UK market data technology vendor CMS WebView is reporting a 20% cut annual pre-tax losses and a 35% increase in turnover for the year ending 31 December 2003.
The company reported turnover of £1.63m for the year, up from £1.2 in 2002. Losses before tax reduced by 20% to £543K, compared to £683K a year ago.
CMS says sales of its Transactional Data Interface (TDI) product now represent 54% of turnover. Revenues from TDI were boosted this year by contracts from Chicago Mercantile Exchange and the Chicago Board of Trade.
The vendor raised £2.5 million in a share placing in December 2003 which has strengthened its balance sheet - the firm's net cash position at 31 December 2003 trebled to £3.3m, compared to £1.1m in 2002.
The company also won the sole rights to sell and support ProphetX, the market price display system for energy and commodity traders, in mainland Europe. CMS estimates the target market for ProphetX to be worth £200 million per annum in Europe.
Keppel Simpson, chairman, CMS WebView, comments: "While the continued trend of increased turnover and reduced losses is encouraging, the overall objective of achieving profits remains at the forefront of our priorities."
Looking ahead, CMS says it will conduct a market research project for promoting the TDI system to the banking sector.