Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Knowledge Technology (ARC)

  Print      Mail a friend

Tuesday 12 October, 2004

Knowledge Technology

Final Results

Knowledge Technology Solutions PLC
12 October 2004



Knowledge Technology Solutions PLC ('KTS'), the independent provider of
real-time market data services, announces its preliminary results for a year in
which the Company has seen significant revenue growth.

Financial and business highlights:

• Month-on-month increase in recurring revenues, currently running at £1.2m 
  annualised, an increase of 140% over the past twelve months, incorporating
  sales from newly-launched MarketTerminal

• Overall group turnover up 379% to £770,185 (2003: £160,708)

• Group loss before tax of £940,161 reflecting continued strengthening of sales 
  and technical teams to support MarketTerminal roll-out and extended exchange 

• Strong cash balance of £2.7m

• Gavin Casey, former Chief Executive of the London Stock Exchange, joined Board 
  as non-executive Chairman


• Rapidly-increasing acceptance and familiarity in marketplace - now installed 
  in 110 client organisations

• High quality recurring revenues from QuoteTerminal increasing month-on-month


• Sales already underway following successful completion and service 
  introduction in May

• MarketTerminal now offering fast and flexible access to comprehensive data and 
  news for securities listed on LSE, LIFFE, Euronext, Deutsche Boerse, Xetra, 
  Irish Stock Exchange, Stockholm, Oslo, Copenhagen, Helsinki, Madrid, Milan, 

• North American and European exchange information coverage now substantially 


• Clear focus on future profitability and are now well positioned to further 
  increase service revenues leveraging on existing products and strengthened 
  sales team

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

'In a year of progress, KTS now has two fully-developed live financial data and
news services based on common technologies, and a shared sales, marketing and
customer support platform. This allows us to expand our exchange coverage
without incurring new infrastructure development costs. The services have been
well received in the market and it is our aim to maximise revenues from them and
continue to focus on future profitability. We look forward with optimism to the
year ahead.'

Enquiries, please contact:

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

Chief Executive's Review


Knowledge Technology Solutions PLC (KTS) has made significant progress in the
year to 30 June 2004. Development of MarketTerminal, our international financial
data and news service, has been successfully completed. Sales of QuoteTerminal,
our UK-only financial data and news service, continue to grow with the service
now increasingly well established among its target market of banks, stockbrokers
and other financial professionals.

During the year, recurring revenues have increased month-on-month and are
currently running at an annualised rate of £1.2million, an increase of 140% over
the past twelve months. Despite only launching in May, sales of MarketTerminal
have already begun and are incorporated in the annualised revenues. Overall
Group turnover rose to £770,185, a 379% increase on the previous year (2003:
£160,708). Group loss before tax was £940,161 (2003: £705,651), reflecting our
continued investment in the development of MarketTerminal as well as
considerable strengthening of the sales and technical support teams. While
increasing our development spend, we continue to remain firmly in control of
operating expenses, and are pleased to have maintained a highly efficient and
focused team.

Our cash balance remains strong and, following a successful fundraising in May
which raised £1.9 million net of expenses, at 30 June 2004 stood at £2.7million.
A stronger balance sheet has been an important factor in being able to market
our services to national and international institutions who are reassured by our
financial security.

We have continued to invest in our unique technology, and as in previous years,
we follow best practice in the IT industry by writing off development costs as
incurred and not valuing them on the Balance Sheet.

As previously announced, Paul McGroary and Smit Berry, non-executive directors,
departed the board to pursue other business interests, while Gavin Casey, former
Chief Executive of the London Stock Exchange, joined as non-executive Chairman.


Early in 2004 a number of organisations among our target client base of
international financial institutions with significant London operations trialled
MarketTerminal. We received favourable responses to the trials because of the
comprehensive content and ease of use. Like its sister service QuoteTerminal,
MarketTerminal is based on our 'zero-client' application service technology that
does not require users to install any infrastructure, hardware or software. The
associated ease of deployment, maintenance and low cost of ownership appeals to
clients when our service is compared to competing market data applications
offered by incumbent suppliers. Other initial customer feedback welcomed
MarketTerminal's flexible accessibility allowing users to access the service
from any Internet enabled PC, laptop or handheld device worldwide.

Following the trials, the service was successfully introduced in May at 'Dealing
with Technology', a key market data industry event. MarketTerminal is a service
aimed at clients with international market data requirements, and therefore on
launch its coverage included data from The New York Stock Exchange (NYSE),
NASDAQ, American Stock Exchange (Amex), London Stock Exchange, London
International Financial Futures and Options Exchange (LIFFE), Euronext, Deutsche
Boerse, Irish Stock Exchange and Xetra. Since launch we have added the
Stockholm, Oslo, Copenhagen, Helsinki, Madrid and Milan exchanges as part of our
goal to ultimately provide global exchange coverage. As we continue to expand
the exchange coverage, we increase the addressable market size for sales.

As a result of the strength of our technology, we are benefiting from a
continued increase in popularity of live market data services that require the
installation of little or no IT infrastructure or software at the client's site.
MarketTerminal, like QuoteTerminal, is positioned to capitalise on this demand.

Initial customer feedback on MarketTerminal has shown that the service is
competitive and is appealing to our target market. From the experience of
marketing QuoteTerminal, we have anticipated that sales leads, especially to
larger institutions with existing providers, will take time to convert into
actual sales because of their requirement to honour existing contracts, some of
which only renew bi-annually.


QuoteTerminal, based on the same unique technology as MarketTerminal, continues
to attract substantial interest and we have been pleased to announce a host of
new customers in the twelve months under review. Among others, City stockbrokers
Seymour Pierce, Hoodless Brennan, Sky Capital and City Equities have joined our
list of subscribers. Our total customer base for QuoteTerminal has now risen to
over 110 separate organisations.

With the high levels of customer satisfaction, shareholders will be pleased to
know that our retention rate for QuoteTerminal customers is high, with user
cancellations totalling less than 10% over the past two years.


In a year of progress, KTS now has two fully-developed live financial data and
news services based on common technology, and a shared sales, marketing and
customer support platform. This allows us to expand our exchange coverage
without incurring new infrastructure development costs. The services have been
well received in the market and it is our aim to maximise revenues from them and
continue to focus on future profitability.

Integral to the Company's advance towards profitability is our re-shaped sales
team and as part of this reorganisation I have taken overall responsibility for
sales. In addition, we have assembled a very capable technical team to support
QuoteTerminal as well as the roll-out of MarketTerminal and its extended
exchange coverage.

Our future sales are predicated on securing additional subscriptions from our
existing client base and from an active sales and marketing programme for both
services to new customers. We look forward with optimism to the year ahead.

Marc Pinter-Krainer
Chief Executive

12 October 2004

*MarketTerminal is a registered trademark

Consolidated Profit and Loss Account
For the year ended 30 June 2004
                                            Note     Year ended     Year ended
                                                   30 June 2004   30 June 2003
                                                              £              £
Turnover                                       1        770,185        160,708
Distribution costs                                     (686,722)      (303,031)
Administrative costs                                 (1,062,895)      (572,949)
                                                         --------       --------
Operating loss                                         (979,432)      (715,272)
Interest receivable                                      39,271          9,621
                                                         --------       --------
Loss on ordinary activities before taxation            (940,161)      (705,651)
Taxation                                       2         92,071         41,837
                                                         --------       --------
Loss on ordinary activities after taxation             (848,090)      (663,814)
Dividends                                      3              -              -
                                                         --------       --------
Retained loss for the year                             (848,090)      (663,814)
                                                         --------       --------
Loss per share                                 4          (0.71)p        (0.73)p
                                                         --------       --------
Diluted loss per share                         4          (0.71)p        (0.73)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 2004
                                                          2004           2003
                                                             £              £
Fixed assets
Tangible assets                                        175,677        184,949
Investments                                                  -              -
                                                       ---------       --------
                                                       175,677        184,949
                                                       ---------       --------
Current assets
Debtors                                                113,586         89,004
Cash at bank and in hand                             2,702,533        439,245
                                                       ---------       --------
                                                     2,816,119        528,249
Creditors: amounts falling due within one year        (234,053)      (102,065)
                                                       ---------       --------
Net current assets                                   2,528,066        426,184
                                                       ---------       --------
Net assets                                           2,757,743        611,133
                                                       ---------       --------
Capital and reserves
Called up share capital                                148,015        109,256
Share premium account                                4,766,134      1,810,193
Profit and loss account                             (2,156,406)    (1,308,316)
                                                       ---------       --------
Equity shareholders' funds                           2,757,743        611,133
                                                       ---------       --------

Approved on behalf of the board on 12 October 2004 by:

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

Consolidated Cash Flow Statement
For the year ended 30 June 2004
                                                    Year ended        Year ended
                                                  30 June 2004      30 June 2003
                                                             £                 £
Net cash outflow from operating activities             (809,156)      (630,020)
                                                         --------       --------
Returns on investments and servicing of finance
Interest received                                        39,271          9,621
Net cash inflow from returns on investments
and servicing of finance                                 39,271          9,621
                                                         --------       --------
Corporation tax refund                                   92,071         41,837
Net cash inflow from taxation                            92,071         41,837
                                                         --------       --------
Purchase of tangible fixed assets                       (53,598)      (181,712)
Net cash outflow from capital expenditure and
financial investment                                    (53,598)      (181,712)
                                                         --------       --------
Net cash outflow before financing                      (731,412)      (760,274)
                                                         --------       --------
Issue of share capital                                3,123,019        856,000
Expenses paid in connection with share issues          (128,319)       (22,555)
Net cash inflow from financing                        2,994,700        833,445
                                                         --------       --------
Increase in cash in the year                          2,263,288         73,171
                                                         --------       --------

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 2004.

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 119,973,753 (2003:
91,292,074), being the weighted average number of Ordinary Shares in issue
during the year, which carry the right to receive a dividend. As a result of the
loss for the year there is no difference between the basic and diluted loss per

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 Wembley Point, 1 Harrow Road, Wembley, Middlesex HA9 6DE.

7 Annual General Meeting

The AGM will be held at KBC Peel Hunt Ltd, 111 Old Broad Street, London EC2N
1PH, on 25 November 2004 at 5.15 p.m.

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

a d v e r t i s e m e n t