -----------
Net funds at end of period                        1,107,486         221,440       439,245
                                                    ---------     -----------   -----------

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
                                            2003            2002          2003
                                               £               £             £

Loss for the period                     (432,656)       (321,585)     (663,814)
New share capital issued less          1,075,242         106,000       833,445
costs                                    ---------     -----------   -----------
Net additions during the period          642,586        (215,585)      169,631
Opening shareholders' funds              611,133         441,502       441,502
                                         ---------     -----------   -----------
Closing shareholders' funds            1,253,719         225,917       611,133
                                         ---------     -----------   -----------

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

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